Biggest multistrategy hedge funds slowed hiring last year, still added 550 PMs

If you want a job at a major multistrategy hedge fund, you might want to get in there soon. Hiring slowed last year, but it remained positive with one exception.

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Some of the world's biggest multistrategy hedge funds - Millennium, Citadel, Point72, Balyasny, and ExodusPoint, hired fewer people in 2024. Combined, the five funds added over 550 investment staff (portfolio managers and analysts) and 1,068 staff in total. However, this was down from the 1,660 people they added in 2023. 

The chart below shows headcount at the end of 2024 at all the biggest multistrategy funds according to regulatory filings made at the end of last week. The data highlights the enormity of Millennium compared to all rivals funds, and the enormity of the 'Big Four' Millennium, Citadel, Balyasny and Point72 compared to the rest.

While the big funds got bigger, some smaller funds shrunk. As the second chart above shows, Walleye cut 23% of its investment staff last year, while Schonfeld cut headcount by 8% and ExodusPoint cut by 4%. Some smaller funds engaged in dramatic hiring, though: Verition increased headcount by 77% and added 121 investment staff last year. It's since been cutting some of them back again. 

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