The hedge fund boss said he mainly hires people with no experience in finance.
Peter Brown also said they once offered a worker a raise in the wee hours of the morning.
Brown discusses his unconventional hiring and retention strategies on the Goldman Sachs podcast.
When it comes to hiring, the CEO of New York investment management firm Renaissance Technologies hires only those without finance experience.
Peter Brown was speaking. “Exchanges at Goldman Sachs” podcast episode.
“I find it easier to teach marketers to mathematicians than to teach math and programming to people who know about markets,” he says.
The company also avoided hiring people who were at other financial firms, Brown added.
When it comes to applicants, Brown says math and programming skills, as well as a strong work ethic and a desire to work in a college environment.
The financial industry is still a great place for young graduates. This is especially true for Gen Xers. More desire to work In the financial industry than in previous years, published research Found the CFA Institute in June.
During the podcast interview, Brown said he offered the employee a raise to call him in the early hours of the morning.
brown he said. He was working late at night with a coworker he only called by his first name and needed answers from another employee.
He said: “It was about 1 o’clock in the morning and I picked up the phone to call him. And Jim said to me: “Wait. You can’t call this person in the middle of the night. “It’s not him,” he said. “You don’t make enough money.” So, I said, ‘Well, what about this? I’ll call him, tell him we’re going to pay him, and then ask him our question.’
“And that’s what we did,” he said.
Brown added that he often talks to employees at night and sometimes. He slept in the office.
“I’m one of those people who can’t sleep, not by choice,” he said. “I’m usually on the computer around 2am and it’s true, I tend to send a lot of emails in the middle of the night.”
The most recent Forbes data on Brown was compiled in 2019 and found that he has Net worth 100 million dollars.
Renaissance Technologies is one of the most successful hedge funds in the world. His Founder Jim Simmons According to Forbes, he has a net worth of $30.7 billion. Simmons reportedly retired in 2010 but still plays a role at Renaissance.
Representatives for Brown did not immediately respond to Insider’s request for comment outside of regular business hours.
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