23-24 crazy comp stories
in the spirit of this thread: https://www.wallstreetoasis.com/forum/hedge-fund/…
In what strategies (l/s, distressed, macro, etc) and what HF structure (SM / MM) were PMs printing money last year?
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Pretty sure Sebastian barrack (Head of commodities at Citadel) made $1bn+ last yr which is insane. Also read an article about 20 citadel pods sharing $600mm in p/l. Wild yr indeed!
Extremely unlikely Barrack made 1bn… the entire commodities business made 8bn of PnL so you’re saying the business head has a 12% cut of gross PnL? Doubt it
He probably made low-mid 9 figures though
No silly goose. He’s a partner in the citadel GP. I heard $1-1.3bn
Commodities "only" made $4B last year (2023). $8B was the previous year (2022).
600m across 20 pods isn’t that crazy
That’s $30m on average for a pod. Split up between 5 guys and that’s not crazy take home pay?
$30m per pod split across 5 guys is not a lot.
Consumer analyst with big carve at big2 podshop made ~$7M (still in their 20s)
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What a question. Only thing that matters is he knows how to make money for his pod.
Yeah this doesn’t matter, no need to dox. People here definitely know of him
What is Big 2 pod shop?
C/P72?
I hope P72 is not considered top 2 given their constant underperformance vs other podshops
C/M
Analyst and not a PM? damn
macro pm at point72 made 40+
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My PM got 38 and still tried to stingy with me on bonus....
curious, do PMs in rates/fx start as quants today or in sellside trading
I work in energy trading but most top talent these days are normally straight to Buyside out of undergrad, start as a quant and then get taught the fundamental side to transition to PM
I should've gone into a quant strategy...
I mean he is pretty much a fundamental energy trader I'm the one that's more on quant side as I have to build out all our models. My job probably should fall under the title of 'quantamental' which is 100% the place to be in the long term.
He wouldn’t tell me the exact # but my PM was $12-15M
We had a solid year, he took care of us, he also bought me a pretty sweet watch. All in I was $1.7M
del
Was this MM or SM? And how many YOE on buyside?
MM, 6 YOE. PM has 14 YOE
Are you a massive outlier? Huge year if true.
Wouldn’t say I’m an outlier at all. I’m a senior analyst in a multi-bn $ pod with a pretty senior PM
1.7 wasn’t my personal best, I made 2.5-3 last year. I’d say with my deal w/ PM, my range probably looks like $500k - $4m MAYBE 5m depending on a few things. I’ve made above 1 for the last 3 years
It was a solid not amazing year for my PM. We had big year last year, I wouldn’t be shocked if he made double what he made this year
6 YOE total and several 7 figure years? How is that not being an outlier? I know people at pods and no one is putting these numbers
Quality of pod seats varies dramatically even within the same funds. There are the revolving door, farm league PMs running $300mm with 2 other heads and 5 years of buy side experience between them and then there are the pods with 5+ analysts, $3bn+.
Maybe you only know the troubled analysts...kidding. At the big 2-3 MM's it's pretty reasonable for a senior analyst (5+ YOE) to have a comp range of $500k - $5m. Then the upside case goes up by 3-4x when you're a PM. All you need to create that range is a carve out and explicit payout deal with your PM; it's pretty common. 5 of my closest friends at top pods have also consistently made 7 figures for the last 3 years. As a senior analyst with a carveout and explicit HSD % payout in a larger pod with a good, generous, senior PM, you can have some really big years as an analyst.
Senior analyst carve-out comp math (+ % of pnl on main PM book) is simple / just a formula. This contrasts with larger single manager senior analyst comp of $500k - $2m. The MM appeal is in the upside / potential path to becoming a PM.
What watch?
A pretty nice Patek. We have a great relationship
Seb did not make 1b, but someone in one of the groups he manages made 9 figures. Many others made 8 plus, it takes a bunch of ppl to make 3-4 yards.
Seb is just a group head, top PMs always outearn geoup heads at citadel.
PM had a bad year. Blamed it on an analyst on the floor who joined 3 months ago and fired her. Needless to say she got no bonus.
Won't disclose anymore than it was at a podshop in NY.
So just another Tuesday at the pods
Was it one of the big 2/3?
why tf does it matter? Just know that it happens
Heard a pm at Mlp in an apac office made 9 figure usd no deferral.
Asset class?
Heard a “handful” of senior PMs there cleared $30-60m in equities (yes…60)
Macro
Commodities ?
9 figures in APAC is crazy… (and possibly fake)
My understanding of the MMHF offices and teams (friends with quite a few pod analysts, 2 PMs) is that 8 figures are already crazy outliers, don’t think there’s ever been a 9 figure comp story. Especially so for APAC.
Parent is an executive at a Quant fund that dabbles in distressed debt. Average take home every year is 8 mil. There’s a lot of money in it lol.
What was your parent’s major and career path? Thx
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