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Morning Coffee: 26 year-old traders wanted by world-leading hedge fund manager. Secret of surviving as an analyst in IBD

Tudor Investment Corporation

So you think you can win one of five places on Paul Tudor Jones' trading scheme?

It’s illegal to specify an age in a job description, but it’s not illegal to specify a level of experience. In most cases, however, level of experience can be used as a proxy for age and so when renowned hedge fund manager Paul Tudor Jones says he wants candidates with ‘two to six years of macro trading experience’ for a new trader training joint-venture, we suppose he’s looking for traders in their mid-20s….

Known as ‘Launchpad,’ Tudor Jones’ training programme will take place in London, New York and Chicago. It will train up 20 traders in total, with the first five starting this summer. Want to apply? You’ll need to pass a thorough vetting by Nancy Andrews, a former trader at Tudor Jones’ ‘Tudor Investment Corp’ and Launchpad’s CEO, and by Joseph Niciforo, another Tudor alum with a stake in the training business. Succeed and you’ll be given the chance to ‘learn trading skills and manage capital’ at Niciforo’s other proprietary trading firm, HC Technology. Thereafter, Bloomberg says the ‘best traders may get a chance to join Tudor,’ which paid its average UK employee $300k last year. It won’t be easy though – Tudor only employs 25 investment professionals in London and earlier this year Tudor Jones said macro trading conditions had become incredibly difficult. If you want to impress the man himself, you may also wish to avoid having babies – Tudor Jones famously (and controversially) said they’re inimical to women’s trading performance. 

Separately, a ‘top analyst’ who worked in Credit Suisse’s global industrials group, graduated from Harvard Business School, and now has the requisite job in a private equity fund, has divulged what’s required to be so special. Jeremy Xia told this blog it’s about attention to detail, motivation (‘trying to become a better banker/person’, although not necessarily staying up until 2am) and working with rather than for others. Xia also says junior bankers need to learn the power of ‘no.’ He didn’t say ‘no’ enough and became overworked. ‘It’s not a productive situation for anyone,” Xia reflects.

Meanwhile:

How Boston Consulting can stop Goldman Sachs bankers working so hard. (Huffington Post)

UBS wants to make some ‘strategic hires’ for its US equities business. (Financial News) 

More than 150 staff from Credit Suisse’s investment bank will have moved into the asset management firm by the end of this year. (Financial News)

Barclays and Nomura are no longer trading Greek shares. (The Times)

US banks typically pay Chief Risk Officers an average of £2 million more than their British counterparts. (Financial News) 

How SAP’s workforce with Asperger’s is thriving. (Inc)  

JPMorgan bankers are keeping James Lee Junior’s seat unoccupied at their weekly meetings. (Financial News)

Now that banks aren’t risky, what is? (The Reformed Broker) 

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