The British quant fund hiring despite faltering revenue and pay

There have been better times to work for hedge fund Winton Capital Management.

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The London-headquartered quant fund published its full-year accounts for 2023 earlier this week. In short, it didn’t do well. Revenue fell by over 40% compared to 2022. Pay per head fell by 35%, from £428k ($573k) to £279k ($374k). Profits at the firm went from an impressive £32.6m ($43.6m) to a somewhat less impressive £0.05m ($0.06m)

The only consolation for Winton’s people, if there is one, is that it doesn’t seem to be cutting jobs – headcount ticked up slightly, from 147 in 2022 to 149 in 2023. It was the first time that headcount increased at the firm since 2016, when it employed 385 people.

This year's results were more of a return to normal than a dramatic change; it was 2022 that was the outlier. Discarding 2022, pay per head in 2023 was the highest it had been in any year since 2011, although those figures aren’t adjusted for inflation.

Revenue was also higher at the firm in 2023 than in both 2021 and 2020. That's not saying too much, though; revenues were higher every year prior until 2005 (AD). Back then, the firm employed just 47 people, less than a third of what it has today. Again, that’s based on figures that aren’t adjusted for inflation.

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