Steven Binetter is an experienced investment professional in the New York area, bringing nearly twenty years of expertise across public markets and private investments. From August 2015 through May 2025, he worked at Marshall Wace in New York—initially as a Portfolio Manager and, beginning in 2023, as a Partner. Marshall Wace is a global long/short equity hedge fund overseeing roughly $70 billion. During his tenure, Binetter served as the only investment-side representative on the U.S. Management Committee and delivered strong, repeatable returns at scale.
Steve Binetter joined Marshall Wace when the firm managed about $15 billion and employed around 25 people in the U.S. Soon after arriving in 2015, he launched the Global Industrials strategy—referred to internally as the Eureka Fund—starting with roughly $200 million in gross market value. By the end of 2016, the strategy had grown to approximately $1.5 billion. Between 2017 and 2025, Eureka operated between $3 billion and $7 billion in gross market value. He built and led a seven-person investment team that saw minimal turnover, with only two departures over a decade. The portfolio typically maintained about three-quarters exposure to the U.S. and one-quarter to international markets.
His coverage spanned industrials and business services, which consistently represented more than half the book, along with technology, media and telecommunications, consumer, non-bank financials, and life science tools. In addition to fundamental investing, he developed systematic and quantamental sub-strategies intended to enhance alpha generation and strengthen risk management. He also chaired Marshall Wace’s quarterly New York–based investment team meeting, helping integrate research, portfolio construction, and risk oversight across the group.
From January 2021 to May 2025, Binetter also served as Co-Portfolio Manager of the MW XO Digital Finance Fund, a $450 million private investment vehicle. He played a central role in marketing, launching, and running the fund, and sourced, researched, and managed more than half of the invested capital. Notable investments included Circle, Human Interest, Lukka, TRM Labs, and Accelerant. His work for the fund reflected a broader focus on the convergence of financial services and technology—particularly companies developing data infrastructure, compliance solutions, and insurance capabilities for institutional clients.
Before joining Marshall Wace, Binetter spent eight years at Eminence Capital in New York, from August 2007 to May 2015. He began as a Research Associate, became an Analyst in 2009, and was promoted to Portfolio Manager in 2013. Eminence, a long/short equity hedge fund managing around $7 billion, entrusted him with direct responsibility for up to 25 active positions, including trading oversight and sizing decisions. He originated and built high-conviction investment ideas, including long positions that reached as large as $300 million.
