Product Roles in HFT/Hedge Funds

Capital One
thickmama1

Capital One

BIO
Struggling to pass interviews
thickmama1more
Jun 1 15 Comments

I’ve seen a lot of Project Manager roles in HFT/Hedge Funds but no product roles so I’m curious - who gives Quant or Devs direction? Is it “waterfall” and still project based as everything is tested and retested internally?
Is that why FAANG avoids HFT/HFs?

I’m eager to hear from Jane Street, Two Sigma, Citadel, DE Shaw, Tower, and others.

Maybe some clarification if product exists in your org, your experience with it (vs project), TC, experience, and location? Thanks!

Cat tax: 210k TC, 4 YOE, East Coast, and hate this rural place

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TOP 15 Comments
  • Jane Street Capital fundfj
    Not sure exactly what you mean by product roles. Priorities are determined by a combination of traders (to determine the value of new work) and tech leads (to determine the cost) for the trading side. In other cases it's mostly driven by tech leads, with very high-level direction from management.
    Most teams are small enough that we don't use any formal methodology. Pick off tasks as time allows, with deployment varying mostly between continuously and weekly, with a thin tail of less frequent deploys.
    7 yoe, ~950k TC
    Jun 2 12
    • Amazon / Product
      dreambigYo

      Amazon Product

      BIO
      Anyone Hire Product Manager :)
      dreambigYomore
      Vn fundfj
      Jun 2
    • AIG / Product
      Raging

      AIG Product

      PRE
      Deloitte Digital
      BIO
      Counseling CxOs for AI-first strategy !
      Ragingmore
      Unless you're a prop shop, traders are second class citizens....usually just execution monkeys.

      The PMs (Portfolio Managers) or Junior PMs or quants dictate the priorities at HFs.

      Folks don't like to go there because you can't publish your work as well as have significant restrictions when you quit.

      I didn't take a Bridgewater offer (at significant premium) because of their restrictions on voluntary departures.

      fundfj's 950k is an outlier Unicorn figure...not a norm. At least Glassdoor suggests that.
      Jun 3
    • Capital One
      thickmama1

      Capital One

      BIO
      Woman struggling to pass interviews
      thickmama1more
      OP
      Raging - good breakdown! AIG as in insurance? What’s your product portfolio look like? And what was the Bridgewater comp + your YOE at the time?
      Jun 3
    • Jane Street Capital fundfj
      What do you mean by restrictions on voluntary departures? Like, a long non-compete? FWIW Jane Street doesn't do non-competes due to how some SIG non-competes messed up our founding timeline.

      I think my number is on the high side, but I could easily name 2 dozen or so tech folks making more, although pretty much all of them have some degree of management responsibility. None of them are posting on Glassdoor, though; their numbers are definitely dragged way down by selection bias.
      Jun 4
    • Two Sigma / Eng mgre
      @Raging Glassdoor is not at all accurate. Number is very believable.

      I've never seen anything more restrictive than a non-compete. Is there something else in Bridgewater's agreement?
      Jun 4
  • Jane Street Capital ddjfbf
    Nobody "gives direction". It's a collaboration between the people building software and the people using it.

    And FANG doesn't "avoid HFT", they actively try to recruit us.
    Jun 2 1
    • Capital One
      thickmama1

      Capital One

      BIO
      Woman struggling to pass interviews
      thickmama1more
      OP
      Interesting — I made the post very late last night and misspoke but you’re correct. What sort of role are you in now and what does FANG align you towards? Secondly, you’re still with JS does that mean their comp + leveling downgrades you?
      Jun 2