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Tuesday, October 19, 2021

Hedge Fund Industry's Summer Habits

Date: Thursday, August 23, 2012
Author: Jing Chen, HedgeFund.net

Most people think of summer as more laid-back than its seasonal counterparts, and that view is no different for the hedge fund industry.

eVestment|HFN spoke to Jonathan White of hedge fund administrator Viteos, Donald Steinbrugge of alternative investment marketing firm AgeCroft Partners, and George Schultze of hedge fund Schultze Capital Management about what it is like working during the warmer months.

Steinbrugge, a managing member of Virginia-based AgeCroft, is adamant that the industry "works harder than other industries" in what is generally slower period for hedge funds, but he pointed out that some firms incorporate a bit of pleasure into their work. He mentioned as an example an undisclosed New York firm breaking up the monogamy by working out of an office on the Jersey Shore for one month every summer.

Steinbrugge also admits to not having much time off in the summer since he works about the same amount year-round, but does find business trips during the summer "more enjoyable" because he gets to "travel with [his] family 75% of the time.” He added that bringing family on summertime trips is becoming an industry phenomenon as he has witnessed many of his colleagues do the same when attending various industry conferences in the past few months.

Schultze maintains that while his firm adopts a more casual dress code in the summertime, the workplace environment remains the same as it does throughout the year. However, he explained that it can be “frustrating” working during the summer because it is “often difficult to get calls back right away” as most clients are on vacation.

White, Viteos’ business development manager for its North America office, acknowledges that while the summer is a more sluggish time for his firm, it is also when “some critical decisions are made” in preparation for when work picks up after Labor Day and continues into Thanksgiving.