This is ignorant of the reality of the personnel strategy in these institutions over the last decade, at least. Strong technical teams in securities are almost

This is ignorant of the reality of the personnel strategy in these institutions over the last decade, at least. Strong technical teams in securities are almost entirely foreign. I was one of two Americans in a unit of fifty. Good communication in mathematics and software doesn’t require you to be from the USA. They’ve also been building quantitative and technical teams in places like India for years to stand up core functions so that they can effectively deliver larger objectives, and moving responsibilities there for components of larger mandates. This is only accelerating due to their inability or unwillingness to compete in the US for tech and quantitative talent.