Turnover at Mudrick Capital
Was curious if anyone on here has insight to why Mudrick seems to have very high turnover? Usually these 8-10 IP single managers are supposed to be very low turnover and attractive seats but it looks like outside of 3 people the entire investment team has turned over in the last 6-7 years. From my searching 5 investment professionals including the prior #2 guy have left within the past 3 years. People generally leaving to do either PE or joining other distressed funds.
It's a bit strange to me given on paper they're one of the best performing distressed funds, although given a lot of that was up till now illiquid gains on NJOY it's possible that comp wasn't as great as you'd think initially hearing about that performance, since a lot of it couldn't be monetized. Just curious if anyone's heard anything about culture that might be driving that instead.
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They were RTO almost immediately after COVID if that tells you anything.
Hard to believe that’s the actual reason though. Pretty much all firms are RTO now and most distressed firms have somewhat intense/abrasive culture that new joiners definitely expect
They were back in office well before anyone else (in mid-2020). It’s more a signaling effect on how the culture is there.
Yeah this is a fair point, I recall there being some media headlines about them being RTO in like September 2020 which was very aggressive and is definitely a signal/read through on culture I'm sure. That being said, unless it's egregiously bad it's still somewhat surprising given generally as the other poster mentioned a lot of credit / distressed funds are going to be a bit sharp elbowed and I haven't seen retention be this poor at many of those. You usually hear about the ones that are over the top or worse than the others like Diameter so it's interesting that people haven't commented similarly about Mudrick in the past.
To be fair some of those people who left were (i) acqui-hires, (ii) churned right around the RTO, and (iii) some went back to prior firm. Flipside argument is that there is a core group of senior analysts who have been there forever so must be doing something right for them.
Wouldn't be surprised if the turnover wasn't far off from some of the other firms known to have rougher cultures (Silverpoint, SVPGlobal, Knighthead, Aurelius, etc.).
What’s the culture like at Diameter?
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