When Julio DePietro studied political philosophy at Harvard, he had no idea he would end up working at Citadel, one of the world's most powerful hedge fund managers. He did know, however, that he wanted to write and direct films. Fast forward to 2010 and he's done both. After 10 years at Citadel and six more in the movie business, DePietro, 38, is debuting his first film, "The Good Guy," a dramatic comedy whose main characters work at a financial institution called "Morgan Brothers." We sat down with him to discuss life at Citadel, the transition from finance to film, and the new movie.
Find out more about DePietro's movie, "The Good Guy," in this interview with stars Alexis Bledel and Bryan Greenberg at WSJ.com.
Julie Steinberg: You studied political philosophy at Harvard. How did you end up at Citadel?
Julio DePietro: I had never even taken intro economics, but a guy I played rugby with had recommended me because he thought I was a good poker player, so he thought I would make a good trader. I went to interview there and got lucky and (founder) Ken Griffin took a chance.
JS: So why did you get out of hedge funds?
JD: I never thought I would do finance for more than two years, but I had student loans to pay off. The company was going through amazing growth and I was given this incredible opportunity; I grew up in a middle class family in the Midwest. I always knew I was going to leave. Eventually I just did. I left on very good terms.
JS: Let's talk a little about corporate culture at Citadel. The rumor is there's high turnover because employees may get paid well, but they have no stake in the fund. Is that true?
JD: I actually have no idea what the turnover is there. I think at most hedge funds, very few people have equity in the firm. So it's not that different from anywhere else. Look, it's not the most cuddly place to work, but there were other people who were there for a long time as well. You're not coddled and babied, but the reality is I wouldn't have stayed there as long as I did if it was unsustainable.
JS: You new film, "The Good Guy," centers on Wall Street traders and their relationships. Did you write the script pre- or post-crisis?
JD: I wrote the first draft in 2007 and we shot right in the middle of the crisis.
JS: How was the transition from finance to film?
JD: The traditional route of going from finance to the film business is to write a check and become a movie producer. I took the other route, which was to write your own screenplay, take a three month course at NYU and work as an unpaid production assistant. My first work on set was to get up at 4 a.m and drive a van to Staten Island. I worked on film sets so by the time I got my script ready to go, I could direct the movie and have it polished, as opposed to having a rough version.
JS: How do you think the film will be received in the wake of the financial crisis?
JD: There's more interest than ever. People want to know who are these 20- and 30-something guys who can make tons of money for themselves and can bring the world to a halt? This is the first accurate portrayal of what their life is like. This isn't a super Hollywood, glamorized version. This is a real look. And it's also not a populist condemnation of Wall Street.
JS: Are you using your finance skills at all now that you're in film?
JD: Film is a completely collaborative medium and there's a lot of stuff in the movie that was done by people who were just better [than I am at doing those things]. If you let them do their job, the movie will end up much better for it. These are skills I picked up from being a partner at a hedge fund -- you know that there are people who are better at their job than you are. You should never let people do stuff you disagree with, but give them enough leeway and room to do their job. On a film set, you're constantly being bombarded with questions, which is not unlike being on a trading floor.
JS: The Senate finance reform bill proposes that hedge funds worth more than $100 million in assets would need to register with the SEC. What do you think about such regulations? Are they good or bad for the industry?
JD: Some level of reform will get pushed through, but it's certainly the popular thing right now. Hedge funds are very easy targets from a PR standpoint. Still, investors are going to invest money with managers if they believe returns will be good. I don't think these regulations are going to alter the return profile for hedge funds. I would be very surprised if that happened.
JS: Do you welcome the comparison to Michael Lewis?
JD: He's a great writer. I read "Liar's Poker" my first year on the job and I literally said this is exactly what I want to do.
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Find out more about DePietro's movie, "The Good Guy," in this interview with stars Alexis Bledel and Bryan Greenberg at WSJ.com.
Write to Julie Steinberg