Hedge Fund Hiring Picks Up

Bloomberg reports that Hedge funds went on a hiring spree this past August and September, primarily to bulk up with sales and marketing types to lure new capital from endowments and sovereign wealth funds.

Although markets such as the S&P 500 have jumped 62 percent since their 12-year lows in March, many hedge funds still haven’t recouped all their losses, and therefore can’t take a percentage of profits from their existing clients until they do. Thus, the urgency behind the push for new money.

The article quoted Claude Schwab of Chicago-based recruiting firm, Heidrick & Struggles International Inc. as saying “The asset-building frenzy is unbelievable.” Their firm is seeing a big uptick in hiring for marketing and investor relations professionals.

Many firms have shown positive returns in 2009 and have ramped up hiring. Among them: Soros Fund Management LLC, Paulson & Co. and Brevan Howard Asset Management LLP, Citadel Investment Group and SAC Capital Advisors LLC.

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