Anyone know any hedge funds or pe firms That Have a Summer Analyst Program? Simmilar to the Ibanks or even if it is not similar (in structure) have one at all?
I know the Blackstone Group hires summer interns? Any other firm?
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Citadel has a summer program, as does bridgewater associates.
Citadel, Bwater, SAC, Campbell & Co., DE Shaw off the top of my head.
SAC is only for back office
I think it's a bit generous to label Bridgewater a "hedge fund" in the traditional (or at least widely accepted) sense.
Could you explain that please, curiousmonkey?
Yeah sorry curiousmonkey, if Bridgewater isn't a hedge fund I don't know what is.
Bridgewater is $150bn asset manager with a smaller HF component.... just check out their web site and you will understand....
...their hf component is ~30 billion. i dunno how that doesnt qualify.
Jane Street Capital.
JSC is not a hedge fund.
indeed it is not. a prop shop is not a hf.
SAC is not back office, its 10-12 weeks paired one on one with a PM.
Really? I emailed SAC and was told it's in operations.
just want some opinions - is an operations internship at a top hf horrible on a resume? I understand it's not as desirable as a trading or analyst role, but if they don't even offer these for internships...it just seems that operations wouldn't be the worst route to go.
anyone?
Hoff - for a Sophomore or Junior year internship? And what's your full-time goal, IBD or HF? Bottom-line - it's not as desirable as a front-office position. But it's a great thing to have on your resume and should keep you in the running for full-time front office positions the following year - having anything finance related on your resume especially from a brand name shop is a good thing.
Hoff - for a Sophomore or Junior year internship? And what's your full-time goal, IBD or HF? Bottom-line - it's not as desirable as a front-office position. But it's a great thing to have on your resume and should keep you in the running for full-time front office positions the following year - having anything finance related on your resume especially from a brand name shop is a good thing.
Junior year internship. My full-time goal is IBD, but being from a non-target I feel I might have to take what I can get. I have an interview with a top hf for ops, so I was just curious. Thanks for the input.
The Emergence of Hedge fund training programs? (Originally Posted: 03/19/2014)
Earlier this week I had the opportunity to speak to a portfolio manager at a large fund (several billion of AUM).
I asked him what advice he had for me on my pursuit of working at a hedge fund and discussed what he had to say about it. He told me about how previously, in his space (Global Macro) the majority of the recruitment came from banks in S&T divisions. People who worked in rates, emerging markets, Foreign Exchange desks etc.
However, after the changes related to Dodd frank and Volcker rule this obviously has changed. Now the majority of the traders at large investment banks are unable to take proprietary risk like they used to and don’t develop the same skill-set that directly correlates to that required at a hedge fund. In other words, trading desks used to be, but no longer are, a breeding ground and natural transition into a hedge fund.
His prediction was that: because S&T is no longer the best training ground for transition to a hedge fund that many of the larger hedge funds will begin to develop their own training programs.
So I wanted to open this up for discussion, and I wanted to hear what others have to say. What do you guys think of this prediction, is there any truth to this statement? Obviously there are some hedge funds who recruit out of undergrad, but many of these are oriented more towards the quantitative side. I am interested to hear whether this is something people think will spread to the fundamental side as well.
So my understanding is that pre-crisis, there was still a defined line between prop desks and market making desks. That being said, given that hedgies recruited from S&T in general and not just the defined prop desks, I would imagine nothing has changed in that regards.
Risk was allowed by market makers to an extent pre-Volcker and risk is still allowed today (although I have no idea what the difference between these allowances are as I'm still a youngin). Unless this change has bee extremely drastic, I'd want a bit more detail before buying into the statement.
For clarity sakes, here are the assumptions above:
1) Hedge funds did recruit from the market making desks at sell-side institutions 2) Nothing has drastically changed in the risk allowance and other responsibilities
Prop trading still exists at some institutions. For how long is a different question.
At CS for example they have vol arb trading in Frankfurt. CS has a range of structured index products that has several strategies, which are mostly quantitative in nature. In order to lure investors into buying these they invest in them themselves to of course build a live track record. But guess what, during my 6 month stint there no one ever sold any of those indices because quite frankly theyre too complex and untransparent.
From a local source I have heard that BAML has a principal trading arm that dabbles in distressed debt and "controls about 80% of the market in Germany". For those interested, they actually have an internship advertised on their careers site.
To my knowledge, it seems that there are plenty of channels left for global macro fund to hire young analysts. Recently, I hear more consultant friends jumping toward PE, and some for macro hedge fund. They've also started hiring people out of legit prop shops.
By training programs, do you mean new recruits will undergo a month or two of in-house training/licensing upon signing offers? Or that funds will run post-graduate programs any candidate can apply and pay for? I'm picturing something similar to Arthur Andersen's Q Center, though I'm not sure that makes economic sense given how drastically fewer trainees hedge funds deal with.
A lot of large funds are hiring directly out of undergrad these days.
They can also find some of their traders from prop shops. A lot of shops now hold overnight positions. Banks don't have a monopoly on trading.
All that said, hedge funds will always need people who know the market to get the best execution. So there will always be at least a few seats reserved for people from S&T at every fund.
hedge fund intern programs (Originally Posted: 12/19/2008)
My school doesn't have many hedge fund internships listed on our recruiting website. I know of a couple funds that have intern programs, but I wanted to see if people could list any that they were aware of. Many thanks.
some Citadel, AQR, D.E. Shaw, and Moore. DB Zwirn had one last year but I don't know about this year...
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