Banks to Hedge Funds Jobs
Professionals Continue Leaving Banks to Hedge Funds
A continuing trend we have been following is the transfer of professionals from banks to hedge funds. As banks shed more jobs, hedge funds are picking up the talent as the industry continues its recovery and banks face strong regulation.
While investment banks start shedding proprietary trading operations to comply with the Dodd-Frank financial reform bill, the hedge fund industry is continuing to hire and many proprietary traders are crossing over, Illana Weinstein, CEO of IDW Group, an executive search firm, told CNBC Friday.
“The amount of incoming flow to us from folks that were very sticky in the past and very talented is very unbelievable in terms of wanting to leave the prop desk to go to the hedge funds to not have to deal with all of this stuff,” Weinstein said in regards to financial regulation.
“I think it’s turned hiring from the prop desks into a buyer’s market for hedge funds,” she added.
The reason, she explains, is proprietary traders used to have access to capital, access to risks and compensation expectations were higher prior to the passage of the financial reform bill. Source
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