Hedge fund "doing more with fewer people" raised average pay
Publicly traded hedge fund Man Group had a decent year according to its 2024 annual earnings report yesterday; profits were up and its multistrategy fund Man 1783 returned 14.5%. The London-based fund has also rewarded its employees for the success.
Click here to follow our new WhatsApp channel, and get instant news updates straight to your phone 📱.
Average fixed and variable compensation at Man Group rose by ~9.5% in 2024, from $346.7k to $380k. This is in spite of the fact that average headcount rose by 86 to 1,802. This is still down on average pay of $425k in 2022.
Man Group has also been cutting, however. Bloomberg reported in September that the fund was cutting a low-to-single digit percentage of employees, focused on tech, middle office, and operations staff. CEO Robyn Grew said in the firm's earnings call that Man wants to "do more with fewer people," although the fund said in November that it expected headcount to grow after the cuts.
The increased headcount has been influenced by Man "entering new market segments with highly skilled, specialized teams." Grew noted that the firm has been building out its private credit division, and had "30 research and technology hires dedicated to [its] quant equity" team. Grew separately noted that the fund's sales team currently has "over 290 people."
Man Group is building new teams in technology too. A full-stack engineer job listing in New York for the fund says that it's "spinning up a US-based technology team for Man Varagon," the firm's direct lending division.
Have a confidential story, tip, or comment you’d like to share? Contact: Telegram: @AlexMcMurray, WhatsApp: (+1 269 237 3950). Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by Sarah Agnew on Unsplash
