Schonfeld Strategic Advisors, a multi-manager hedge fund with $14bn in AUM, has appointed Michael Grad, the former global head of business development at BlueCrest Capital, as its Chief Investment Initiatives Officer, according to a report by Business Insider.

The newly created C-suite position will play a pivotal role in shaping Schonfeld’s long-term growth strategy, according to an internal memo from CEO Ryan Tolkin. Grad will oversee investment platform expansion, identify strategic growth opportunities, and help forge commercial partnerships, particularly in support of the firm's portfolio manager recruitment efforts.

Grad is well known in the hedge fund world for his ability to source and develop top investment talent, a capability honed during his stints at Millennium and more recently BlueCrest, where he spent seven years scouting and onboarding high-performing portfolio managers.

He is expected to join Schonfeld in early 2026 and will report directly to Tolkin.

Grad’s hire follows another senior leadership move at Schonfeld earlier this month – Tracy Backofen, a 27-year Goldman Sachs veteran, who was tapped to lead the firm’s global human capital division, succeeding Jennifer Cohen, who has joined Point72.

After a challenging 2023 marked by redemptions and underperformance, Schonfeld bounced back strongly in 2024, notching a 19.7% return in its flagship Partners fund. That momentum has continued into 2025, with the fund up 6% through June, outperforming many of its multi-manager peers.