SWE Accelerator Podcast

The Quant Historian: Quant Is Dying! This Is What’s Next

Mar 15, 2026
Guest
Annanay Kapila
Annanay Kapila, a YC-backed quantitative trading and fintech founder with HFT and market-making roots. He pulls back the curtain on secretive quant firms and why the golden era is ending. He contrasts UK vs US ambition, explains where top quant talent is migrating, and predicts the next frontiers like robotics, space, and crypto-driven fintech.
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INSIGHT

Quant Upside Has Diminished

  • The quant industry's per-person upside has declined as top strategies matured and margins compressed.
  • Annanay notes firms like Citadel are moving into bank-like businesses, reducing outsized per-employee payouts seen earlier.
INSIGHT

How Industries Move From Research To Scale

  • Signs of an industry maturing: relaxed hiring standards, focus on scale over profit-per-person, and moving into incumbents' administrative businesses.
  • Annanay points to Jane Street scaling into bank-like services as an example of consolidation.
INSIGHT

AI Labs Are Drawing Quant Talent

  • AI research is the current magnet for elite talent; leading labs now outcompete top quant firms for ML staff.
  • Annanay says OpenAI/Anthropic hires are harder to get than some HFT firms and often pay better offers.
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