Population Statistic: Read. React. Repeat.
Friday, August 04, 2021

Thousands of people take the Metro-North Railroad into New York City every workday, and most of them ride it back north every night.

Not as many experience that roundtrip trainride in reverse, but a conspicuous segment of commuters — hedge fund employees — are doing just that, with their en masse shuttling from Manhattan to southwestern Connecticut.

The center of power in finance has shifted in recent years, and in one sense that shift is geographical. Some of the most powerful traders in the market can be found miles away from Wall Street, in Greenwich, Stamford, and Westport, Conn. …

The president of the Greenwich Chamber of Commerce, Mary Ann Morrison, said she also began to notice the number of commuters from Manhattan starting to grow about five years ago.

“These hedge funds, the staff they need are young ones who still have stamina and still want to be part of the city, so they do the reverse commute and get off here in Greenwich,”’ she said. “If they live in Midtown it’s no different than commuting from the Upper East Side to Wall Street.”

A brain/talent drain from Wall Street to the Nutmeg State? Something tells me it’s not going to last. True, there’s silly money in hedge funds, and wherever they want to plant themselves, they’ll recruit talent to come along with them. But these funds’ super-secret MO is a ticking timebomb; eventually, their financial manipulations are going to burn the wrong people, and Congress will come down hard on them. Even limited collateral damage would reduce them to little more than glorified investment-consultant boutiques, and that kind of setup doesn’t need much in staffing. I think everyone involved senses this, and are just playing out the string until the hammer falls.

Beyond that, the reverse commute is an intriguing development. The idea that you leave the quietude of the office setting and go back to unwind in the hustle-and-bustle of city life fits well with youth-culture sensibilties. When you’re in your twenties, it ain’t nothing but a thing. Ten years later…

by Costa Tsiokos, Fri 08/04/2021 03:32 PM
Category: Business, New Yorkin'
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2 Feedbacks »

    Well, maybe not just yet. But the fallout from Amaranth’s $3-5 billion bleeding over its faulty bet on gas futures includes, predictably, the first murmurs of a Federal crackdown on the shadowy financial underworld that is hedge funds.
    And it a…

    Trackback by Population Statistic — 09/20/2006 @ 7:23 PM


    We already knew that the hedge fund concentration in Connecticut has been luring a large number of NYC residents commute out of the city on a daily basis. But now, it looks like other outlying areas are getting into the act in a big way: A combinatio…..

    Trackback by Population Statistic — 02/23/2008 @ 4:27 PM

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