Hedge fund job openings doubled between August and September, according to a web site that tracks hiring in the sector, with Greenwich tapped as the top municipality in the nation for available jobs, and broader Fairfield County trailing only New York City among metropolitan areas.
Fairfield County is home to a multitude of hedge funds large and small, including Westport-based Bridgewater Associates, Stamford-based SAC Capital Management and Greenwich-based Tudor Investment Corp.
The Blue Heron Group L.L.C. web site Hedgefundjoblist.com reported that after dropping 70 percent between January and August, hedge fund hiring spiked as the Dow Jones Industrial Average approached the 10,000 mark, with junior-level analysts most in demand followed by accountants.
The Rohnert Park, Calif.-based company expects hiring to remain steady through the remainder of 2009, with the pace of new jobs accelerating next year.
Accountants and others with financial compliance expertise could become even more in demand as new financial regulations emerge in the wake of the credit crisis and federal banking bailout.
In a separate report this month, executive search firm Heidrick & Struggles said the summer of 2009 was active for new fund launches as senior traders left banks.
“Except for funds with $2 billion or less that are still trying to reach their high-water mark, there is no more fence-sitting when it comes to picking up the top talent,” said Claude Schwab, a partner at Heidrick & Struggles, in a prepared statement.
Between January and September, hedge funds have a 16.1 percent return on average, their best performance this decade, according to Singapore-based Eurekahedge.
Boston was the second best city for hedge fund employment after Greenwich, while Stamford was ranked fifth and Westport eighth. While New York City placed fourth due to competition for jobs, it is home to almost half of available hedge fund jobs nationally at present.
