Hedge funds are sourcing more local talent in Florida than anywhere else in the US, and matching New York in front-office recruitment, according to a report from South Florida Business Journal, citing investment management executive search firm The Kronor Group.
The bulk of moves are concentrated in Miami and West Palm Beach, where Citadel, Millennium Management and Voloridge Investment Management accounted for about 35% of all hedge fund personnel changes in the state over the past year.
Millennium made the most full-time hires in Florida, adding around 40 staff, while Citadel’s total when including its market maker, Citadel Securities, was roughly on par. Voloridge led in internal promotions, with nearly half of its staff moves coming from within.
Overall, about 70% of Florida hedge fund moves were external hires. New York remained the biggest source of incoming professionals, sending more recruits to Florida funds than California, Illinois, Texas and Massachusetts combined.
Hiring demand was strongest across multistrategy and quant platforms, with analysts, traders and portfolio managers representing roughly a quarter of all moves. Another quarter came from investment support functions such as quant researchers and software engineers. Senior marketing and investor relations hiring remained muted.
