Key Takeaways
- • Adrien Chicot, a former Andurand Capital Management trader and École polytechnique alumnus, has founded systematic trading firm Borel Capital with an undisclosed amount of its own capital.
- • Borel Capital is recruiting 10 quantitative research interns, each given six months to build a model on any asset class, with capital allocated and a full-time role offered if the model is convinced.
- • Interns are compensated with a direct percentage of their own P&L once their model goes live, with pay described as "competitive" but undisclosed.
- • Applicants need a degree in mathematics, physics, computer science or engineering; the first intern class must have the right to work in the EU.
- • Assessment relies on backtesting, possible paper trading and a held-back out-of-sample data window, with a new intern cohort hired every six months.
Summary
Adrien Chicot has founded Borel Capital, a new systematic trading firm, according to efinancialcareers. Chicot previously worked at Andurand Capital Management, the commodities hedge fund run by Pierre Andurand, and holds a degree from École polytechnique. The firm has an undisclosed amount of its own capital and is seeking 10 quantitative research interns to deploy it.
The internship structure is built around model development. Each new joiner receives six months to build a model on any asset class. At the end of that period, if Borel Capital is convinced by the model, it allocates capital to the strategy and offers a full-time position. Chicot told efinancialcareers that the main incentive is that a junior receives a direct percentage of their own P&L as soon as their model goes live, rather than waiting years as they would at a traditional hedge fund.
Compensation for interns is described as "competitive," though no figures were disclosed. Eligible candidates may be students or experienced investors with a few years of experience, and must hold a degree in mathematics, physics, computer science or engineering. The first intern class will need the right to work in the EU; later classes may have more flexible eligibility requirements.
Assessment is based on the backtest, possibly followed by a period of paper trading. Chicot said the firm may withhold part of the data to preserve a genuine out-of-sample window. If a model fails to convince the firm, the internship ends. A new cohort of interns will be hired every six months to fill vacancies.
The internship structure is built around model development. Each new joiner receives six months to build a model on any asset class. At the end of that period, if Borel Capital is convinced by the model, it allocates capital to the strategy and offers a full-time position. Chicot told efinancialcareers that the main incentive is that a junior receives a direct percentage of their own P&L as soon as their model goes live, rather than waiting years as they would at a traditional hedge fund.
Compensation for interns is described as "competitive," though no figures were disclosed. Eligible candidates may be students or experienced investors with a few years of experience, and must hold a degree in mathematics, physics, computer science or engineering. The first intern class will need the right to work in the EU; later classes may have more flexible eligibility requirements.
Assessment is based on the backtest, possibly followed by a period of paper trading. Chicot said the firm may withhold part of the data to preserve a genuine out-of-sample window. If a model fails to convince the firm, the internship ends. A new cohort of interns will be hired every six months to fill vacancies.
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