Despite the downturn, hedge funds are still a major force in the U.K. economy. The British hedge fund industry currently employs an estimated 40,000 people, according to the Alternative Investment Management Association.
AIMA estimates that the number of people employed directly by hedge funds and funds of hedge funds is about 10,000, while there are also at least 30,000 jobs among the industry’s advisers and service providers, such as prime brokers and legal and accounting services that are dependent on the industry.
AIMA’s research manager Tom Kehoe said these figures are conservative estimates of the industry’s overall workforce.
“The hedge fund industry is a major part of the financial services sector of the U.K. economy and it does contribute substantially in terms of employment figures,” said Andrew Baker, chief executive of AIMA.