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Hedge fund internships are only open to top applicants, but some elite internships are more elite than others. Cubist Systematic Strategies, the algorithmic trading arm of Steve Cohen’s hedge fund Point72, is adding a new team that pays almost double what other interns at the company earn.
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KEPL is a team “specializing in medium-frequency statistical arbitrage strategies with high sharpness.” Team leader Lei Xu describes the company as an “elite group” that offers “the best opportunities for career growth and the most competitive compensation.” Xu joined Cubist from DE Shaw. He was hired there and within six years was promoted to research director.
Mr. Xu’s team is certainly better when it comes to “competitive” salaries. His base salary will be between $250,000 and $300,000 for the 2024 Quantitative Research Internship, which is limited to doctoral candidates. For reference, the highest cap for a quantitative researcher seen elsewhere in the fund is his $180,000. Last year, Point72 was offering the quant teacher her $300,000 salary. These interns can earn the same monthly salary as students… 😨
If you’re not a PhD candidate, there are also quantitative developer internships for undergraduates and above. The salary range is the same, except the minimum salary is $240,000.
The job description states that the team is a startup with an “open and collaborative culture” that uses “cutting-edge technology to foster innovative research.” Quantitative research interns are expected to know Python or C/C++, while quantitative developers are expected to know Python and either C++ or Java.
It’s not clear when the team was founded or how many people it has. Huitao Shen, who joined Cubist as a graduate in 2020, describes himself as a “co-founder” of KEPL, but it’s unclear whether he was doing other things at Cubist first. Other notable members include Kevin Wren, who joined Cubist from Stanley, where he worked for 10 years at Sigma, where he served as SVP, and Morgan.
Point72 did not respond to a request for comment.
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