At most shops you have to leave for a different firm or wait for your PM to leave/get fired.

If you are a star analyst, the PM can definitely give you a sub-book to trade, but it's unlikely the fund will promote you to PM because it would be seen as screwing your current PM.

 

Why does Point72 have a statistic like more than half of their PMs were analysts? Did all the former PMs leave the firm?

 

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