Hedge Funds at War for Top Traders Dangle $120 Million Payouts; Paid sabbaticals, huge signing bonuses are among tools being used, as clients foot the bill in chase for steady returns.
Nishant Kumar - Bloomberg
When portfolio manager David Lipner said he was quitting billionaire Izzy Englander's Millennium Management to join a rival, the hedge fund countered with an unusual proposal: A one-year paid sabbatical and an incentive upon return if Lipner stayed. And stay he did. For Millennium, the $58 billion industry giant known for ruthlessly cutting underperformers, the generous offer was seen as totally worth it.
/jlne.ws/3qmN794
Nishant Kumar - Bloomberg
When portfolio manager David Lipner said he was quitting billionaire Izzy Englander's Millennium Management to join a rival, the hedge fund countered with an unusual proposal: A one-year paid sabbatical and an incentive upon return if Lipner stayed. And stay he did. For Millennium, the $58 billion industry giant known for ruthlessly cutting underperformers, the generous offer was seen as totally worth it.
/jlne.ws/3qmN794
