Hedge fund firms concentrated in Connecticut’s southwest corner are beginning to hire again, as both the economy and markets recover. A report by Connecticut Post online quotes Sandy Gross, managing partner of Pinetum Partners LLC, as saying “the worst is over” and that job growth picked up in the past month.
Pinetum Partners, based in Greenwich, is an executive search firm that specializes in senior level staff for hedge funds, investment banks and other financial firms.
Positive earnings by JP Morgan and Morgan Stanley and a general upswing in the markets have fueled investor confidence. Firms are hiring cautiously, led by the larger firms that have more capital under management.
The article states that there were as many as 4,000 people employed by hedge funds in Fairfield County, Connecticut, last year. No one is sure what the number is now. The total number of hedge funds in the New York City region has declined from 10,593 funds to 9,153 funds, according to data provided by Hedgefund.net.
Sandy Gross from Pinetum was also quoted as saying that hedge fund job hiring activity, particularly by large funds, has focused on trading, analysis and management, especially in the high-frequency trading, global macro and distressed debt arenas.