Exiting a Family Office - help/advice?
Hi all, I am a longtime lurker and but would like to solicit this forum for some advice on career trajectory.
I have been working at the family office of a NY billionaire for the past 18 months as the only junior investment professional (the guy is my direct superior).
Several weeks ago, I was told I will need to find new employment by the end of the year, as the portfolio is almost all cash now and there will be close to zero investment activity for the foreseeable future. While I have some early leads in this job search, I have been getting fewer interviews than I have hoped and I am a bit lost as to what to do. I think my profile has a few problems, which I will describe below:
Background Info:
- Out of school: 2 years strategy consulting (biopharma projects mostly)
- After consulting: 2 years at a healthcare l/s equity hedge fund (covering med devices), in a research role without idea generation/P&L responsibilities.
- Currently: 18 months at family office, doing some healthcare privates but a LOT of niche things like commodities, art/collectibles, weird arbitrages, personal projects for my boss, etc. that I don't see myself pursuing long-term
- Taking CFA Level II next month
Weaknesses identified:
- Didn't do banking and graduated from a top LAC as a STEM major so I don't have a large network in finance.
- Work I've done in my current role has little applicability to traditional strategies. I have not been seriously covering/researching stocks for the past two years, which has turned off some hedge funds I have spoken to. Yet, we also don't do LBOs at the family office either, so I haven't had much interest from PE firms (also, again, didn't do banking).
- Have high degree of autonomy in current seat, but also have had very little mentorship/growth as an investor since I joined. Investment process is both slow and much less rigorous than it was at my previous employer. I'm in the position that now with 6 YOE (28 y/o) I might be a little old for junior roles, but I don't think I know enough to be a PM/senior analyst.
- My entire professional background/education is in life sciences, but healthcare funds aren't hiring much given how the industry has gotten slammed, and those that are mostly want MDs/PhDs
Questions:
- Are any of weaknesses #1-4 particularly severe? How do I mitigate them?
- If healthcare investing isn't possible, am I competitive for generalist buyside seats?
- Should I target junior analyst/associate roles? Am I too old eligible? Or should I try for mid-level/senior roles?
- Do I need to go back to school to get myself out of this rut (if so, MBA or science master's?)
- I've gotten pretty interested in private credit (in general) after interviewing at a healthcare credit fund, but I have no background - is it possible for me to get into that space this late?
Luckily, I will be getting a severance package and a good reference from my boss. Even so, I am starting to get stressed as I've been applying to places for a month now and have had only a few interviews...
Also, if anyone knows a place that is hiring that could use someone with my experience, please DM! Open to both east and west coast. Thanks all :)
Interesting. How did your boss make his money? Perhaps, get a referral from him to his network.
What about graduate school? Good luck
Don't want to give too much info, but he was a serial entrepreneur and started/sold several businesses over the past few decades.. I don't know if he has many connections in finance/investment management, but I could ask.
I would rather not go to grad school due to cost/forgone earnings but if I really strike out it might have to be my last resort... :/
Think you should start pulling on this thread a bit more. Anyone worth a billion dollars knows people in influential places. He may not “know” many in finance, but I’d imagine people in finance sure do want to do him favors in hopes of future business/partnership/network. I’d take him out for drinks or dinner and just pick his brain through how he could help lay the bridge for you (assuming you were a good soldier).
This is your edge that’s going to drive a right tail outcome by getting visibility into some funky shit that your average HF monkey doesn’t see.
following
MBA
Do not take it personal if your boss is detached/keeping only a business relationship with you. Much likely he has so many people trying to get close to him that he has to be detached from the people he works with. Even if he genuinely likes you.
You are in a good position to ask help directly: it's not like you're leaving because you are trying to find something better, you're leaving because he told you so for market reasons. So go ahead and be specific in what you'd like to have help for. He definitely has the connections.
DM me! Was in a similar-ish position before
You're anonymous, so I can't DM.. maybe you can DM me?
Did you get a chance to network with any other family offices? If so I would start by leveraging that network. Start talking to people you’ve worked with in the past. They will be great for references and potential opportunities. Since things are unwinding I would spend any down time at work typing up cover letters and making sure the resume is on point. Don’t be afraid to ask any current coworkers if they know anything. Best of luck!
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