(Bloomberg) — The hedge fund industry’s biggest stars are looking beyond money when they plot their career moves, according to IDW Group founder and Chief Executive Officer Ilana Weinstein.
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After a year or two of guaranteed compensation in a new role, “you’re out and you’re on your own, so to speak, and you need to put up the goods,” Weinstein said Friday in a Bloomberg Television interview. “The question becomes: Are you really set up for success, how do you develop, and what are the resources the firm has to get you there?”
Weinstein sized up the state of Wall Street’s competition for talent amid a rebound for some key funds and strategies. Multistrategy funds marked larger gains in the first quarter than a year earlier, while equity and quant funds have been boosting returns as well. Even funds that struggled a year earlier, such as Schonfeld Strategic Advisors, advanced to start 2024.
At the same time, some of this year’s winners in the long-short equity strategy are coming off years of difficulties — and hedge fund professionals want to see more consistent performance before a big jump, said Weinstein, whose firm bills itself as a “leading boutique for hedge fund managers.”
Applicants for high-level hedge fund jobs are asking two questions, Weinstein said.
“‘Will I be better by virtue of making this move, developmentally — will I be the best version of myself?’” she said. “The second question is, ‘Is there more opportunity at this place that I’m going to, relative to where I’m at?’”
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