Employee got a salary hike just so his CEO could call him at 1 am

When evaluating potential candidates, Peter Brown looks beyond traditional finance qualifications. (Representational)

Peter Brown, the CEO of New York-based investment management firm Renaissance Technologies, talked about his unconventional approach to hiring saying that he almost exclusively only recruited candidates with no finance background. He also recalled how he gave an employee a pay hike just so he could call him post midnight, during an episode of the podcast "Exchanges at Goldman Sachs."

Brown emphasized that he finds it easier to teach "mathematicians about the markets than it is to teach mathematics and programming to people who know about the markets."

When evaluating potential candidates, Brown looks beyond traditional finance qualifications. He seeks individuals with strong math and programming skills, a robust work ethic, and a genuine desire to collaborate in a collegial environment.

While talking about the incident with the employee who he gave a raise, Brown recounted the anecdote involving a late-night decision-making process.

Working alongside a colleague into the early hours, Brown needed critical input from an employee.

He recalled the moment, stating, "It was around 1 o'clock in the morning, and I picked up the phone to call him. And Jim says to me, 'Wait. You can't call this guy in the middle of the night. He doesn't make enough money.' So, I said, 'Fine. How about this? I'll call him. I'll tell him we're going to give him a raise. And then ask him our question.' And so, that's what we did."

The podcast also offered a glimpse into his unorthodox management style, characterized by late-night calls and occasional nights spent in the office. He has reportedly spent over 2,000 nights at the office and has no regrets.

"I'm just one of those types who can't sleep. Not by choice," he admitted. "I often am on the computer by around 2 am. And it's true, I tend to send a lot of emails out in the middle of the night."

The most recent Forbes data from 2019 revealed that Brown boasts a net worth of $100 million. Renaissance Technologies, founded by Jim Simons, ranks among the world's most successful hedge funds.