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Hedge fund Point72's "elite" team is paying Python quant interns $25k monthly

Hedge fund internships are only for top applicants, but some elite internships are more elite than others. At Cubist Systematic Strategies, the algorithmic trading arm of Steve Cohen's hedge fund Point72, there's a new team on the block paying almost double the salaries interns elsewhere in the firm might earn.

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KEPL is a team "specialized in trading medium-frequency statistical arbitrage strategies with high Sharpe." It's described by team leader Lei Xu as an "elite group" offering the "best opportunities for career growth and most competitive compensation." Xu joined Cubist from D.E. Shaw; he was a graduate hire there that was promoted to research head within six years. 

Xu's team certainly walks the walk when it comes to "competitive" pay. A 2024 quantitative research internship exclusively for PhD candidates pays a base salary between $250k and $300k. For reference, the highest upper limit for a quant researcher seen elsewhere in the fund is $180k. Last year, Point72 was offering a $300k salary to a quant teacher, these interns could earn the same per-month as students... 😨 

If you're not a PhD candidate, there's also a quantitative developer internship for undergraduates and above. The pay range is the same, except the minimum salary is $240k.

Job descriptions describe the team as a start-up with an "open and collaborative culture" using "cutting-edge technologies to facilitate innovative research." The quant research intern is expected to know Python or C/C++, while the quant developer is expected to know Python as well as either C++ or Java.

It's not clear when the team was first established, nor how many people it has in it. Huitao Shen, who joined Cubist in 2020 as a graduate, describes himself as a "cofounder" of KEPL, but it's not clear whether he was not doing other things at Cubist first. Other notable members include Kevin Ren, who spent ten years at Two Sigma and was an SVP there, but joined Cubist from Morgan Stanley.

Point72 did not respond to a request for comment.

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AUTHORAlex McMurray Editor

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