Izzy Englander, the billionaire founder of Millennium Management LLC (Millennium), was quoted saying that there is "a talent bubble" in the hedge fund industry in part to long non-compete clauses which is forcing funds to pay more for better talent, according to a report by Business Insider.

The report quoted Englander from the Robin Hood Investors conference, where he was being interviewed by hedge-fund billionaire Paul Tudor Jones, where he blamed non-compete clauses for the talent bubble.

The report notes that hedge funds like Millennium, Citadel, Point72, and ExodusPoint are going above and beyond to keep a competitive edge and retain proprietary technology and research knowledge in-house.

Over the years, employees have been asked to sign contracts that would forbid them from working in the industry for up to 15 to 24 months, the report said.