We are moving to Twitter to keep people apprised of interesting job opportunities. Please follow AffinityFin. In the next few months we will work on creating a number of more directed feeds to accommodate people’s interests.
A rather varied roster currently:
- A very exciting prop trading firm needs a Network Architect
- A large hedge fund needs a QA Lead as well as a senior DevOps professional
- A leading hedge fund is hiring a senior Project Manager with excellent knowledge of Fixed Income markets and thorough knowledge of how financial firms operate
- A large hedge fund seeks well rounded C# developers for Post Trade technology
- A leading HFT firm is seeking talented C++ developers to team with a quantitative trading team
- A dynamic hedge fund is seeking talented C++/Python developers for Quant/Dev roles
- A prop trading firm is seeking talented C++/Python developers for Quant/Dev roles
- A leading hedge fund is making a large push into Commodities markets. Priority hires:
o Dev Lead – must have experience with OpenLink’s Endur platform
o Developers – must have experience with OpenLink’s Endur platform
o Business Analysts – must have experience with OpenLink’s Endur platform
- A leading investment bank is seeking a junior quant for its Commodities Index desk
- A foreign investment bank from the Southern Hemisphere is seeking a dev/quant for its Commodities Index desk – VP level, sits on the desk
- A leading investment bank is seeking a Rates/Treasury Quant – VP level
- A leading investment bank is seeking technical Business Analysts with good knowledge of the Prime Funding Business
- A capital markets consulting firm needs .Net developers with knowledge of fixed income PnL systems as a priority
- Same firm is looking for a Scala lead engineer/architect
2016 Q1 Summary
The only question regarding the current market is whether we call it bad, awful, or grim? In many respects it’s pretty grim:
- Q1 worst since 2009. “Global IB revenue totaled $12.8bn in 1Q2016, down 36% from 1Q2015 ($20.0bn). Revenue across all products dropped but fees from ECM tumbled 55% year‐on‐year. M&A, Syndicated Lending and DCM revenues fell by 24%, 30% and 32% respectively, making 1Q 2016 the lowest quarter for revenue since 1Q 2009” Dealogic.com
- 3 bad quarters in a row
- Wave after wave of layoffs
- Firms have determined that the markets for trading, particularly fixed income, have shrunk and won’t recover any time soon (see MS 25% cut across all of fixed income in Dec)
There are many headwinds, and it’s hard to see the market rebounding. However, one thing we can be sure of is the cyclical nature of the market, and even as the news is bad, we are already seeing an uptick in hiring activity. Further, this audience is heavily focused on technology and quantitative professionals, and the broader market remains robust for those disciplines. Nobody in these fields should worry. Our own business has pivoted in recent months to be more focused on hedge funds and prop trading firms. Meanwhile, we are looking at more traditional asset management firms, private equity, and Fintech.
Here is the boots on the ground picture of the market:
- Several large banks implemented firm hiring freezes in Q3 of 2015:
o No replacement hires
o No new hires to tackle new regulatory projects
o No hires for new business initiatives
- Now 1-2 quarters after the layoffs, we’re seeing things ease:
o Contract hires in critical areas
o Replacement hires are being made
o Strategic roles are being opened
- Hedge Funds / Prop Firms have had a tough couple of years, but there are bright spots
o Some hedge funds are hiring
o The bar is high – these firms are being very selective
While hiring is currently not robust by any measure, it does seem to have bottomed out. In the past week alone we added five very interesting positions to our roster. While anecdotal to a degree, this does seem to indicate some life in the market.
Contract Rates Are Down Again
In Q2 last year I wrote, “Increased contract rates!” That didn’t last long. We have seen mandated 5-10% contract rate reductions across the board at several large firms. Many contractors have been cut in recent months, so the few contracts currently available are being filled at lower rates.
Your Dream Job
I talk to so many technical people who dream of being on the front lines, writing algos that will make them a fortune. But I warn people that such roles are very rare. These positions are the tip of the iceberg, while the rest of the financial IT community is coding the plumbing that makes everything work. A recent article in the NY Times once again describes the rise of the techy trader. “A New Breed of Trader on Wall Street: Coders With a Ph.D.” Didn’t we read this story twenty years ago? Anyway, there was mention in the article of Yaron Minsky, CTO of Jane Street and an embedded video link, Caml Trading. I generally don’t have the patience to watch a 3 minute YouTube video, never mind a 70-minute lecture. In fact, I listened to the entire video and then found another hour long presentation by Minsky. He’s a very compelling speaker, and his exploration of the technology choices made by Jane Street are fascinating.
In Case You Missed It
Pure FinGeek fun, another article courtesy of the NY Times: In ‘Star Wars,’ Was the Death Star Too Big to Fail?
As always, don’t hesitate to call if you are interested in discussing these observations, the current market, or how we can help you advance your goals.