Entrepreneurial Spirit No Match For Financial Inducements

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A fair number of would-be hedge fund managers are more than happy to put those ambitions aside to see where the bidding war for their services goes.

Only 418 hedge funds have been set up so far this year, compared to 725 and 780 established in the two preceding years respectively, according to Preqin, the data provider.

John Griffiths, member of the regulatory compliance team at Kinetic, the consultancy, attributed the fall in new funds to investment banks “facing increasing competition for staff”.

Despite the public furore around banker pay, competition has pushed up pay for strong performers, which “would reduce the financial incentive to set up a new fund,” Mr Griffiths said.

New hedge funds drop as banks boost pay [FT]

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