Last week Family Capital ran a piece about family offices more likely to hire those they know and individuals with plenty of experience rather than a financial wizkid. Well, a big hire for the family office of one of the world’s richest individuals appears to prove this point – although, in this case, the individual is a financial wizard, just not young.
A Bloomberg report said that Euclidean Capital, the family office for hedge fund billionaire James Simons, has hired Ashvin Chhabra to a senior role in the firm. Simons is the founder of one of the world’s most successful hedge funds, Renaissance Technologies, which has around $25 billion under management.
Chhabra, who is in his mid 50s, is currently chief investment officer for Merrill Lynch’s wealth management division. Like Simons, who has a doctorate in mathematics, Chhabra is also a bit of a wizard when it comes to maths and science, gaining a PhD in applied physics from Yale University.
According to various bios on the web about Chhabra he is also a recognized leader in the fields of investment management, risk and asset allocation and risk management. It’s understood Chhabra has known Simons, who in 2006 was names the world’s smartest billionaire by the Financial Times, for some time. Before joining Merrill Lynch, Chhabra was CIO at the Institute for Advanced Study in Princeton, where he worked with the board of trustees’ investment committee, headed by Simons, said Bloomberg.