This is one of the really interesting sort of knock on effects of Japan moving toward policy normalization, but certainly this is something that could really reshape the market as well. Yes, certainly. If you are a race trader in Japan these days, they’re probably very busy with both work and taking calls from headhunters and recruiters that want to hire you away. Like you mentioned, we’ve identified more than a dozen traders that in the past year or so have shifted from Wall Street banks like Morgan Stanley and Citigroup, as well as Japanese mega banks and moved on to work at hedge funds that are all trying to get a piece of the action in Japan. Like you said, you know, the Bank of Japan for years had this neocurve control policy. As part of a stimulus that really put a lid on government bond yields, now that they’ve done away with that policy earlier this year, it’s created this volatility that funds can trade and make money off of some of the funds We’ve identified being very active in hiring our Millennium Blue Crest and capital here in Japan. So anecdotally, I mean, what what are we hearing from people who are trying to hire traders? Is there a shortage of staff and what’s it meaning for salaries? Yes, the competitive landscape here is it’s most very competitive here because the talent pool is very, very limited because of the Bojo curve control. This has really been a very sleepy corner of the financial markets here into in Japan. And it was very basically the the talent pipeline is very limited. So some headhunters and recruiters estimate that there’s probably less than 100 of these traders at big banks that funds can hire. And probably an even smaller portion would have that risk appetite to want to shift from a very stable job at a mega bank or a big bank to work at a hedge fund. Of course, because this is a financial industry we’re talking about, they are not being shy about dangling incentives. We’ve heard that many banks are. Really boosting bonuses for their traders, even though it’s, you know, it’s not been a great year for them. But at the same time, on the hedge fund side, they do guarantee a much bigger payout of the profits you make for them. So basically this is going to be a very active hiring space going forward for for people to watch. Yeah, just crunch the numbers for us. How much more can you get from a hedge fund in terms of profit sharing, for instance? Yeah. I mean the numbers really vary, but kind of the the headline number that head numbers like to reference, is that basically? Trader, I would think you’re usually taking home about three person the profits you make, but alternately you compared to a hedge fund you’re probably taking 20% or more of the profits you make. So the difference in salary is substantial.
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