Top hedge fund professionals are increasingly hiring talent agents, following a model more commonly seen in Hollywood and professional sports amid intensifying competition for talent among multi-manager platforms, according to a report by the Wall Street Journal.

Ryan Walsh, a former portfolio manager at Citadel and Millennium Management, is widely credited with pioneering the trend through his firm, Laurel Lake Advisors. The agency represents hedge fund talent directly, negotiating employment terms on behalf of clients and charging a single-digit percentage of total contract value. Laurel Lake has already facilitated 12 hires worth a combined $180m, including placements at Citadel and Millennium.

Traditionally, hedge fund recruiters are paid by the hiring firm and often operate under non-poaching agreements. By contrast, Walsh’s model is funded by the recruits themselves, giving them a dedicated advocate and potentially reshaping the recruitment landscape by increasing transparency and competition for top performers.