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Investment banking’s pain is hedge funds’ gain

Reuters- The hedge fund industry is set to attract bankers and traders from an exodus of high-flyers leaving troubled investment banks in search of bigger bonuses and better job security.

Bankers joining hedge funds is not a new phenomenon, but the trend has usually been for one or two people to leave the relative comfort of an investment bank for the risky but potentially much more rewarding option of a new hedge fund.

As investment banks, hit by huge subprime-related writedowns and a tough business environment, cut back staff and slash bonuses, however, the $2.6 trillion hedge fund industry has begun to look far more appealing — even to very senior bankers.

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