Hedge fund hiring may be slower than before, but one fund is out there, plugging away at recruitment ahead of its launch in July this year: Jain Global is in the market for talent.
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Sources say that New York-based Jain has now hired over 80 people for its offices in London, New York, Hong Kong and Singapore. Around 20 are thought to be portfolio managers. Business Insider has reported that the fund intends to have 70 investment teams in total. However, the FT said in January that it aspires to have only 35-40 portfolio managers.
Jain’s London-based European operation is being led by Nat Collins, a former head of the middle office at hedge fund Rokos. Hiring in Europe is being manged by Cameron McKendrick, who joined last August from Prelude Capital. Peter Bolland, Jain’s quant CIO and a former managing director in systematic trading, is also based in London. The Asian office is run by Sam Kellie-Smith, formerly of Morgan Stanley.
Rivals are busy casting aspersions on the calibre of Jain’s people, but alongside the Morgan Stanley hires, the roster includes David Hochberg, Macquarie’s former head of commodities trading and at least two ex-Citadel portfolio managers, including Townie Wells and Paul Jefferys in London. Wells left Citadel after nearly three years in ’21 and went to Ashler Capital. Jeffreys is on a notice period.
Despite suggestions that Jain is struggling to raise the $8bn-$9bn of assets it intended, sources say all is going to plan. Hiring is where it should be, and the fund is on track to launch with $5bn-$6bn of day one commitments. The FT reported in January that Jain had cut performance fees for early investors and that people committing capital before the end of the month received preferential terms. – Those investing $250m or more paid only 10% indefinitely; those investing $100m-$250m paid 13% and those investing less than $100m paid 15%. The standard rate is 20%.
It’s not clear whether Jain is also offering potential portfolio managers a higher share of pnl, but it seems likely.
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