:-). The quant modeling is not done for a VC or an IB firm (strictly interpreted). It is often done for a prop firm – i.e., they are trading their own money. In fact this is part of the draw for a potential employee. Sometimes these are funds – like 2 Sigma or DE Shaw. Even Citadel offers funds for people to invest in. I think Citadel’s market making arm, called Citadel Securities, maybe Ken Griffin’s own money. Of course you can also go and do quant modeling at Goldman. It doesn’t pay quite as much.