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A quant hedge fund doubled its average London pay... to £697k

Think electronic trading firm Jane Street is the top payer in London? Think again. Hedge fund Qube Research & Technologies Limited has released its company accounts up until December 2022. The Credit Suisse spinoff has seen an exorbitant rise in its employee spending, primarily in wages and compensation, that has seen its people become some of the best paid financial services employees in London.

In 2021, Qube had an average of 229 employees and compensation (defined as "wages and salaries") per person was £343.6k ($415.3k). In 2022, despite having 114 more employees, pay per head rose to an astonishing £697.3k.

However, it seems as though expenses have fallen, hard. "Other employee benefits" fell from £2m to £1.2m despite the headcount increase. A compensation expense category defined just as "other" meanwhile nearly doubled from £2.8m to £5.3m.

So why such a huge increase? Business was booming for Qube in 2022 with revenues rising 83% to £634m. Even with all the additional spending on employees, the hedge fund still saw profits rise by 52%, or over £80m, to £233m after tax.

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AUTHORAlex McMurray Reporter

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