401k Match at MM HF
I’ve been around to a few different shops and have always been surprised by how bad and sometimes nonexistent the 401k match is at MM HFS. Can we get a thread going to see what is market out there?
I think they've been discretionary at every MMHF I've worked
So in good years they'll send some mail EOY that they are doing some LOW single digit % match for the year. Probably base only. Possibly capped. Probably vesting over multiple years or ineligible for first X years.
And in bad years, no email because no match.
One I remember specifics on was about 3% of base-only, with 2 year vesting.
So say you join a pod, survive 5 years, everything goes right at firm level and maybe you walk away with $20~25k of employee match that is fully vested over the entire 5 year period when you leave. Comparable to the free lunch benefit at best.
You missed out how you walk away with a 20m signing from Baly too so all’s well
Zero 401k match at my hedge fund, but it's not a multi manager
With the insanely high comp at hedge funds, a 401k match is like a rounding error, so why does it irk you?
lol who is it a bigger rounding error for?
yep. i don't get why they don't max this stuff. costs them virtually the same, and 50% more valuable to me.
More money >>> less money
No other high paying industry offers such miserable benefits / perks.
I'm shocked you're all saying your fund doesn't have a match, cause that hasn't been my experience at all. I've worked at 5 different HFs and prop shops, and every single one of them 100% matched my 401k contributions. Some of them called it "profit sharing" or something instead of a "match" and I don't recall if it was technically discretionary or guaranteed; but I don't recall a single year of not getting it.
5 hedge funds? Actual HFs not asset managers or mutual funds? I've never heard someone get 100% match (though I'm sure some offer it)
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