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Quant hedge fund having a good year cut jobs, hiked pay

Quant fund AQR Capital Management (Europe) LLP has release results for its U.K.-based operation for 2021. Once again, they're not entirely pretty. 

AQR Capital Management (Europe) ('AQR') cut staff (again) last year in response to falling profits. However, the staff that remained were paid much better than before. And globally at least, things at AQR are now looking up. 

Profits at AQR's London office fell from £8.1m in 2019 to £4.1m in 2020 to £3.1m in 2021. Over the same period, headcount at the fund went from 48 to 42 to 35 people. 

While headcount fell, compensation per head at AQR's London office rose to the highest level in three years. In 2021, it was £266k, versus £204k in 2020. 

AQR has been criticized in the past for hiring large numbers of juniors and paying less than other major hedge funds. - Citadel, for example, paid an average of $1.3m in London in 2020. 

After a difficult run, AQR appears to be having a better time this year. In the six months to June, its absolute return fund was up 43%. 

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Photo by Steve Smith on Unsplash

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AUTHORSarah Butcher Global Editor
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  • Ed
    Edo
    30 September 2022

    ~40 people only generate a profit of £3.1m ? How can this be profitable? Again is there a typo?

  • Ch
    Chet Trader
    21 September 2021

    Average compensation per head of £209m?? That can't be right.

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