Degree or not, college students are becoming a hot commodity again, and investment banks and hedge funds are battling for the most promising talent. The New York Times reports that hedge funds have revved up their recruitment drive and are luring away from the banks some of the best and potentially brightest investment minds coming down the pike. Janet Raiffa, who is involved in campus recruitment at Goldman Sachs, told the Times that the hedge funds of today are the dot-coms of the late ‘90s – namely, offering a relaxed work atmosphere with a hefty paycheck. “Hedge funds are known to treat you better, pay you better, and the lifestyle is just better over all,” a student from Dartmouth College said in a Times interview. “People think they can make money fast at hedge funds.” On the other hand, working for a bank, he admits, may offer a more certain future – which is why the student says he accepted an offer from one. And there are many more intern opportunities at banks right now. One recruiting HF is Amaranth, a $7 billion AUM firm in Greenwich, Conn., which, for example, each year brings in about 10 summer interns to rub shoulders with and learn from HF professionals. In contrast, investment giants like Goldman Sachs, Morgan Stanley and JPMorgan Chase each invite 300.
