Best sellside starting point for top credit HF

What sellside gets you looks at the credit shops that dabble in both l/s and distrsssed (SPC/ Redwood / Diameter). Obviously PJT/EVR, but I’m not a 4.0 W hardo so can’t hedge bets there. Gonna try to focus efforts on T2-T3 RX (GUG/DUC/GHL/PWP) and (BoFA/ JPM/ DB) S&T.
Do these shops give you the same looks at top funds? How does S&T compare to RX IB? I’d imagine HF is more candidate driven, but it’s annoying that everyone wants RX for PE exits when those shops give you the best looks for credit HF.

 

Distressed or HY desks at BBs will give you a good shot at those. Other than that, very good but not excellent RX groups of firm such as Ducera, Guggenheim, Greenhill, or Perella can give you an equal shot at some of those L/S distressed funds. It will honestly depend on your connections/network and performance at those firms 

 

Seems like they get pretty cracked guys rn but probably easier than PJT/EVR

 

Redwood and Diameter don't really hire young people out of banking. Most of the people that work at those shops are 10 years into their career.

Don't get too carried away with planning your end point. Odds are against you even landing there. In 10 years, those shops might not even exist.

Just get the best seat you can that will give you the most optionality LT.

 

any views on what seats give best optionality?

maybe I'm reading something wrong, but it looks like both Redwood and Diameter have picked off some analysts from rx (gugg, pwp, apollo opportunities 4 YoE)?

 
office_monkey

Redwood and Diameter don't really hire young people out of banking. Most of the people that work at those shops are 10 years into their career.

Don't get too carried away with planning your end point. Odds are against you even landing there. In 10 years, those shops might not even exist.

Just get the best seat you can that will give you the most optionality LT.

This is... not true. Diameter hires from restructuring. Redwood hires from buyside, but has picked up sell-side hiring lately. 

 

Why is he getting ms? There are a few cases on LinkedIn 

 
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If you are at the right tier of RX shop (ones you named are in that tier) you should be able to get shots on goal at most credit hedge funds or shots into seats that will get you into those credit HFs.  To be honest doing a couple years at a private focused special sits group like a Sixth Street, Centerbridge, Oaktree, Ares, etc. isn't the worst for future career optionality especially with where the industry is headed. 

I think the biggest hole that a S&T desk analyst will have versus a restructuring banking analyst is a transactional / process skillset.   Given all the liability management and process related things percolating in the distressed and stressed credit community, not having that skillset puts you at a disadvantage versus restructuring analysts.

 

If you are at the right tier of RX shop (ones you named are in that tier) you should be able to get shots on goal at most credit hedge funds or shots into seats that will get you into those credit HFs.  To be honest doing a couple years at a private focused special sits group like a Sixth Street, Centerbridge, Oaktree, Ares, etc. isn't the worst for future career optionality especially with where the industry is headed. 

I think the biggest hole that a S&T desk analyst will have versus a restructuring banking analyst is a transactional / process skillset.   Given all the liability management and process related things percolating in the distressed and stressed credit community, not having that skillset puts you at a disadvantage versus restructuring analysts.

Given that we are in an era where CLOs prime hedge funds, I'd say coming in with that skillset isn't that meaningful anymore. Maybe from the perspective of avoiding those situations in the first place.

 

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