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Quants?

Where exactly do these guys fit in? I know some of them get into say algorithmic trading and that kind of stuff, but otherwise, I'm really not too sure what they do. Is it accurate to say they're usually on the trading side of things or do they have a niche in IBD or corpfin or anywhere else? I figure I ought to know since quantitative finance is one of the positions my degree supposedly prepares me for...

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