QuantFeed: Q2: Quarterly Review

Welcome to the second edition of our quarterly review, and our first article since surpassing 1000 subscribers! In this edition, our primary objective is to delve into the latest trends in hiring activity, highlight noteworthy products and strategies, and share recruitment tips based on our observations from the first quarter of 2024.

General Hiring Activity

The market is exceptionally active.

In our Q1 review, we predicted: "We anticipate this heightened activity to persist, particularly as prominent prop and hedge fund entities continue to diversify. Whether it's historically discretionary-focused funds venturing into quant/systematic approaches or traditional HFT firms expanding into mid-frequency trading strategies, the landscape remains dynamic". This has certainly proven true and here at Tardis Group, we are working on more mandates now than in recent years.

It’s worth noting that the FTC announcements made in Q1 have not dampened the demand for hiring. As we approach Q3, when the rulings are set to take effect, the momentum shows no signs of slowing down. You can find our thoughts on this topic here (https://www.dhirubhai.net/pulse/quantfeed-ftc-non-compete-legislation-reactions-ryan-pelham-cd44e/?trackingId=b56w8DWeS1GTYnhH4k8SzQ%3D%3D).

Another significant trend we've noticed is firms acknowledging their dominant market share and strengths. The volatility and turnover of recent years have compelled strategically positioned buy-side players to seize talent acquisition opportunities, expanding into product lines, strategies, and frequencies they hadn't previously explored. We perceive a heightened stability now, as firms prioritize their core business lines and concentrate on areas where they can generate sustainable profits. Their priority is to strengthen these areas before considering additional diversification efforts.

For individuals feeling the urge for a new challenge or opportunity, now is an opportune time to raise your hand and explore pertinent opportunities.

Products and Strategies

As seasoned headhunters, we pride ourselves on offering a comprehensive and well-informed perspective on the products and strategies that key firms are strategically pursuing. Here are some noteworthy observations:

• Systematic Approaches: Systematic strategies remain a primary focus for hedge funds and prop trading firms, regardless of product, strategy, or location.
• Cryptocurrency: The crypto market is experiencing a resurgence, with many firms now better positioned to invest strategically after learning valuable lessons.
• Systematic Macro: This area is incredibly active, with numerous multi-strategy hedge funds competing for top research and trading talent.
• Energy Commodities: Energy commodity professionals continue to be in high demand, having proven to be a significantly profitable business line for many firms.
• Derivatives: Both sell-side and buy-side players maintain a strong focus on derivatives.

We are undoubtedly in a peak hiring season for investment professionals, with a high demand for analysts, researchers, traders, and money managers. Numerous money managers have already settled into their new roles, receiving investment from their employers to build their teams.

Recruitment Analysis

It's currently an excellent time for recruiters, which also translates to favorable conditions for job seekers. However, in such an active market, both recruiters and candidates need to be exceptionally strategic and focused.

For instance, if you specialize as a quantitative researcher in mid-frequency systematic macro strategies, you're likely receiving numerous pitches from recruiters representing the same select few firms. This influx increases the likelihood of finding opportunities that align well with your expertise and career goals. Yet, it's crucial to remember that every interaction and engagement with a firm carries a responsibility to ensure they are positive and professionally concluded.

Given the complexity of offer deadlines and varying compensation structures, candidates are advised to engage with one or two recruiters who can manage their processes effectively and align timelines accordingly.

Approaching your job search with targeted and disciplined methods from the outset will enhance your ability to navigate interviews successfully, evaluate potential employers, manage timelines and offers efficiently, and mitigate any risks of negative interview experiences that could impact your future prospects adversely.

We are grateful for your continued support and eagerly look forward to sharing additional insights in our next edition.

Live Roles:

Quantitative Researcher/Trader (Europe)

Quantitative Researcher/Trader - MFT Spot FX - London

Quantitative Researcher - FX Options - Geneva or London

Quantitative Researcher - Fixed Income - London

Quantitative Researcher - FX and Futures - London

Quantitative Researcher - Systematic Equities - Zug

Quantitative Researcher - Systematic Equities - London or Dubai

Quantitative Researcher/Trader - Delta One Futures - Amsterdam

Quantitative Trader - Crypto (DeFi) - London and Europe

Quantitative Researcher/Trader (North America)

Senior Quantitative Researcher - Options MM (CME, VIX, Equity Index) - New York and Chicago

Quantitative Researcher/Analyst - Index Rebalance (Discretionary) - New York

Pricing Analyst - US ETFs - Chicago

Quantitative Researcher/Trader - US Government Bonds - Chicago

Analyst - Index Rebalance - New York

Quantitative Researcher/Trader (Europe or North America)

Quantitative Researcher/Trader - HFT and MFT Futures and Equities - North America and Europe

Quantitative Researcher/Trader - Interest Rate Swaps - New York and London

Quantitative Researcher/Trader - Systematic Global Macro Futures - North America and Europe

Quantitative Researcher - Fixed Income and Commodities - North America and Europe

Quantitative Researcher - HFT CME Futures/D1 - North America and Europe

Risk:

Senior Risk Manager - Fixed Income - London

Portfolio Manager:

Portfolio Manager - Systematic Crude Oil - London and Dubai

Portfolio Manager - G10 Linear Rates & Derivatives - New York

Portfolio Manager - Systematic Index Rebalance - North America and Europe

Portfolio Manager - Equity Stat-Arb - North America and Europe

Portfolio Manager - Equity L/S (EU Markets) - Amsterdam

Please follow the #TGTrading and #TGQuant hashtags on LinkedIn to stay up to date on current mandates.