Recruiting people to run systematic strategies has been a focus of hedge funds for years, and firms have had to get more creative in how they are pulling in fresh talent.
Hedge funds have always been able to recruit analysts and traditional stock-picking portfolio managers from investment banks, but have run into trouble convincing coders and data scientists to choose Wall Street over Silicon Valley, industry observers say.
This Silicon Valley gold rush has forced hedge funds to grapple with a problem it hardly ever runs into: The industry is being outbid for the top talent.The explosive growth of quant investing is paving the way for 'super managers' in the hedge-fund industry But funds rarely have the personnel in-house to build out this infrastructure, said Erkin Adylov, CEO of data analytics company Behavox that helps funds with compliance,"because that type of talent is typically taken out by someone like Netflix or Google or Amazon."
Other shops have borrowed from the Silicon Valley playbook and are holding hack-a-thons, where programmers and coders work in a team to try and solve a problem or create a new design in a set period of time, with a cash prize and a job offer on the table for the winners, said Jonathan Doolan, principal at Deloitte's consultancy Casey Quirk.
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