PM Track Record Validation
Given the recent revolving door at Multi-Managers, how in the world are PM track records validated, cross-checked, etc? Word of mouth/reference checks? Seems ripe for inflating results, padding stats. Are business development/HR teams all in contact with one another.
I understand it's a small enough world, people are more connected than you'd think, but have a hard time believing the entire PM seat switching is propped up by word-of-mouth. Just my two cents.
I'm jealous. Don't mind me, just random musings from jaded, traditional AM
Honestly, they can't do that much due diligence aside from basic resume verification and unofficial background checks. It's very cheap to hire a PM to see if he'll work out and fire him after 6 months if things start going south.
It's actually not cheap at all to hire a PM that has bren crushing it and claims he's got millions of $ in deferred comp that need to be covered by the new fund.
So, you can bet your arse that when Citadel, MLP or whomever are paying someone $10m to move, they do serious work to verify track records. They are well-networked, and they are resourceful. And when such $$$ is involved, there is no shame in asking for a live screenshot of internal P&L reports and the like.
This much is obvious. I had assumed OP was referring to relatively new PMs who account for 80% of the churn at these places.
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