If you're a portfolio manager considering which hedge fund to work for, you'll probably know already that it's not just about the pay or culture. Infrastructure is a critical differentiator, especially if you work in systematic trading. Hedge fund infrastructure, however, does not come cheaply. Mega funds like Millennium and Citadel have invested heavily in their tech stacks, which are populated by assorted top developers. For smaller funds, keeping pace can be a big ask. Get Morning Coffee ☕ in your inbox. Sign up here. As we reported last month, some Schonfeld insiders complain that technology is an issue for the struggling fund.