Fund hikes pay to $425k per head after big quant and tech hiring
Man Group, the largest publicly traded “investment manager” in the world, has announced its full year results for 2022 – and it is paying staff more than ever.
The fund paid $425k per head in 2022, a small increase on 2021, driven by a huge (over 20%) increase in spending on variable pay (bonuses). Quant/tech headcount since the end of 2016 has nearly doubled – from 372 to 638.
Operations headcount, meanwhile, has decreased significantly – the fund boasts that it has reduced employee numbers in the middle office by 30% in the last ten years, a period in which the fund has nearly tripled in AUM.
Man Group likes to hire people who can code in Python, to the extent that an in-joke at the company states that “the first language at Man is English. The second language at Man is Python.” Man Group isn’t the only team that makes use of the language – it’s huge at hedge funds all over the world.
By Man’s own estimate, the number of AUM operated by quant hedge funds has increased from 43% to 80% of the world total – showing a phenomenon that’s not just limited to Paris. And quant-driven funds have some of the heftiest pay packages in the world – even for new grads.
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