Well there wasn’t really any “similar work”. But in the days before quant hedge funds (which now pull from that same pool and likely outcompete them) they did pay massively more than any other job available to their candidate pool anywhere in the country (and their advertising was geared to that, along with the usual “intellectual challenge, blah blah”). And actually they were located in a leafy suburban town not the city of London, so COL was a bit lower.
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