Key Takeaways
- • Xantium, the quant business built inside Tudor Investment Corp since 2019, plans to spin out in the first half of 2027 with about $9bn in assets and roughly 300 staff, which would be the largest hedge fund spinout on record.
- • Matt Giannini is returning to Citadel in 2027 for a third stint, moving from Walleye to help grow its equities business, part of a wider trend of senior PMs going back to former platforms.
- • D.E. Shaw's employee-only fund Phasor, which trades systematic equities and futures, charges staff 4.5% and 45% for access, terms more favorable than those offered to outside clients.
- • Jane Street has told candidates its software engineering interviews are changing, while location is becoming a hiring constraint as top candidates in Texas, Florida and Boston decline to relocate.
Summary
Tudor Investment Corp's quant unit Xantium plans to leave the firm in the first half of 2027, according to a LinkedIn post by Hedge Fund Intel. The business, built inside Tudor since 2019, would launch with about $9bn in assets and around 300 staff. A standalone launch at that scale would be the largest hedge fund spinout on record, creating new seats, infrastructure requirements and a new competitor for systematic talent.
Talent movement is also a theme. Matt Giannini is returning to Citadel for a third stint in 2027, moving from Walleye to help grow the equities business. The publication reports hearing of other senior portfolio managers returning to former platforms rather than accepting new offers. It attributes this to longer non-compete periods and a scarcity of proven talent, which has led firms to rehire people they already know.
D.E. Shaw's employee-only fund, Phasor, trades systematic equities and futures. Staff pay 4.5% and 45% for access, which the post notes is more than outside clients pay. The firm says the structure is intended to attract and retain talent. The post links this to client lock-ups that now stretch three to four years, describing a market in which both capital and talent are being held more tightly.
Hiring practices are also shifting. Jane Street has told candidates its software engineering interviews are changing, and other firms are reassessing how they evaluate engineers as AI alters the meaning of coding skill. Location is becoming a deal breaker, with firms preferring hires already based in their hubs while many of the strongest candidates, located in Texas, Florida and Boston, are unwilling to relocate. Hybrid arrangements have emerged as a central point of competition.
The post also advertises open systematic trading roles in Hong Kong, Austin, Miami and Singapore, and invites confidential contact through CW Talent Solutions.
Talent movement is also a theme. Matt Giannini is returning to Citadel for a third stint in 2027, moving from Walleye to help grow the equities business. The publication reports hearing of other senior portfolio managers returning to former platforms rather than accepting new offers. It attributes this to longer non-compete periods and a scarcity of proven talent, which has led firms to rehire people they already know.
D.E. Shaw's employee-only fund, Phasor, trades systematic equities and futures. Staff pay 4.5% and 45% for access, which the post notes is more than outside clients pay. The firm says the structure is intended to attract and retain talent. The post links this to client lock-ups that now stretch three to four years, describing a market in which both capital and talent are being held more tightly.
Hiring practices are also shifting. Jane Street has told candidates its software engineering interviews are changing, and other firms are reassessing how they evaluate engineers as AI alters the meaning of coding skill. Location is becoming a deal breaker, with firms preferring hires already based in their hubs while many of the strongest candidates, located in Texas, Florida and Boston, are unwilling to relocate. Hybrid arrangements have emerged as a central point of competition.
The post also advertises open systematic trading roles in Hong Kong, Austin, Miami and Singapore, and invites confidential contact through CW Talent Solutions.
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