Volcker Rule Driving Talent to Hedge Funds: Daniel Stern
The Volcker Rule is driving talented traders to leave large, well-known Wall Street investment banks for hedge funds, Reservoir Capital founder Daniel Stern said at the Skybridge Alternatives (a.k.a., SALT) investor summit.
"I get a call a day from head-hunters looking to place talent," he said.
The Volcker Rule, part of the Dodd-Frank financial reforms, limits proprietary trading by investment banks.
"The best talent is coming to market within the next year," Stern said.