Key Takeaways
- • Adrien Chicot, a former quantitative researcher at Andurand Capital Management, has launched systematic trading firm Borel Capital, according to eFinancialCareers.
- • Borel Capital is recruiting 10 quantitative research interns to develop systematic strategies across asset classes, with the firm's capital amount undisclosed.
- • Each intern gets six months to build a strategy, assessed via backtesting, possible paper trading and out-of-sample testing against unseen data.
- • Successful candidates receive capital allocations and compensation tied directly to the profit and loss their strategies generate, rather than the traditional hedge fund pay structure.
- • Underperforming candidates will not receive permanent roles, and the firm plans a new cohort every six months.
Summary
Adrien Chicot, a former quantitative researcher at Andurand Capital Management, has launched systematic trading firm Borel Capital and is recruiting 10 quantitative research interns to develop investment strategies across asset classes, according to a report by eFinancialCareers. Chicot, a graduate of France's École Polytechnique, has established the firm with an undisclosed amount of proprietary capital.
The firm's recruitment model centres on a six-month development window in which each intern builds a systematic trading strategy in an asset class of their choice. Strategies will be evaluated through backtesting and potentially paper trading, along with testing against previously unseen data. Candidates whose models meet the firm's requirements will receive capital allocations and performance-linked compensation based on the profits their strategies generate. Borel plans to allocate funding to the models developed by successful candidates, who will then be offered permanent positions.
Chicot told eFinancialCareers that the structure lets junior quantitative researchers receive a direct share of their strategy's profit and loss once deployed, rather than progressing through the traditional hedge fund compensation framework. Candidates whose strategies fail to meet performance expectations will not be offered permanent roles, and the firm plans to recruit a new cohort every six months.
Borel is targeting applicants with backgrounds in mathematics, physics, computer science or engineering, including students and candidates with several years of investment experience. The initial round requires candidates to have the right to work in the European Union, though future cohorts may have broader eligibility. Successful applicants will receive paid internships with compensation described as competitive; specific salary figures have not been disclosed.
The firm's recruitment model centres on a six-month development window in which each intern builds a systematic trading strategy in an asset class of their choice. Strategies will be evaluated through backtesting and potentially paper trading, along with testing against previously unseen data. Candidates whose models meet the firm's requirements will receive capital allocations and performance-linked compensation based on the profits their strategies generate. Borel plans to allocate funding to the models developed by successful candidates, who will then be offered permanent positions.
Chicot told eFinancialCareers that the structure lets junior quantitative researchers receive a direct share of their strategy's profit and loss once deployed, rather than progressing through the traditional hedge fund compensation framework. Candidates whose strategies fail to meet performance expectations will not be offered permanent roles, and the firm plans to recruit a new cohort every six months.
Borel is targeting applicants with backgrounds in mathematics, physics, computer science or engineering, including students and candidates with several years of investment experience. The initial round requires candidates to have the right to work in the European Union, though future cohorts may have broader eligibility. Successful applicants will receive paid internships with compensation described as competitive; specific salary figures have not been disclosed.
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