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Business

As business slows, Wall Street's richest keep spending

Opening sequence

Opening sequence

Business

As business slows, Wall Street's richest keep spending

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COMING UP:As business slows, Wall Street's richest keep spending

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Transcript

00:00:01
>> While the stock market is humming along at all time highs, hedge funds are lagging behind when it comes to performance and being forced to lower fees to stop Irate customers from fleeing. But according to Reuters' hedge fund correspondent Lawrence Delevingne, that's not preventing Wall Street's richest from keeping up with expensive spending habits.
00:00:21
>> Their lavishing their traders with multi-million dollar paydays of performances even just mediocre. They're flying them to beach resorts for a holiday parties keeping up annual traditions. They're going to ski resorts particularly in Europe, I found the example of going to the Swiss Alps.>> One hedge fund investor telling Reuters, these guys aren't living in reality.
00:00:44
But compensation expert say hedge funds still have to pay top dollar along with splashy perks to keep the talent from deflecting to other hedge funds or Silicon Valley giants like Google and Facebook.>> If you work in a hedge fund, the office is probably not like the office that most of us work in.
00:01:01
There are things like stocked pantries. There are catered lunches. There are net pods if you're feeling a little bit sleepy after that big free lunch. There are in house gyms, there are in-house Yoga instructors in some cases, you can do a free boot camp, there are same day laundry service if you get your beautiful Lulu lemon workout outfit sweaty.
00:01:22
>> One of the biggest names in the business, Pershing Square's Bill Ackman is down nearly 20% this year. He's moving offices in New York City which will save his business money but he's not ditching the perks, he's planning to put a tennis court on the roof.