Hedge fund Qube Research's HRT hire was also pursued by DE Shaw
As we reported earlier this week, Qube Research and Technologies, the quantitative hedge fund with an interesting pay structure, has strengthened its options business by hiring Beat Ammon from Hudson River Trading (HRT).
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Ammon appears to have been quite a catch: we understand that other places were pursuing him too. They are thought to have included the likes of DE Shaw.
Neither Ammon nor DE Shaw responded to a request to comment for this article. Ammon left HRT in 2024 and went on gardening leave. It's thought he was due to join DE Shaw this year, but opted for Qube instead. IMC may also have been in the hiring mix.
Ammon spent four years at HRT and was previously at Morgan Stanley (10 years) and Citadel (seven years). At HRT he was the head of options market making. At Qube he will be the head of research on options market making. Qube declined to comment.
Qube already has an options business, although it's thought to be relatively small. HRT is expanding its options market making activities after hiring Harsh Padia, the chief executive of HAP Trading late last year. Competition in the space is heating up: Citadel Securities bought Morgan Stanley's options market making business last July.
In the circumstances, Ammon presumably thought QRT was his best bet as an employer. The fund doesn't divulge performance information but is thought to have done well so far this year. Bloomberg reported that DE Shaw was one of the only funds to make money last week.
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