Millionaire hedge fund CEO says he primarily hires folks with no background in finance and as soon as hiked a employee’s pay so he might name him at 1 a.m.

Sep 19, 2023 | blog

Late night office working Hong Kong

The 1 a.m. pay rise was mentioned on the “Exchanges at Goldman Sachs” podcast.Getty

  • A hedge fund boss stated he primarily hires folks with no background in finance.

  • Peter Brown additionally stated he as soon as supplied a employee a pay rise within the early morning hours.

  • Brown mentioned his uncommon hiring and retention methods on a Goldman Sachs podcast.

The CEO of New York-based funding administration agency Renaissance Technologies has stated that when it got here to hiring, he nearly solely employed folks with no background in finance.

Peter Brown was talking on an episode of the podcast “Exchanges at Goldman Sachs.”

He stated he discovered it simpler to show “mathematicians about the markets than it is to teach mathematics and programming to people who know about the markets.”

The firm tended to keep away from hiring individuals who had been at different finance corporations, Brown added.

When it got here to candidates, Brown stated he seemed for math and programming capability, in addition to a powerful work ethic and want to work in a collegial atmosphere.

The finance trade remains to be an enormous draw for younger graduates. This is especially true for Gen Zers, who’re extra inclined to work within the finance trade than in earlier years, analysis revealed by the CFA Institute in June discovered.

During the podcast dialogue, Brown additionally stated he gave an worker a pay rise so he might name him within the early morning hours.

Brown stated he was working late at night time with a colleague, whom he named solely by his first title, and wanted a solution from one other worker.

He stated: “It was around 1 o’clock in the morning and I picked up the phone to call him. And Jim says to me, ‘Wait. You can’t call this guy in the middle of the night. He doesn’t make enough money.’ So, I said, ‘Fine. How about this? I’ll call him. I’ll tell him we’re going to give him a raise. And then ask him our question.'”

“And so, that’s what we did,” he stated.

Brown added that he usually contacted workers late at night time and typically slept within the workplace.

“I’m just one of those types who can’t sleep. Not by choice,” he stated. “I often am on the computer by around 2 a.m. And it’s true, I tend to send a lot of emails out in the middle of the night.”

The most up-to-date Forbes knowledge about Brown was compiled in 2019 and located that he had a web value of $100 million.

Renaissance Technologies is without doubt one of the world’s most profitable hedge funds. Its founder, Jim Simons, has a web value of $30.7 billion, Forbes knowledge confirmed. Simons nonetheless performs a job at Renaissance though he retired in 2010, the outlet reported.

Representatives for Brown didn’t instantly reply to Insider’s request for remark, made exterior regular working hours.

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