Hiring at the world’s largest multi-strategy hedge funds slowed in 2024, but firms continued expanding their investment teams, adding over 550 portfolio managers (PMs) and analysts despite a softer recruitment push compared to previous years, according to a report by eFinancial Careers.
The largest multi-strategy players – Millennium, Citadel, Point72, Balyasny, and ExodusPoint – collectively hired 1,068 new employees last year, down from 1,660 in 2023, according to recent regulatory filings. While hiring decelerated, these firms still grew their investment talent base, reinforcing their dominance in the industry.
Among them, Millennium remains by far the largest, continuing to widen its lead over its closest competitors. The firm’s headcount expansion underscores the scale advantages enjoyed by the top players in an increasingly competitive space.
While the biggest hedge funds maintained steady hiring, some smaller firms cut back on headcount. Walleye reduced its investment staff by 23%, Schonfeld by 8%, and ExodusPoint by 4%.
At the same time, certain firms aggressively expanded –notably, Verition, where headcount increased by 77% in 2024, with the addition of 121 investment professionals before later trimming its roster.
