Qube Research and Technologies has been hiring heavily, paying less
Quantitative hedge fund Qube Research and Technologies likes to hire people. But the more it hires, the less it seems to pay.
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Newly filed accounts for Qube Research and Technologies Ltd. show that in the year ending December 2025, Qube increased its global headcount 62% to 1,336 people, up from 827 the previous year. Over the same period, average pay per head fell from £722k ($967k) to £616k.
It might be that Qube has become more parsimonious as it's grown. Or it might just be that the new hires are increasingly in low cost countries outside the UK. Qube now has offices in London, Paris, Switzerland, the Netherlands, Denmark and Mumbai. The UK still accounts for 62% of Qube's headcount, but the Mumbai office (and maybe something in Poland) are likely to pull pay down.
Qube doesn't have partners. It does have directors, whom it is paying more than before. Last year, its highest paid director earned £3.7m, up from £2.4m in '24. If you're a Qube director and it likes you, it might also give you a loan. Three years ago, a director there received a loan of £1.25m, repayable with interest. By last December, he of she had paid £833k of it back.
Qube made £2.9bn in revenues last year, up from £2.3bn in 2024. Net profits went from £712m to £831m over the period.
Qube also paid £499m in interim dividends last year, up from £362m in 2024. These were seemingly distributed as profits were earned. It's not entirely clear who received them as Qube is owned by Guernesy-based 1751 Capital Holding Ltd. However, chief executive Pierre-Yves Morlat and directors Laurent Laizet, Christina Wilgress, Stuart Brown and Marcus Knight are presumably not badly off.
As we reported last week, Qube is diversifying beyond its historic systematic focus. It already has a discretionary equities team and is now building an - allegedly large - discretionary macro team too.
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