Billionaire’s hedge fund offers hefty pay to combat talent squeeze

Fine run: A trader at the New York Stock Exchange. Hedge funds had a great 2020, with Hedge Fund Research estimating that assets under management reached a record US$3.6 trillion by the end of the year. ─ Reuters

AFTER the best year for hedge funds in a decade, promising traders can seek a place at the many major firms on a hiring spree or strike out on their own to seize on investor appetite.

But a push by Schonfeld Strategic Advisors is a prominent example of a lucrative third option. The firm is dangling a hefty cut of profits as part of a foray into macro trading, taking a page out of the books of industry giants Citadel and Millennium Management.