Hedge Funds Paying More For IT

Oct 12 2010 | 12:35pm ET

Here's another metric for how much hedge funds have grown to value their information technology staff: ReThink Recruitment says those staffers can expect a bonus twice as large this year than last year.

IT staffers can expect a bonus of 50% or more, according to the recruitment and staffing firm. Last year, they got bonuses of just 25% to 30% of base salary.

And those base salaries are growing, too, with a roughly 15% average increase this year. IT staffers will earn an average of £100,000 to £120,000, with contractors earning £750 per day, up from £600 per day last year.

Algorithmic and high-frequency trading software developers are doing best among IT staff.

"These funds are locked in a perpetual war to produce the fastest and most accurate trading platforms," Fhamid Malik, head of financial services at ReThink, said. "Employers are now willing to pay a premium of around 20% for senior IT staff that have successfully developed and implemented bespoke trading systems before."

Given the demand, guaranteed bonuses have returned to IT contracts, something that Malik said "almost completely disappeared during the credit crunch."


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?