Credit at top Hedge Fund Citadel/Millenium etc
What are typical backgrounds for people to get offers from top Hedge Funds such as Citadel in the credit space? DCM? Experience with structured products? What are some good backgrounds
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would also be interesting to hear about culture in this asset class for those MMs
In terms of backgrounds you get folks with experience in credit trading, credit desk analysts (on the research side), and sometimes folks from larger long only’s (across pm / trading / research)
For the most part pod allocators do like credit because it is lower vol than equities - the focus is ussually on liquid ig / hy bonds but there are guys who play more stressed and even distressed stuff - the less liquid stuff is tougher to traffic in given mm’s risk management profile
Many pods are more trading / new issue focused - guys will trade large volumes with dealer desks and leverage that to get new issue allocations
There are pods that are more special sits credit focused but they are outliers / ussaully smaller - but they deffinitely exist
Culture is very PM dependent - there are some credit teams at pods that are pretty big with multiple pms/traders/analyst and others that are just one man shows
Also have seen folks from dcm/ publishing credit research/ credit sales land in multimanger seats too
If credit is lower vol than equities, would you happen to know why then that credit seats at MM are so hard to find (at least in my experience)? Do they run with more AUM per head than a comparable equity pod? Separately how do position risk limits compare?
I presume the trading mandate for performing credit at MMs are generally (i) playing new issues for NIPs and (ii) "QoQ" trading to some extent? Personally trying to find a seat is more active but where you can play on both a short term trading mindset as well as medium to long term themes, i.e. don't need to close positions if i hit limits in the short term.
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