Quiet London trading firm no longer paying £3m per head amid hiring
London based algorithmic trading powerhouse Quadrature seems like the place to be if pay is your top priority. Pay per head is regularly in six figures, but as it's been hiring, average pay has also been going down.
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Companies House accounts released for 'Quadrature Capital Limited' yesterday revealed that average 'wages and salaries' at the entity fell to £2.46m ($3.19m) during 2023. Though an eye-watering sum, the figure might disappoint incumbent staff, who earned over £3m on average in 2022 and £3.6m the year before. These were bumper years, however, and average pay figures for 2021 and 2020 were each below £2m
Hiring may have diluted pay. Quadrature's headcount at the end of 2023 was 143. It hired 30 employees last year, and 33 employees the year before.
The hiring has continued in 2024, we've previously pointed out its new CFO, as well as hires from Winton and JPMorgan. It has also been hiring interns who, according to Levels.fyi, are paid impressively well. It says 2024 software engineering interns are paid £15.9k a month, more than the likes of Virtu, Schonfeld and Two Sigma pay for their interns in New York.
Despite Quadrature's hiring, profit has plummeted from £225.6m in 2022 to £49.6m in 2023. This didn't stop the hedge fund from donating £4m to the UK's Labour Party during the general election.
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