June 19, 2024
The millionaire hedge fund CEO says he mainly hires people who have no background in finance and once gave an employee a raise so he could call him at 1 a.m.

  • One hedge fund boss said he primarily hires people who have no background in finance.
  • Peter Brown also said that he once offered an employee a raise in the morning.
  • Brown discussed his unusual recruitment and retention strategies on the Goldman Sachs Podcast.

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The CEO of New York-based investment management firm Renaissance Technologies has said that when it came to hiring, he almost exclusively hired people who had no background in finance.

Peter Brown was speaking on an episode of the podcast “Exchanges at Goldman Sachs.”

He said that he “finds it easier to teach mathematicians about markets than to teach mathematics and programming to people who know about markets.”

Brown said the approach was different to some of Renaissance’s competitors because the company avoided hiring people who worked at other financial firms.

When it comes to applicants, Brown said he looks for math and programming ability as well as a strong work ethic and a desire to work in a collegial environment.

The finance industry is still a big attraction for young graduates. This is especially true for Gen Zers, who are more inclined to work in the finance industry than in previous years, according to research published by The CFA Institute found in June.

During the podcast discussion, Brown also said he gave an employee a raise so she could call him early in the morning.

Brown said he was working late at night with a co-worker, whom he referred to only by his first name, and needed a response from another employee.

He said: “It was about one in the morning and I picked up the phone to call him. And Jim said to me, “Wait. You can’t call this guy in the middle of the night. He doesn’t make enough money.” So, I said, “Okay. how about this? I will call her. I’ll tell him we’re going to give him a raise. And then ask him our question.”

“And so, that’s what we did.”

Brown said he often contacted employees late at night and sometimes fell asleep in the office.

“I’m one of those people who can’t sleep. Not by choice,” he said. “I’m often on the computer around 2 a.m. and it’s true, I send a lot of emails at midnight.”

Representatives for Brown did not immediately respond to Insider’s request for comment, which was made outside normal business hours.

Source: www.businessinsider.com

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