Qube Research & Technologies has begun charging some employees performance fees on their personal allocations to the firm’s hedge funds, bringing them in line with external investors, according to a report by Bloomberg.
The report cites unnamed sources with knowledge of the matter as revealing that as of 1 August, a small group of staff — less than 5% of Qube’s global workforce, mainly in Singapore — were moved into fee-paying share classes. Depending on the strategy, staff now pay incentive fees ranging from 25% to 35%, with flagship funds including Qube, Moebius and Dao at the top end of the scale.
With many large funds closed new money, multi-strategy firms such as Qube have traditionally positioned the ability to invest a portion of remuneration in internal funds as a staff perk when hiring or looking to retain talent. retention tools.
London-based Qube, spun out of Credit Suisse in 2018, has grown into a $36bn multi-strategy platform with around 2,000 employees worldwide.
The firm’s main Qube and Torus hedge funds are up more than 15% this year, while Prism has recovered losses from earlier this year and is now in positive territory, according to one of Bloomberg’s sources.
