Jobs market: DE Shaw bucks lay-off trend
Hedge fund lay-offs continue to accelerate. Bluebay Asset Management, the fixed-income specialist firm, laid off 30 people in February. One firm, however, is hiring heavily. DE Shaw has been advertising for an investor relations associate, a government adviser associate, a computational biochem associate as well as general staffers across several websites over February. "We’re not your typical finance firm. We hire painters, poets, and mystery novelists. We offer brilliant colleagues, flexible schedules, free food, free admission to most major NYC museums, yoga classes, and no dress code... Plus, we have a supercomputer. No matter what you’ve studied, if you’re smart, accomplished, and willing to learn, you’ll fit right in," says the posting.
One hedge fund headhunter says that she is telling candidates to ask for the salary they are currently on, but be prepared to take less. "Some funds are hiring more than others, but generally the compensation packages are flat to move. Salaries should be the last thing discussed in today’s environment. Most funds are just trying to split the management fee across the staff to hold on to key employees."