Reading about the movements of industry greats is fun, inspiring, and a source of challenge. It should also be thought-provoking. Reuters reports on two new hires (both pulled from JP Morgan Chase) into Citadel, a $20 billion hedge fund run by Ken Griffin (who ranks fifth on the list of top-paid hedge fund managers in 2007).
Derek Kaufman ran Global Fixed Income in JPMC’s Proprietary Positioning Group, and will run Citadel’s U.S. fixed income business. Patrik Edsparr was head of fixed income at his old firm, and will be in charge of Citadel’s European division beginning in the summer. And hiring at Citadel has actually been busier than that, according to HedgeWeek.
As various recruiters interviewed in this space have pointed out, hedge fund comp structures are a strong attraction for star bankers. Reuters further notes: “The pull may be even stronger now that many hedge funds are considered to be financially sounder than many large banks that face problems from the credit crisis.”
Is it a good time to make a pivotal move? Perhaps to a strong overseas market? Time to dig in or position for the future – and if so, how? Later this week we’ll post hedge fund highlights from the 2008 Financial Services Career Forecast by Kathy Graham of Highest Quality Search, the very recruiting firm that placed Ken Griffin years ago.