To create the "top fund" category, SumZero used a combination of rankings from several third-party sources. "We compiled a list of top hedge funds, according to both total assets under management as well as fund performance, from multiple independent entities, including Barron's, Bloomberg, Pensions & Investments and Institutional Investor," said Luke Schiefelbein, who runs data science at SumZero.
"The most highly represented schools on SumZero are similar in order to those you might find on a U.S. News ranking, but the schools with alumni that are most successful at getting jobs at top hedge funds show a much different order," Schiefelbein said. "This suggests that top funds might be much more comprehensive in their selection process above and beyond simply identifying those that went to the 'top schools.'"
Stated another way, some colleges tend to send a higher percentage of their own future "buy side" analysts to elite hedge funds. Such a "batting average" can help adjust for smaller undergraduate classes that just don't have as many alumni. Colgate tops the list, with 18 percent of its "buy side" alumni at top funds. MIT comes in at 15 percent, with Johns Hopkins just under 15 percent.
In terms of total alumni working at funds, the University of Pennsylvania and Harvard still have the most impressive numbers. They have the top two spots in terms of alumni at all funds as well as top funds.