ER at GS, IB at Citi or L/S analyst at a £400m HF (owned by Millennium) ?
Hello,
I have 3 offers for my end of study internship but I would like to have your views on this choice.
To give you more details about the HF:
the fund is owned by Millennium (one of the rare external manager for Millennium)
there are only the 2 founders in the fund (both PM, divided into sector and both former PM at Millennium for 10years)
I would work for the 2 PM as equity analyst
By the way, do you think I can write « Millennium » on my resume ? Millennium actually pay the office, the sell side research and everything else except the coffee.
My end goal and my dream job is to work in Hedge fund but do you think it can have a better impact to do IBD at Citi or ER at GS before?
No don't write Millennium on your resume, write the fund name. And why not take a job with a hedge fund if your goal is to work at a hedge fund?
Actually, the HF offer is, for the moment only an internship. I want to maximise my chances to get into a large HF full time. Thats why I don’t know what is the best signal.
If it was directly at P72 or Millennium I would have choose easily but the fund is not as large and I’m scared this will put me in a category compared to the guys coming from BB IBD.
Ok i will not write Millennium on my CV. I haven’t mentioned that Millennium created this fund because they didn’t want to let go the 2 PMs.
You have the opportunity to work directly with 2 PMs who will be the risk takers. If you show them you know what you are doing and willing to work your ass off, nothing but good things can happen whether that be growing your role within the firm or being able to move to a larger firm.
If your long-term goal is L/S hedge fund than the hedge fund offer is a no brainer. It is direct buyside experience (even if only an internship) and even if you are unable to secure a full time offer, it is also applicable experience to recruit full time for ER which is path of least resistance for L/S equity (particularly pod shops like Millennium). Now if you goal is to work at an event driven fund or distressed credit fund or other strategy (ones that historically take IB + PE candidates), IB may be the path of least resistance compared to market neutral L/S.
Also echo above, don't write Millennium on Resume. HF space is small, other L/S will know the fund or a simple google can figure out what it is if unclear
Are Citi and GS both also internships or are they FT? Frankly I'm very tempted to recommend IB at Citi just because of the optionality that gives later (if Citi is an FT position).
Responding to other things you've said: Size of fund is somewhat irrelevant. So don't go thinking just because you can write Millennium on your CV then you're golden.
Citi is just a 6-month internship, and GS is a work placement internship.
From what i've heard, there is not a great conversion with that internship at Citi.
The only concern I have is that if i put the name of the fund on my CV, even though this is a serious fund, I will not pass the screening.
If it's truly GS ER it's hard to pass that up because you may place into an even better buyside role after 1-3 years. Idk, you do you but I would be very tempted by GS ER if it's in London & they are all internships.
The HF is registered in the Cayman Islands on the SEC website.
Is it legal/normal for a HF to be off shore ?
Even though they do not ask for external capital
Many hedge funds are registered in Cayman (check the website for single managers, many of them mention this)
Bump
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