Money Managers Get Their Own Agents: A New Twist in Hedge Fund Hiring
In a surprising turn of events, the hedge fund world is taking a page from Hollywood's playbook. Top investment professionals are now hiring personal agents to help them land the best jobs. This shift comes as hedge funds, especially the big ones, have more money than ever to invest. They need skilled people to manage it, leading to fierce competition for the best talent.
The Rise of Laurel Lake Advisors
Ryan Walsh, a former portfolio manager, started Laurel Lake Advisors about a year ago. His company acts like a talent agency, but for hedge fund professionals instead of actors or athletes. So far, he's helped 12 portfolio managers find jobs, with deals worth a whopping $180 million. Big names like Citadel and Millennium have hired his clients.
How It Works
- Clients pay Walsh a small percentage of their total contract value.
- This fee also covers legal help to review their employment agreements.
- Walsh began this venture alone but has since expanded by hiring another agent with a background in hedge fund recruiting.
A New Approach to Hiring
This new approach is shaking up the usual way hedge funds hire people. Traditionally, recruiting firms are paid by the hedge funds and often agree not to poach employees from their key clients. But Walsh's firm is different. It's paid by the recruits, giving them someone to advocate for their interests.
The Future of Hedge Fund Recruiting
This fresh model could change the game in hedge fund recruiting. It might make the process more competitive and transparent, putting more power in the hands of the professionals.