Call this trustee the Earl of Sandwich
You might think Greg Racz ’98 would be a regular at the Russian Tea Room, given that it’s right next door to his office on West 57th Street. Plus, Racz was a Russian major at Dartmouth, and even did a stint at Leningrad State University. But Racz, it turns out, is not really a champagne and caviar kind of guy, and his Dostoevsky days are long behind him. A member of NYU Law’s board of trustees, and a principal and chief legal officer of the $1.3 billion hedge fund Hutchin Hill Capital, Racz says one of his favorite places to eat is Subway. It’s been that way since law school, when Racz and his girlfriend (now wife) lived in a – get this! – 375-square-foot, two-bedroom, seventh-floor walk-up on Thompson Street. Subway, he notes, was “easy, quick, cheap, and filling – all the virtues a law student would like.” A decade and a half later, he’s still a regular patron and has always ordered the same item — the Veggie Patty (though he’s not a vegetarian).
I asked Racz to pick a restaurant for our lunch, but owing to his busy schedule, we ended up having sandwiches in a conference room in his office. I actually thought that was perfect – an unvarnished look at white-collar-professional reality. Cold cuts on a credenza are a far more frequent form of nourishment in the workaday world of lawyers and bankers than the multi-course tasting menu at Per Se or Le Bernadin. (Don’t let those summer associate programs fool you!) On any given day, you’ll find most of Hutchin Hill’s 80 employees eating at their desks. They each get a daily lunch allowance, and Hutchin has an account with Seamless (until recently known as SeamlessWeb), an online food ordering service that was founded by a couple of Racz’s NYU Law classmates. Every morning, a firm-wide e-mail goes out at Hutchin with a rotating list of four area restaurants that employees can order from that day. “You want to feed the troops,” Racz says. “It’s smart, and it’s the nice thing to do.” Sitting in the conference room, which overlooks a nondescript jumble of buildings, he and I each chose turkey on pumpernickel.
So how does one go from take-out-sandwich-eating NYU Law student to take-out-sandwich-eating hedge fund mogul? For Racz, the path was through Wachtell, Lipton. After clerking for the DC Circuit, he joined the firm as an associate. Then, in 2005, when pretty much everyone was starting hedge funds, Racz teamed up with a contact he’d made at Wachtell and did the same. He moved to Hutchin Hill in 2009. Even when he was in law school, Racz says, he thought about careers beyond traditional law practice. Then, as now, periodic dean’s roundtables featured NYU Law alumni pursuing unconventional paths. “I went to every one,” Racz says. “It plants a lot of seeds and makes you open to the idea that there are other things out there that are worth trying.”
If you visit Hutchin, you won’t find Racz in front of an array of flat-screen monitors executing stock trades. He oversees all non-investment aspects of the firm’s business, things like human resources, marketing, and — yes, he’s still putting his J.D. to use — legal. While he delegates the responsibility to able assistants, his job does make him ultimately responsible for one of the most important decisions made at Hutchin every day: what to have for lunch.










