Does S&T or IB experience help breaking into Hedge Funds easier?
I'm currently at university and would like to join a hedge fund one day (like every other kid in finance lol). What do you guys recommend me to do? Join as a trader at a bank or do investment banking for a couple of years and then make the move? Appreciate your feedback.
Depends on what kind of hedge fund you wanna join. IBD skills would transfer you go into a Long/Short Equity Fund, Merger Arbitrage, etc. S&T isn't really relevant these days, especially if you want to join a Macro, I feel ER would be a good fit for that or prop trading
this post is extremely misleading, please ignore it.
S&T is completely relevant for macro funds.
IB or Distressed Debt S&T better for PE/HF exit (Originally Posted: 08/01/2017)
I'm interested in a future in PE/HFs, and in the distressed/event-driven PE/HF space if possible. I've been working hard to join a BB sell-side distressed credit trading desk FT but have been reading the forums and am wondering if I should re-recruit for IB instead considering my career goals. If IB is the answer, does it depend what group I'm in? Or is any exposure to IB better than the DD trading desk? Thanks.
Just PM'd you
Responded
bump
PJT RSSG / Lazard RX for top distressed opportunities (Centerbridge/Baupost/Silver Point/Oak Tree among others)
Debate: Best way to break into hedge fund business, IB or S&T? (Originally Posted: 02/26/2014)
I know that there are different types of hedge funds with different strategies (global macro, long/short, quant, etc.), but generally speaking, between starting your career with more of a corporate finance background (IB & other relevant fields) or trading/markets background, which one is better in getting you into the hedge fund business?
Interested as well.
This question has a faulty premise. Why is the goal to get into a hedge fund at all costs? You realize a 2 man shop with $40 MM aum can be a "hedge fund?" Would you rather work there or at a long only fund at capital group or wellington? If you have to think about that for even a second then you need to do more research on the industry. The type of people that go into corporate finance vs. S&T are very different in general. The best way I like to think of it is you are either a fundamental or a macro guy. If you are a fundamental guy the coporate finance/research works best- this opens options at long/short equity and credit funds, event driven etc funds. The exception is you could get this from S&T if you're a high yield desk analyst, but not from S&T equities. If you're a macro person S&T will generally be better and will open up macro, quant, EM funds among others. Though, you could also get this by being in a macro/fixed income/currency research role. I think of two continuams on the buyside: The first choice is if you're a macro or micro person. On the micro front, are you a deal (PE/VC) or a markets person (high yield, some long short equity). On the macro front are you systematic or discretionary? If you triangulate using these you should figure out what suits best. You should look to build a career in whichever one is more closely aligned to your interests or skillset by exiting to a fund that gives you the best chance to grow as an investor or trader. Massive long only complexes can be good places to learn, and yes they do even have hedge fund products. If you're seriously good, you'll make it to the vaunted hedge fund eventually.
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