Multistrategy hedge funds' 2025 hiring (and firing) laid bare in ADV filings
Multistrategy hedge funds like Citadel, Millennium and Balyasny do not file annual reports. They do, however, make annual filings with the SEC known as ADV forms. Those forms have just been filed.
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As shown below, the latest filings confirm Izzy Englander's Millennium as the multistrat Goliath. With 6.670 employees, Millennium is nearly twice as big as Steve Cohen's Point72 and more than twice as big as Ken Griffin's Citadel.
In total, the biggest hedge funds added nearly 2,000 people last year, with Millennium alone adding 530 of them and Point72 adding 394. Citadel was more circumspect, with only 131 extra employees.
In percentage terms, though, the biggest hirers were not the biggest funds. Headcount at Jain Global was up 73% as the firm presumably added "35 year-old killers" and other such talents following its launch in 2024. Verition increased headcount by 20%; Balyasny by 18% or 371 people.
The table below shows how many of multistrategy firms' employees are actual investment-focused as opposed to support and and other non-investment staff. Jain Global, Balyasny and Verition were again the big hirers. By comparison, Schonfeld and Walleye reduced investment headcount in the past year.
The ADV filings also reveal discrepancies between the balance of investment and non-investment staff at major funds. While only 36% of people at Walleye are investment professionals, 56% of people at Jain Global are, for example.
A high proportion of investment professionals means a low proportion of non-investment professionals and by implication comparatively few people like technologists and executive assistants. Bobby Jain in February said that his fund built its infrastructure with the assistance of AI and therefore didn't have to hire "hundreds of technology people."
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