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Inside Hippo’s S-4 — Jane Street nabs senior volatility trader — How Fidelity values SpaceX, ByteDance

Summary List PlacementGood morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today: We've got five key details from insurance startup Hippo's S-4 outlining its plans for growth as it prepares to go public via SPAC. The market for volatility traders is hot, with Jane...

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Summary List Placement

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

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Hippo’s CEO discusses 5 key details in its S-4 filing as the $5 billion startup aimed at modernizing insurance goes public via LinkedIn cofounder Reid Hoffman’s SPAC

Assaf Wand, CEO and co founder, Hippo

As the home-insurance startup prepares to go public via a SPAC, we did a deep dive on Hippo’s recently filed S-4. From its use of AI for pricing and risk management to its approach to regulators, this is everything you need to know ahead of its public debut.

Here are the filing’s five key takeaways.


Jane Street has poached a senior derivatives trader from Barclays to navigate the wild swings of stocks like Tesla and GameStop

Tesla Tesla Motors

With stocks like Tesla and GameStop moving violently throughout 2021, volatility traders are in high demand. For Jane Street, that means nabbing Aaron Katzman, a Barclays MD, who will join as a single-stock options trader. Read more about his move.


Fidelity’s massive Contrafund has billions invested in private companies. Here’s how it values 23 names including SpaceX, WeWork, and ByteDance.

The SpaceX Falcon 9 rocket takes off at the Kennedy Space Center on May 30, 2020 in Cape Canaveral, Florida.

Fidelity’s $110 billion Contrafund holds stakes in some of the biggest private companies in the world. We took a deep dive into how the fund values its stakes, and how it has changed since last year. Here’s what we found. 


Evercore told incoming summer analysts they’ll begin internships virtually, adding that they’re ‘not required’ to be based near its office sites

Ralph Schlosstein

Evercore is opting to start incoming summer analysts off virtually. But the boutique bank mentioned the possibility of some optional, in-person experience, if conditions permit. Get the lowdown here.


Jefferies just told incoming summer interns in the US that they’ll be virtual, with the 10-week program kicking off on June 1

Jefferies

Jeffries Financial Group is the latest Wall Street firm to announce a virtual summer internship. Get the details.

We’ve also assembled a list investment banks’ and hedge funds’ summer internship plans. It’s available here.


Balyasny technology portfolio manager Elliott Wilson is heading to $3.7 billion Citadel spin-off Woodline Partners

Balyasny

Wilson has worked at Balyasny since 2019, joining after nearly a decade at Ken Griffin’s Citadel. Read more here.


Citi just tapped 30-year company veteran Sandeep Arora to lead digital and investing strategy for the group that handles the bank’s largest clients

jane fraser citi

Arora has been at Citi since 1988 and previously led a fintech investment portfolio within the markets and securities services group. We’ve got the full memo announcing his appointment.


Pimco has just shaken up its legal leadership as compliance chief retires and deputy counsel steps into new alternatives role

Pimco Moves

Deputy general counsel Rick LeBrun is taking on a role in Pimco’s alternatives unit. Meanwhile, Nadia Zakir has been named deputy GC and Sung-Hee Suh as chief compliance officer. Read more about the moves here.


Odd lots:

Carson Block warns the electric-vehicle SPAC craze is a prime opportunity for Wall Street to prey on retail investors (Insider)

UBS junior banker town hall encounters new mood of insurrection (eFinancialCareers)

Mastercard Ties Executive Bonuses to Environmental, Social Goals (Bloomberg)

A day off work and ‘Zoom-free Fridays’ aren’t going to cut it. Here’s how to really tackle burnout. (Insider)

Exclusive: Robinhood aims to allow users to buy into IPOs – sources (Reuters)

SPAC to the Future: Law Firms Are Riding the Wave as Interest Explodes (Law.com)

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