Hedge fund hiring is still on the upswing. It's not much of a surprise, given the rebound in the space since two years prior. Inflows grew for hedge funds, hitting $17.5 billion in April, the fourth straight month of inflows.
Hedge fund launches hit a high in the first quarter of the year, representing the highest levels since 2007.
Approximately 300 funds started in Q1. Citadel is ramping up operations, as the hedge fund begins a move into quant trading. Two former Knight Capital Group execs will come on board in September to lead the effort. Jamil Nazarali led Knight's global electronic trading, and Matt Cushman headed up quant efforts at Knight. Meanwhile, hedge fund activity in Asia continues to grow in Singapore and Hong Kong. ]
For those in the space, the best new opportunities just might be had at a number of the many hedge fund launches here and abroad. In the past month, Greyson Capital Management, Benros Capital Partners, and Principia Capital Advisors were just a few to announce hedge fund startups.
Needless to say, wind downs are still very common in the industry. And, of course, post-Volcker rule, the big banks are working overtime to slough off their prop hedge fund ventures before time runs out. Citi is shuttering its quant strategies fund, and staff at their other hedge funds, sure to be cut, better start looking elsewhere fast.
The good news for those losing out at Citi is that post-financial crisis and given the large number of launches currently, if you're kicked to the curb through no fault of your own, there's a better chance to find a new spot. Those moving from one of the big banks, like Citi, are likely to be snatched up quickly. But word on the street is that firms hiring are interested in seasoned talent only.