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Pay is falling at Goldman Sachs' traders favourite hedge fund.

Lower pay at BlueCrest at profits fall 43%

How much will you earn if - like various former traders at Goldman Sachs - you get yourself a job at BlueCrest Capital Management? The answer is highly obfuscated, but it appears to be less than before.

Results for BlueCrest Capital Management LLP for the 12 months to March 2019 were released today. The fund, which is effectively now the family office of founder Michael Platt, appears to have had a difficult year. Turnover fell 37% year-on-year to £84m ($111m). Profits fell 43% to £56m.

Compensation levels at BlueCrest are not easy to discern. The fund diverts bonus payments for its members (partners) to a separate entity 'Special Capital Limited', which last year received allocations of £56.5m, down from £68m the year before. In total, however, BlueCrest says aggregate compensation for its code staff (all of whom are designated as senior managers) was £57.2m for the year to March, down 34% on the £87m it paid code staff one year previously.

BlueCrest doesn't say how many code staff it employs. However, the partnership had 78 members last year, implying an average allocation of £733k per head, instead of the £1.1m it paid in 2018. BlueCrest Capital Management only has members: all 'normal' employees are located in other subsidiaries. 

The fund says it sets partner bonuses in reference to individual performance, performance of the business unit and performance of the firm. This is different to rivals like Millennium Management, which pay only in reference to individual performance and performance of the team. 

Non-partners at BlueCrest appear to earn considerably less. The H1B salary database shows the firm recently hiring an analyst for its New York office on a salary of $90k. 

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AUTHORSarah Butcher Global Editor

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