Rebranding a former employee's work as alpha
I'll be vague on purpose here. The gist of it is a PM (who is struggling) played politics to get access to a drive with the algorithms of a former quant researcher. The PM is now running the strategies (after a minor refactor) and is going around claiming he made $$$ and deserve a payout. Management is sitting too high to know what is going on and I'm a new hire with zero political capital.
I'm really irked at this PM for claiming credit.
1) Is this common at firms?
2) How does the PM not get into trouble?
3) What should I do?
The Algos were firm property. He made some changes. He is making money using them for the benefit of their owner (his employer).
it may be annoying to you, but why would his employer be unhappy with this?
They had an asset which was not being put to productive use. This person found a zero cost way to extract value from the asset.
The employer should be happy about this.
Smart move, why hadn’t anyone else thought thought to repurpose it? PnL is PnL
Algorithms are firm property; remember what happened to the guy at GS and a few others HFT shops that tried to take the source code?
Happens all the time. Management is smarter than you think and probably has an idea, only the PM and management know what is really going on.
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