Schonfeld Clients Pull $1.7 Billion, Firm Nears $3 Billion Deal

Clients of Schonfeld Strategic Advisors are set to pull about $1.7 billion from the firm, bringing its full-year redemptions to $4 billion, according to people familiar with the matter.

The firm will start the new year with $10 billion in assets. That doesn’t include an additional $3 billion Schonfeld is close to securing from other investors for a so-called drawdown fund that it can tap as needed over time, the people said.

Schonfeld started 2023 with $14 billion, an amount executives felt crimped returns because it was too large, the people said. Running too much cash in certain strategies can ...