HF Job Market
Seems like the market is slow right now. Haven’t been getting as many recruiter emails about positions open. The hiring is off-cycle but does seem slow, especially for MMs, this what everyone else is experiencing?
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Market has been tough for a while. I was laid-off in Q1 and it took me 6 months to get an offer. It all worked out in the end though.
Others I know are also having trouble recruiting.
Thanks for the color. Seems to have really cooled off, I haven’t gotten too many inbound opportunities lately so hoping it picks back up, but I’m doubtful given the economy. How difficult was the process of finding a new job (guessing the pod blew up)?
I didn’t work at a MM so wasn’t a pod blow-up but essentially my team got shut down due to asset allocation decisions (despite not-terrible performance - down lsd%). I’m also in a pretty specialized niche so finding a new seat was especially difficult.
Ended up landing at an even better non-pod multi-PM HF ($10B+ AUM) though so I’m very happy with how things turned despite some anxiety during my job search. I’ve worked at a similarly sized HF before but the culture/my boss are so much better than before :)
Spoke with a friend who spoke about absolutely no fish in the LO space. How are things with SM L/S?
From my POV don’t see much LO hiring. Firms in digestion mode
MBA return offers across both HF and LOs have been lower than normal so far. Feels like a pretty tough environment.
So what's prompting the slow environment? Is it short-term uncertainty? Did firms over-hire during the pandemic?
As to how to pertains to MMs and this is why I would say we are not at “peak pod”. We are now at the point in the cycle where no one wants to create a new team/business the majority of hiring is now poaching from each other, so proven talent is bid bid bid. So no longer its “here is capital lets duplicate what citadel/mlp/etc did..” It’s here is a briefcase of cash to go and poach that exact strategy.
Since everyone on here always says “do not go work for a fresh PM”. Most roles are now due to poaching and non-solicitation issues. MMs are starting to morph towards SMs in some ways be it more comp kept at the very top of the industry or barriers to entry for new talent.
Commods still hot. But they are being more selective now. Last year anyone with a pulse was getting lifted.
why are they being more selective? their PM's didn't pan out?
Anybody seeing any movement? particular for TMT pods?
Bump.
Bump. Not getting any looks right now, wondering if it’s just me or market still hasn’t picked up yet.
same here, not many looks. Don’t know when MM hiring usually picks up
It’s slow. Especially for non-US equities which seemed to have a rough year from higher interest rates which sapped liquidity out of market, and with the big drop in VIX.
Funds are still hiring, just very selectively. The hiring binge over the past two years has made many trades overcrowded. Firms are trying to scoop up the best talent so they can be in the best position to succeed after things heat up again.
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