The hedge fund manager who earned $100m working remotely in the countryside
It's not easy to find a high paying financial services job that allows you to work remotely. But if you're good enough, it seems that you can name your terms and work from anywhere.
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Geoff Tennican was that person. Much is being disputed about Tennican's time at and exit from hedge fund Walleye Capital. But what is not being disputed is that Tennican made a lot of money while working there, and that he fully worked remotely in rural Wyoming.
How much is a lot? Bloomberg reports that Walleye is claiming Tennican was paid $100m in compensation over a 12-year period, which ended in 2024. In his last four years at Walleye, where he oversaw the volatility arbitrage business, Tennican himself says he generated $500m in profits for the fund, which suggests he was a bargain employee.
This might be why Walleye, which has US offices in New York, Chicago, Boston, Miami, Stamford, Minneapolis and San Francisco but not in Wyoming, reportedly allowed Tennican to work remotely at his very own branch office in Wilson, a small town in Jackson Hole Valley.
Wilson has lifestyle and tax benefits. The town is known for its low taxes, hunting, fishing, skiing and $20m mansions.
Tennican may have fallen foul of the remote work curse. Walleye is arguing that Tennican's time there came to an end when it became apparent that he wasn't always available during work hours and that [after being promoted] his “motivation and work ethic did not align with the rigor required for a role of this magnitude.”
Tennican, however, says that Walleye "abruptly terminated him" after forcing him to sign a new and less generous compensation agreement. He also claims the fund is seeking to impose illegal non-compete clauses. The two are currently embroiled in a court case in which Tennican is pursuing $100m in damages, while Walleye says he's violated the terms of his contract.
Amidst this dispute, Tennican's Wyoming idyll seems to have come to an end. He's now based in California instead.
He's not the only hedge fund manager working in the countryside. Millennium has been known to farmers in Pennsylvania. Citadel, however, likes people in the office constantly.
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