A slow time for hedge fund launches.
Citadel (Chicago) aims to launch a new global macro fund.
The Debt Market Opportunity Fund, investing in Australian mortgages, is run by Macquarie Funds Management.
The Global Opportunity Strategy Fund is from Advent Capital Management (London and New York).
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Base salary for this position in New York City is $110k and anticipated bonus is in the $55k to $100k range. It offers a good entry into the hedge fund industry from a brokerage background, with the possibility of a strong career progression from there. Find this and other hedge fund jobs and hedge fund recruiters.
Margin / Treasury Manager
New York, NY
Top hedge fund / private equity firm seeks Margin / Treasury Manager. Looking for 3-10 years of relevant experience in the hedge fund, prime broker or broker / dealer space, with an understanding of valuation activity related to liquidity, leverage and the validation of margin calls. Ability to look at all TRS structures and identify the points that can trigger defaults and generate better rates on borrow / debit balances and collateral management through the prime broker.
Provides excellent exposure and growth opportunities leading to a management role, greater involvement with compliance, and possible move to the risk management side.
The range of functional roles at a hedge fund is variable across the lifespan of that fund, and also variable for different funds in the industry. Just as a new fund must often start small in terms of assets under management, typically there are few people on the initial team as well, with every partner or employee wearing multiple hats. Some funds keep it that way for their entire life span; organization at a small fund tends to be informal.
One manager of a small fund remarked to us, “I give titles because people in the outside world need them. But titles create a certain hierarchy, and while there is always one person who makes the final decision, if you treat people like we’re all equal, people appreciate it and have a vested interest. Everybody knows they have a vested interest here; that’s why they’re loyal.”
Hedge Fund Search Digest’s 2007 Hedge Fund Compensation Report concluded, “For hedge fund firms to attract and keep the best players, some changes need to take place. The study shows notable turnover in the smaller funds. It is well known that small funds don’t have the large management fees to support high compensation increases in years of low fund performance. The firms represented here are performing well overall and yet, they should still be concerned about turnover. It is time to take closer look at compensation packages and other employee retention methods.”
That was before the credit crunch. Since then, the industry has seen many small funds close, others launch in hopes of profiting from distressed markets, and a general trend toward consolidation in which assets have been increasingly directed toward large, well-established funds. Also, while employment at hedge funds has always been competitive (and of course still is), hiring in the industry has been brisk, with stable funds amassing human capital from among many desirable candidates, including whole teams, looking for work. One recruiter specializing in financial technology in the Northeast corridor says, “Everybody wants to go to a good hedge fund now. It’s easy to attract candidates. And hiring is good, there are definitely opportunities.” Tectonic shifts in the industry and the financial world as a whole make the price of talent a murky question this year.
This hedge fund job, for an immediate hire, is with a new fund with offices in Greenwich, CT and New York City. The post is a bit slim on detail (qualifications, responsibilities, trading strategies, technologies, &c) compared to other job descriptions for quant jobs. That probably means the firm is interested in talking to more, rather than fewer, candidates, and probably indicates an entrepreneurial environment where a wider, rather than narrower, skill set will be appreciated. The hiring firm’s focus on distressed investing represents a current trend in hedge fund launches.
Front Office Senior Developer / Quant
New York, NY / Greenwich, CT
New distressed asset-backed hedge fund seeks a strong programmer with experience analyzing asset-backed products such as mortgages and autos to work in a senior front office development role. Will be the lead developer of tools to help the portfolio managers trade the market. This role will provide great opportunities to learn the financial markets with tremendous growth potential in the front office.
Intrepid managers, both veteran and green, continue to launch hedge funds despite uncertain market conditions and a challenging fund-raising environment. Here are hedge fund launches reported during the last two weeks.
Ansbacher Investment Management (New York) will launch a new strategy in equities this quarter.
James Pallotta will leave Tudor Investment Corp. to found his own firm next year.
The GAM Multi-Environmental (UK) is a clean-tech fund-of-funds.
Occam Asset Management (UK) will launch its Europe Focus and Asia Focus funds this Fall.
The Akamai Pan-Asia Fund is from Geomatrix (Hong Kong).
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It would be a royal pain not to know the answer to this puzzler in a job interview!
Question:
This is an absolute classic. A king demands a tax of 1,000 gold sovereigns from each of 10 regions of his nation. The tax collectors for each region bring him the requested bag of gold coins at year end. An informant tells the king that one tax collector is cheating and giving coins that are consistently 10% lighter than they should be, but he does not know which collector is cheating. The king knows that each coin should weigh exactly one ounce. How can the king identify the cheat by using a weighing device exactly once?
Answer:
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This tax manager job posted by a hedge fund recruiter is still open. The employer is an equities fund. A very specific breakdown of responsibilities can be found below. This is a mid- to senior-level position for a solid accountant with thorough knowledge of relevant tax issues. The firm is looking for:
Analysing this simple number-based strategy game isn’t too difficult outside the stressful context of a job interview, so put yourself under some time pressure to come up with the answer…
Question:
We shall play a competitive game, taking turns to call out integers. The first person to call out “50″ wins. The rules are as follows:
Do you want to go first, and if so, what is your strategy?
Answer:
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The recent announcement of a partnership between the Millennium Finance Corporation in Dubai and the Man Group to offer a Shari’ah-compliant hedge fund highlights also the increasing presence of sovereign wealth in the hedge fund industry. Here’s a recent Dubai-based hedge fund portfolio manager job, exclusive to Hedge Fund Search Digest, from one of several recruiters, with a focus on MENA hedge fund jobs, who work regularly with HFSD.
Portfolio manager for a reputable firm’s public equity investment management efforts in the MENA Region, consisting of the Arab countries of North Africa, the Middle East and the Gulf, plus Turkey. The firm is currently undertaking a strategic growth initiative, looking to achieve USD 10 billion of AUM by 2010, by launching a fund platform consisting of regional and sector-focused hedge funds, private equity funds and real-estate funds.