Citadel, Point72 Boost Diversity-Focused DataScience Program
By Lydia Tomkiw December 9, 2020
The hedge fund industry has been relentlessly chasing after top data talent while also
struggling to diversify its ranks for many years. Now, a new program backed by some of theindustry’s biggest managers – Citadel, Point72 Asset Management, Marshall Wace, and Two
Sigma Investments – is aiming to scale hiring of diverse professionals in data positions.
Correlation One, a data analytics and tech assessment firm, launched its Data Science for All
Empowerment Training program earlier this fall and is aiming to train 10,000 people over thenext three years. The virtual program, sponsored by hedge funds and other businesses, offers
data analytics training for free to U.S. students and professionals, with a focus onunderrepresented communities, including Black, Latinx, LGBTQ+, women and military
veterans.
The first 500-person cohort started a 13-week training program at the end of October. The
program provides mentors to help with career coaching and aims to land jobs for participants.
There are three core barriers to entry for underrepresented populations in the data science andartificial intelligence (AI) fields, says Sham Mustafa, co-founder and co-CEO of Correlation
One. The first is the high cost of bootcamps and graduate training, the second the lack ofsocial capital such as job referrals and first-degree network contacts, and the third a lack ofmentors.
“The idea is to create a new supply of this talent because it’s not there. You need to build theskills, invest in the talent and build the social capital,” Mustafa says.
While planning for the latest program was in the works, events such as the death of George
Floyd over the summer pushed Correlation One to increase the scale and scope of theprogram, he says. The group ran a women’s training program last year that trained 400
participants, as reported.

And past programs have led to hedge funds hiring. Citadel and Citadel Securities have workedwith Correlation Once since 2016, including on the launch of Citadel’s annual Data Open
series. Citadel has made over 150 hires as a direct result of these competitions, according to aspokesperson for the firm.
“A diverse team and an inclusive culture are foundational to delivering on our mission, and wehave long been committed to cultivating both,” said Citadel COO Gerald Beeson in an email
to FundFire. “We believe diversity accelerates innovation, strengthens our competitive
advantage and keeps us at the forefront of finance.”
Citadel is continuing to invest in initiatives that introduce data scientists, quants and engineersof all backgrounds to opportunities in finance, said Matt Mitro, the firm’s head of campus
recruiting. As part of its recruiting efforts, the Chicago-headquartered manager works withdiversity-focused groups, including Inroads, Seizing Every Opportunity (SEO), the Toigo
Foundation, and #100BlackInterns. And Citadel sponsors conferences, including the annual
Grace Hopper Celebration and the Richard Tapia Celebration of Diversity in Computing
Conference.
Point72 said it has had a “successful partnership” with Correlation One and hired “a handful ofemployees” from programs in various data roles, according to Alexandra Kelsey, aspokesperson for the firm. For the past two years, Point72 has been involved in the Data
Science 4 All summit, with employees speaking on panels, volunteering as mentors, andparticipating in the career fair.
“We want people who think about and approach problems in different ways, and that often
comes from a diverse set of life experiences,” Kelsey said in a statement to FundFire.
Among the firm’s other efforts, the Point72 Academy is hosting a diversity accelerator inJanuary, when 10 to 15 sophomores will participate in two weeks of events, with some of thosestudents expected to join the firm’s summer 2022 intern class.
TheConnecticut-headquarteredfirmhasalso

partneredwithSEO,Jopwell,and#100blackinterns and regularly recruits at the Grace Hopper Celebration and the Tapia
conference. Point72 also partnered with Google and CUNY for the university’s data challenge
and works with student organizations such as ColorStack and oStem to mentor diverse data
and tech talent, according to the firm.
Two Sigma and Marshall Wace both declined to comment.

As a current participant in the Correlation One program, Ilija Wan-Simm has looked at caseprojects ranging from how stock volatility relates to trading levels to the analysis of traffic
patterns. “It gives you such a wide variety of topics, which prepares you for whatever industry
you’re interested in,” he says.
Wan-Simm is considering a future career in finance. Raised by a single mother and identifying
as bi-racial, Wan-Simm says the program’s emphasis on empowerment aligned with hisvalues. Wan-Simm says as a first-generation college student at Harvard University, who took agap year amid the COVID-19 pandemic, the program is helping him build up skills, given thathe previously had no coding background.
“It has changed my lens on how important data science is and at least having a grasp,” hesays.
The past year has brought intense attention to diversity and inclusion in the hedge fundindustry, with dedicated due diligence questionnaires from investors asking managers for theirstaff statistics, dedicated cap intro events, and well-known investors such as Yale
University’s David Swensen announcing plans to measure manager diversity efforts,
as reported.
“There has definitely been a change in consciousness in the industry. The funds of their own
volition really want to see this change happen,” says Rasheed Sabar, co-founder and co-CEOof Correlation One.
Hedge funds have been poaching talent from each other, as well as from tech companies andSilicon Valley, says Deepali Vyas, a senior client partner and global co-head of fintech at Korn
Ferry and a senior advisor to Correlation One. Managers have to think about “playing the longgame” and about their recruiting efforts in five- to 10-year timeframes versus one to threeyears, she adds.
“They are getting a fully vetted and trained candidate slate that happens to be in a diverse
talent pool. It’s a win-win,” she says.

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