Working for a hedge fund can be an unpleasant experience. As we’ve reported often, London-based hedge funds have a tendency to recruit traders from banks, trial them for a few months and dump them if they don’t work out. By comparison, Paris-based hedge fund CFM sounds like a paradisal place to work.
At CFM, partners reportedly get to work as university lecturers alongside their investment duties. For example, 52 year-old chairman Jean Philippe-Bouchard also teaches physics and ‘complex systems’ at Ecole Polytechnique. Like Winton Capital in the UK, CFM hires academic physicists rather finance professionals, but unlike most UK and US hedge funds, CFM lets its physicists-turned-hedge-funders publish academic papers on their investment theories. “People are too paranoid about what a secret is,” says Bouchard. CFM likes to hire people who want careers for life and it sponsors PhD students (including in the UK) even if it doesn’t hire them. Bloomberg also reports that CFM has offices in a 17th century building on Paris’s Left Bank, that its biggest fund returned nearly 18% in the year to October, that it’s patient about research (‘it can take years’) and that it doesn’t award individual bonuses but remunerates employees on the basis of firm-wide profit and loss (something which may not be so pleasurable if you’ve had an exceptionally good year and colleagues haven’t).
Separately, Inc has updated its seminal piece on the best programming languages to learn if you want to make money. Conclusion: the best-paid programmers are now using the open source language Ruby.
Brevan Howard’s Master Fund returned returned 12% in 2011, 4% in 2012, 2.7% in 2013, and fell to a loss in 2014. (Financial Times)
Jose Marques, the former head of electronic trading at Deutsche Bank, just became the head of trading at Bridgewater Associates. (Financial News)
A team of quantitative ex-prop traders from Barclays have just set up SquarePoint Capital. (Financial News)
The RBS trader who was arrested on criminal charges is Paul Nash, a former sterling spot trader at the bank. (Financial Times)
London banks need to hire healthcare professionals. “More and more people are effectively running healthcare with a junior MD in Europe and running the business from the US. I think that this is a result of failing to find anyone that really makes sense, rather than actually resulting from a real strategy.” (Financial News)
Eric Bommensath (the ex-head of Barclays’ bad bank) was handed £8.6m of Barclays’ shares last year. Does he get to keep those? (Financial Times)
Banks monitor divorcing employees: they’re more likely to be guilty of malfeasance. (Wall Street Journal)
The most common names for accountants and lawyers. (Verdant Labs)
Don’t say this in a Swiss interview. (eFinancialCareers France)