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Bonuses for Hedge Fund IT staff double in one year

Bonuses for Hedge Fund IT staff double in one year
        Staff can expect 50% bonuses, up from 2530% last year
        Base salaries rise 15%
Senior IT staff working for hedge funds and fund managers have seen their bonuses double over the last year, says ReThink Recruitment (ReThink), the business and technology staffing company.
According to ReThink, software developers with experience in algorithmic trading platforms a form of automated high volume trading can now expect 50% bonuses, up from approximately 25% last year.
Qualified IT staff can also command a base salary of 100,000120,000, a rise of 15% from last year. Contractors can now typically earn approximately 750 per day, compared to approximately 600 per day at the start of the year.   
Fhamid Malik, Head of Financial Services, ReThink Recruitment, comments: Renewed investor confidence has prompted a surge in business volumes. Funds are now locked in an arms race for the best systems to steal an edge on competitors.
This has fuelled demand for IT staff, as funds look for the latest innovative platforms to mitigate risk and manage the market impact of trades. The last six months have also witnessed the return of guaranteed bonuses into contracts, which almost completely disappeared during the credit crunch.
Fhamid Malik adds: For those IT staff with the right skills this is an ideal time to secure a lucrative contract.
ReThink says that demand for IT staff is not limited to London, with several leading funds having recently moved part of their operations to Geneva and Zurich. 
ReThink adds that a number of funds are also looking at greenfield builds i.e. entirely new software to replace off-the-shelf IT systems.
Fhamid Malik adds: These funds are locked in a perpetual war to produce the fastest and most accurate trading platforms. Employers are now willing to pay a premium of around 20% for senior IT staff that have successfully developed and implemented bespoke trading systems before.


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