Bloomberg: Traders Quit Banks to Earn $4.8 Million Hedge Fund Salaries in Brazil

As hedge funds around the world shrink because of low returns and high fees, one country is bucking the trend: Brazil, where traders are quitting their bank jobs in droves to try their luck at potential multimillion-dollar payoffs.

“New asset-management firms are raising money and posting fast profits, so they have a lot to spend on traders’ compensation,” Leon Goldberg, a partner at XP Inc., Brazil’s biggest brokerage, said in an interview. “Many of them are taking talent away from competitors.”

Senior executives in Brazil are abandoning long careers at major banks including JPMorgan Chase & Co., Credit Suisse Group AG and Itau Unibanco Holding SA to create their own hedge funds and equity funds, lured by the chance for more independence and fatter paychecks. Several firms are poaching each other’s ranks as the fight for talent intensifies.

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