But if you are working at a hedge fund where are you going to get your material non-public information?
Maybe that's why the salary is as low as it is.
From FinancialNews, London, May 24:
AQR Capital Management is joining the rush of financial heavyweights into event-based markets
Hedge funds and proprietary trading firms are floating salaries of up to $260,000 to build out prediction markets desks, as an event-betting craze sparks a battle for talent among institutional adopters.
Cliff Asness’ AQR Capital Management is the latest US trading giant to set up a prediction markets unit, with the hedge fund currently hiring for a vice-president to build quantitative models to trade around professional sports.
The role is expected to have a salary of between $235,000 to $260,000, alongside an annual discretionary bonus, according to AQR’s job listing. It is seeking candidates with skills in computer science as well as “familiarity with the basic rules of major sports”, including the top US leagues for baseball, basketball, American Football and hockey.
Asness, AQR’s billionaire co-founder and chief investment officer, has previously criticised the “gamification” of markets but said last year that recent developments in sports betting had thrown up opportunities for his $189bn money manager.
AQR’s job listing says the successful candidate will sit within a “quantitative research team focused on prediction markets”, with a supervising portfolio manager. The firm declined to comment further.
“The multi-manager platforms didn’t get to where they are by ignoring inefficiency,” said Sean Sweeney, managing director at hedge fund recruitment firm CW Talent Solutions.
“They built entire businesses on finding it before the market caught up. Prediction markets are the next frontier of that same logic.”
Alongside direct trading on prediction markets, the platforms offer rich data on real-world events with which hedge funds may look to bolster their bets in other markets.
Chicago-based DRW, one of the world’s largest proprietary trading firms, has also been hiring for a new desk focused on platforms such as Polymarket and Kalshi in recent months.
DRW is offering an annual base salary of between $175,000 and $200,000 for a prediction markets trader, according to one job listing currently on its website....
....MUCH MORE
Fifty grand a month and half the profits seems fair.
