In the Hunt for Quants, One Hedge Fund Held a Global Talent Contest

As competition for analytical minds in finance increases, one firm has taken a novel approach to unearth fresh talent: a global tournament for quants.

WorldQuant, a hedge fund in Connecticut, started the International Quant Championship this year. The competition attracted 11,000 applicants, from more than 1,000 universities and more than 80 countries, to develop new types of trading algorithms. Up for grabs? Potential full-time positions or internships at the hedge fund.

This month, 47 finalists from 15 countries met in Singapore for the finals. An all-women team from the Moscow Institute of Physics and Technology was declared the overall winner, but all of the finalists were given the chance to interview for full-time and internship roles at the fund.

As the world has computerized, demand for the computer scientists and engineers who can build the algorithms that run our lives has exploded. The biggest companies want the brightest minds, and that has led to a fierce battle within corporate America, especially between Silicon Valley and Wall Street, for such talent.

Other industries — most notably big tech — now attract huge numbers of math and science graduates, many of whom were historically lured to hedge funds by big paychecks.

Some hedge funds have tried to compete with such rivals by offering Silicon Valley-style perks and even larger bonuses. Other funds have developed relationships with elite universities to nurture and spot talent while potential workers are still on campus.

WorldQuant’s international contest was born out of this fight and is part of the fund’s broader effort to nurture learning about quantitative finance around the globe. Its Virtual Research Center offers people from around the world a chance to learn about the subject, build financial models and maybe even be considered for jobs at the hedge fund.

Igor Tulchinsky, founder and chief executive of WorldQuant, says highly talented computer scientists, engineers, physicists and mechanics can be found outside the world’s financial centers and prestigious colleges. Companies just have to look harder.

“From tech to finance, only companies with a relentless approach to discovering data scientists around the world and offering them virtual opportunities will win the global race for talent,” Tulchinsky said.