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Monday, December 11, 2023

Chinese hedge funds lure young workers with high salaries

Chinese hedge funds are actively looking for talented computer science and artificial intelligence graduates, Bloomberg reports.

The fact is that a new trend has emerged in China. Rather than rushing to work for global companies in the West, young Chinese are increasingly choosing to stay at home.

Young IT specialists are in special demand in foundations that use computer models in their work.

The popularity of such funds is steadily growing: the volume of assets under their management has increased tenfold compared to four years ago, and exceeded 1 trillion yuan ($ 155 billion), according to Citic Securities Co.

As a result, Chinese foundations now have to compete for young talent not only from Wall Street, but also from local tech giants like ByteDance (owner of TikTok) and Alibaba (NYSE: BABA).

To attract specialists, foundations have already increased starting salaries by about three times compared to fees in the West – from $ 100,000 to $ 300,000 per year.

“It is very important for us to recognize talent early on, because once they go overseas, they have more options and we will have to compete with international companies,” explained Wang Chen, founder of the Ubiquant Foundation.

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