Lunchtime Links: Top hedge funds to work for, the danger of going non-core in an investment bank
What with Brevan Howard paying so much money to its partners, you could be forgiven for wanting to work for a hedge fund. Fortunately, therefore, Bloomberg offers some ideas of where to apply. It has just produced its annual list of the top performing large hedge funds globally.
Within the UK, Bloomberg suggests the best hedge to work for is Michael Hintze's CQS Directional Opportunities Fund, which returned 28.9% over the 12 months ending October 31st 2012. This is followed by the Odey European Fund (24.1%), AHL Evolution (run by Man) (18%) and the CQS ABS fund (14.3%).
Lesser known high performing UK hedge funds include: Spinnaker Global Emerging Markets, Oxford Asset Management's Quant Fund, Pelham Capital's Long/Short Fund, and Egerton Capital's Egerton European Dollar Fund.
Ten of Bloomberg's one hundred top performing funds are based in the UK. Two are based in Sweden. One is based in Russia. The rest are in the US.
Separately, the Financial Times offers a warning today to anyone who would build a career in the non-core business of an investment bank - otherwise known as a business that's being wound down by the bank concerned and which typically contains risky assets that must be managed off the balance sheet. As we've noted before, non-core businesses can be a good career option: they pay well and they don't usually make redundancies until the risky assets have been offloaded.
Unfortunately, therefore, the FT highlights the extent to which RBS's non-core business has been eviscerated. Once upon a time, it says RBS's non core operations employed 16,000 people. Today, they employ 2,400. By the end of this year, there will be only 200 left. This sounds like bad news for the 200 traders and several hundred back office bankers the FT says are working for UBS's non-core business now.
Credit Suisse won’t be giving toxic asset bonuses to quite as many investment bankers this year. (Reuters)
US banks may get an extra 2 years to comply with derivatives rules. (Bloomberg)
Ex-equities analyst sets up tea-selling business. Aims for £12k turnover in year one. (The Times)
Man who wanted to become a fish farmer became a banker, is now a baker. (Bloomberg)
Jean-Baptiste Wautier, who co-heads the Paris office of BC Partners, one of Europe’s largest buyout firms, is planning to relocate his family to London next year. (Financial Times)
Banks are now trying to lure graduates with the promise of a career rather than a quick buck. (Reuters)
M&A clients are freaking out about the prospect of their favourite M&A bankers being made redundant and inserting key man clauses into their contracts. (Financial Times)
Job going for deputy governor of regulation, pays £260k. (PublicAppointments)