Orbis London

Pretty under the radar LO shop, i think they operate more like a hedge fund rather than a typical large LO. Tends to have a value tilt so recent years performance has not been great as you would imagine but long-term track record is pretty impressive. Fee structure refunds underperformance which is rare in the industry and makes for better alignment with clients' interests. Heard from a friend that interned there that analysts run paper portfolios and comp is fairly high ~£50k-£65k/30%-50% bonus for first/second year analysts.