Vision: Hedge Fund Talent Flow - August 2022 People Moves Report

About this report

The hedge fund industry added 641 people to its collective workforce in August 2022 – the largest net increase in at least four months. Talent flow data generated at the same time in the cycle for July (+612) and June (+610) recorded lower net gains than August’s. And while the overall number of hires and exits may have been down month on month – as might be expected at the height of the summer slowdown – the fall in the number of exits was larger than the fall in the number of hires; encouraging signs during a difficult period for hedge fund recruiters.

How do we know all this? Vision. What is Vision? Vision is the new data service from Hedgeweek. Each month, Vision uses AI to interrogate multiple data sources – including social media, regulatory and tax filings, and news items – and identify people that have joined and/or left one of the 2,600+ hedge fund management firms Vision currently tracks. The top-level results are presented in this, Hedgeweek’s new monthly report, Vision: Hedge Fund Talent Flow (internal moves and promotions are also captured by Vision but not yet covered in this report). The underlying results – including contact details – can be accessed on request.

Using Vision, Hedgweek can estimate that around 120,000 people work for hedge fund management firms (the definition of the ‘hedge fund industry’ used throughout this report). The ebb and flow of this talent is a vital indicator of current and future business development trends. The insights in this monthly report – and the trove of underlying data attached to each of the 1,158 movers – could give you the edge you need in an increasingly competitive market. Read on to learn more.

1,158

moves in the

industry in August 2022

made by

firms in August 2022

entrants to the HF industry in August 2022

industry

industry

people moving to and/or from HF firms in August 2022

the HF industry

People leaving a HF firm for a non-HF firm

People moving from one HF firm to another HF firm

People joining a HF firm from a non-HF firm

Analyst note: Moves to and from non-HF firms include some ‘unknown’ firms which may include HF managers. All data throughout this report sourced from Vision (Hedgeweek) and subject to revision.

August is typically a quieter month for financial services people moves (and activity in general) and so it proved in 2022. Vision data tracked a total of 1,158 workers moving to and/ or from a hedge fund management firm in August: a 6% drop compared to the same point in July’s monthly data gathering cycle, the second month-on-month decrease in a row. Of the 1,158 total movers, 215 exited the hedge fund industry and 856 joined it (and 87 moved within).

Total

Net industry

Total HF

Total

exits

New York hires

ex-New York hires

hires

ex-UK

Kong

364

261

197

Fig 5: New hedge fund ‘key decision makers’ from hires and promotions

Fig 5: New hedge fund 'decisionmakers' from hires and promotions

Analyst note: All data in this report is subject to revision as new data becomes available.

Fig 6: Notable new key decision makers

Fig 6: Notable new decisionmakers

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

decision makers

Source: Vision (Hedgeweek)

Chief Compliance Officer

SurgoCap Partners

Marathon Asset Management | Connecticut

Chief operating officer

Credit-focused Marathon appointed Chris Brown as its new chief compliance officer last month. Brown joined from Axa Investment Managers, where he’d spent eight years.

The heralded new firm from former Lone Pine MD Mala Gaonkar has hired three people in the past three months, according to Vision data including a data scientist

4There were 67 new ‘key decision makers’ created last month, through a mixture of new hires and internal promotions (key decision maker or ‘Level 1’ hires are defined here as roles within a firm’s C-suite and/or with control function responsibilities). Like last month, there was a roughly 80/20 split between decision makers created by hires/promotions. Overall, Vision tracked 136 internal moves in August, where an individual’s role/title changed.

Among key departments, only sales/IR saw a MoM uptick in hires, and its 76 July total is down from 87 in May More significant, then, is the continuing – albeit undulating upward trend in investment office activity, as firms look to capitalise on the volatile, but potentially fruitful, trading environment There were 14% more front office hires in July (309) than in May (267), including multiple PM hires at ExodusPoint (4) and Balyasny (3)

Chief of Global Economics

Braidwell

Brevan Howard | New York

Chief people officer

Brevan Howard counted three key decision makers among its August hires, including David Seif, joining the New York office as Chief of Global Economics from Point72 Asset Management.

Head of Data Management

Citadel | New York

One of the hedge fund industry s largest start ups, Alex Karnal's Braidwell has hired three people in the past three months and one in July according to Vision data Mane Global Chief risk officer

Multi-strategy specialist Citadel made more than 40 new hires in August but only one that Vision defined as a key decision maker: Joshua Webman, Head of Data Management.

Launched in early 2021 by ex Moore Capital PM Rami Abdel Misih, Mane Global has been steadily adding staff, including two in the last two months, according to Vision data

YORK SAW A NET

OTHER US

Fig 7: Flow of hedge fund talent

Fig 7: Flow of hedge fund talent – HF hires by location

HF hires by location

Fig 7: Flow of hedge fund talent – HF hires by location

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

Analyst note: Sankey chart based

Source: Vision (Hedgeweek)

YORK

hedge fund moves in

2022

location data

for entrance firm and exit firm.

Fig 8: HF hires, change in location

Fig 8: HF hires, change in location

Source: Vision (Hedgeweek)

Fig 8: HF hires, change in location

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

US EX-NEW YORK

REST OF THE WORLD

OF THE WORLD

Fig 9: HF moves, by HF hub

Fig 9: HF moves, by HF hub

Fig 9: HF moves, by HF hub

Excludes intra-hub moves. Source: Vision (Hedgeweek)

Source: GFM Vision

Source: GFM Vision

New York

ex-New York

UK

ex-UK

Kong

York

ex New York

EUROPE EX-UK

KONG

EUROPE EX-UK

KONG

Rest of the world

(to a different hub)

(from a different hub)

External moves out of the hedge fund industry

External moves out of the hedge fund industry

have

fund industry

from May to June

firms hiring from outside the hedge fund

to June

increase

increase in. Small increase in. ExternMay to June. Small increase in.

Florida may have been touted by some as the hedge fund industry’s epicentre in waiting exemplified by Citadel’s relocation from Chicago to Miami – but Vision data continues to show a flow of talent into the traditional hub of New York Of the 586 hedge fund moves tracked in July where location data was available for entrance firm and exit firm, only New York hedge funds saw a greater number of new entrants than new exits

constant from May to June Small increase in firms hiring from outside the hedge fund industry ExternMay to June Small increase in

increase in

fund

June. Small

Chicago to Miami – but Vision data continues to show a flow of talent into the traditional hub of New York. Of the 586 hedge fund moves tracked in July where location data was available for entrance firm and exit firm, only New York hedge funds saw a greater number of new entrants than new exits.

As it was in July, New York attracted more hedge fund talent from other US states in August (49) than it lost to other US states (30). Overall, New York saw a net inflow of 25 hedge fund workers, while the rest of the US saw a net outflow of seven. In a recent sign of New York’s continuing appeal, D.E. Shaw & Co. has chosen to remain in the city when locating its headquarters, moving from Midtown to the far west side of Manhattan.

Small

in.

Fig

York

Fig 11: Flow of hedge fund talent – HF to HF moves by firm AuM

Fig 11: Flow of hedge fund talent

Fig 11: Flow of hedge fund talent – HF to HF moves by firm AuM

HF to HF moves by firm AuM

Fig 12: HF to HF moves, change in bracket

Fig 12: HF to HF moves, change in bracket

Fig 12: HF to HF moves, change in bracket

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

Source: Vision (Hedgeweek)

All HF moves,

AuM bracket

Fig 13: All HF moves, by AuM

Fig 13: All HF moves, by AuM bracket

External moves out of the hedge fund industry

constant from May to June. Small increase in firms hiring from outside the hedge fund industry ExternMay to June Small increase in ExternMay to June. Small increase in. Small increase in. ExternMay to June. Small increase

firms

for nearly half

Unsurprisingly, larger firms continue to be the drivers of hedge fund hiring activity, accounting for nearly half (47%) of the 976 hires in July However, it is also notable that, among the 114 people moving between hedge fund firms, a recruit was more likely to have stepped down an AuM bracket than stepped up an AuM bracket, suggesting that smaller managers continue to see value in paying for talent (and experience) from larger peers

External moves out of the hedge fund industry remain constant from May to June. Small increase in firms hiring from outside the hedge fund industry ExternMay to June Small increase in ExternMay to June. Small increase in. Small increase in. ExternMay to June. Small increase in.

Excludes intra-bracket

(Hedgeweek)

Fig 13: All HF moves, by AuM bracket

Excludes intra bracket moves Source: Vision (Hedgeweek)

Excludes intra bracket moves. Source: Vision (Hedgeweek)

Durable Capital Partners

Public and private equity

Mane Global

equity

specialist

first in at

York,

Global – launched in early 2021

ex-Moore Capital PM Rami Abdel-Misih – added

hire in August, taking its 3-month hiring total

three, according to

SurgoCap Partners

equities

latest Vision

York,

data.

the new firm

former Lone Pine MD Mala Gaonkar, has hired

people in the past three months, including a data

in July.

SAMPLES

Move ID Name New role New firm

New firm AuM New firm location Further info

$10bn+ London,UK g $10bn+ Texas, US g <$1bn Luxemburg g < $ 1bn Cape Town, SA g $10bn+ Dubai, UAE g <$1bn Frankfurt, Germany g $1-5bn New York, US g

$10bn+ New York, US g $10bn+ New York, US g <$1bn Shanghai, China g

$1-5bn Mumbai, India g <$1bn Stockholm, Sweden g <$1bn Stockholm, Sweden g <$1bn Paris, France g $5-10bn London, UK g $bn+ Boston, US g <$1bn London, UK g <$1bn London, UK g $bn+ London, UK g $bn+ Singapore g

hires

this data?

Move

VISION SUBSCRIBERS ONLY

firm

firm

<$1bn London, UK g

$1-5bn New York, US g

$10bn+ Amsterdam g $10bn+ London, UK g

$10bn+ Texas, US g $10bn+ Singapore g $5-10bn Boston, US g

$10bn+ New York, US g $10bn+ New York, US g <$1bn London, UK g <$1bn California, US g $1-5bn New York, US g <$1bn San Francisco, US g <$1bn Portsmouth, US g $5-10bn California, US g $10bn+ New York, US g <$1bn New York, US g $10bn+ US g

$10bn+ New York, US g $10bn+ London, UK g

Andurand

hire

Move ID Name New role New firm New firm AuM New firm location Further info

$10bn+ London, UK g

$10bn+ New York, US g

VISION SUBSCRIBERS ONLY

$10bn+ London, UK g

$10bn+ New York, US g

$5-10bn New York, US g

Known service providers EN0010-0722

Prime broker(s) Auditor(s) Law firm(s) Fund admin(s)

Known service providers EN0011-0722

Prime broker(s) Auditor(s) Law firm(s) Fund admin(s)

Known service providers EN0012-0722

Prime broker(s) Auditor(s) Law firm(s) Fund admin(s)

What is Vision?

Vision tracks talent. Every month, Vision provides you with circa 1500 ‘people moves’ from 2600 managers within the hedge fund space. Ranked by seniority, these curated downloads show the firms that are hiring, the areas they are hiring in and the individuals that are fueling these moves.

What do you get in Vision’s monthly downloads?

Up-to-the-minute and actionable information. Each monthly download provides your business with key information on each move including:

• Name of mover, job title and function

• Contact details

• New firm/old firm of mover

• AuM bracket of new firm/old firm

• Geographic location

How do we build this data?

Proprietary tech working with human intelligence. Each month, Vision uses AI to interrogate multiple data sources – including social media, regulatory and tax filings, and news items – to identify people that have joined and/or left one of the 2,600+ hedge fund management firms Vision currently tracks.

How can you use Vision?

Vision will give you an edge in a competitive and crowded market.

Customers are already using Vision to:

• Identify every promotion, exit and arrival at hedge fund management firms

• Capture the names and contact details of new hedge fund decision makers

• Benchmark their firm against peers – including service provider comparisons

• Get early information on likely launches and strategy shifts from targets

• Source information that protects current client relationships

• Verify and build pipeline – winning new business

To find out more get in touch with us

Speak to the Vision team

Like this data?

click here to learn more

ABOUT VISION

To understand more about Vision and how it can help your business track talent flow and maximise engagement, please contact: vision@globalfundmedia.com

CONTRIBUTORS: Tony Griffiths

Director of content tony.griffiths@globalfundmedia.com

Michael Hunt

Head of data content michael.hunt@globalfundmedia.com

Scott Newman Art Director scott.newman@globalfundmedia.com

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