Anchorage Capital
Anyone know anything about them / go through interviews in the past?
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stellar distressed shop
stellar distressed shop
Bump this... Interested in learning more. No real public info other than a couple random articles. I know they are top notch and have a broad mandate... But does anyone know anything abut the culture, comp, etc?
Bumpity Bumpppp
Anyone??
stellar distressed shop
Consensus seems to be "stellar distressed shop"
stellar distressed shop
God this site has gone downhill.....
What a shame that people decided to have a little fun with a thread that had no info on it previously being bumped multiple times.. the demise of WSO
What is comp like at Anchorage?
Interesting blog about a recent deal. Dick Smith has just gone into administration. https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-privat…
Probably worth noting that deal was done by Anchorage Capital Partners, an Australian turnaround PE fund as versus Anchorage Capital (despite the name, no relation - pretty sure there has been litigation over the name)
Anyone have any datapoints on Anchorage? Besides "stellar distressed shop". Is this a top opp for after banking? I hear it can be a bit of a sweat shop? Do they pay to compensate?
Anchorage is a top distressed shop. There's lots of ex-lev fin guys there (lots of GS guys too). I know a few people that work there. What do you want to know? It's a good place to work and they pay fine and people seem to be happy. Below the radar and they look across cap structure. Generally if it makes money they will do
They've done some pretty tricky stuff in the distressed world so I assume they are mostly high caliber people.
Would you characterize their "high caliber" nature as "stellar?"
.
Any recent opinions? Culture, hours, pay, preftige, etc.? Have heard from recruiters that they may take an immediate start hire relatively soon.
Bump?
Not much has changed in the last couple years. Still a stellar distressed shop.
Do you know anything about culture, hours, pay, interview process, etc? TIA
I have heard the culture is good. The pay/hours are exactly what you would expect for shops of that nature (long hours and you are compensated accordingly). I do not have exact numbers to support that but know through a friend.
As far as interviewing goes, they did on-cycle and took 2 analysts from top restructuring shops. Interview process is the standard mix of fit-based, technicals, and a case (don't know specific order or structure) and is spread out over a few days.
One more bump for hours, comp, and culture. Anyone have personal or anecdotal experience?
No one else has any idea?
From what I've heard, they are more "trading-oriented" than some of the other distressed shops (those that might be 'deep-dive, buy-and-hold' types). It's what I've heard one of their competitors say, and have no first-hand experience.
All behavioral. One round in person. Fun experience overall. Also, badass soho office
How’d you get an interview...their website is like dried paint. Can you pm info?
alum connect
Very hierarchical, few slots for upwards movement (top heavy), extremely mediocre returns (1-4% every year for last 4 years), middle level comp (expect 200-250). Most people leave after two years to better performing, smaller distressed fund.
Anchorage does serve its purpose as a very good jumping board to another distressed seat after two years but at same time I question analysts that could’ve just skipped it in the first place. It’s more for people from elite BBs who either would’ve gone to KKR buyout for 2 years then eventually do HF (that’s the crossover I saw from my analyst class who wanted to interview there / friend who currently works there).
I’m sure someone is going to ask so here’s the returns (it was leaked to ValueWalk a few years back):
2003: 16% 2004: 22% 2005: 8% 2006: 22% 2007: 16% 2008: (14)% 2009: 35% 2010: 7% 2011: (7)% 2012: 16% 2013: 20% 2014: 9% 2015: 1% 2016: 2% 2017: MSD 2018: 1%
“I question analysts that could've just skipped it in the first place.”
What better funds analysts are going to directly from banking?
Better performing funds that hire off cycle (which means you won't be getting interview slots at same time as all your fellow analyst class who are all recruiting 6 months into their first job...it's extremely hard for go getter analysts to resist this). These funds would include Elliott, Aurelius, Canyon, DK, King St, Contrarian, Angelo, Monarch, York etc.
Then there's quite a few smaller funds you'll not have heard of that are much better opportunities.
My reply got deleted, but in my opinion most of the funds you listed either rarely recruit (Elliot, Monarch) or aren’t much better (York, King St, Angelo, Contrarian). And Aurelius would only be right for a very specific person.
Also your Anchorage comp figure is very low from what I know.
Agree with this post but also wanted to add that the comment that there are a lot of smaller funds “you’ll not have heard of” that are much better opportunities is both off base and a little presumptuous
Depends on how you define "better" but I look at it first and foremost as 1) reputation as distressed investor with return profile to boot, 2) culture of firm / ability to join on a partner track vs. 2 and out and 3) comp. While you may offhand think those specific funds "aren't better", I have very specific data points that show otherwise.
And you can choose to believe me or not. My group was well known for placement to Anchorage and prior to my two years RX, I also thought my dream was to go to Anchorage until I joined the industry and quickly learned the difference. I from time to time check the HF forum as lots of kids contact me given the school + group I went to so I only post in threads where I have an actual data. If you think Anchorage is paying you 300k for returning 1% and a firm that is extremely top heavy / owner is known to selfish, you can continue to believe that. I personally know of 3 people with exsct data points for the firm (note: that is the only way to find out comp, otherwise you'll never find out what HFs pay as there's already an extreme lack of understanding on the internet about this).
My comment on smaller funds is very specifically to 3-4 funds I know that have annualized very high figures (MDD OR HDD) and are looking for analysts. If you don't know the names of these funds, no reason to further discuss.
In regards to Aurelius only being right for a very specific person, what necessarily would that entail? Strong legal experience given their litigation-heavy strategy?
This forum also has to realize - because distressed is a very small world, that every fund talks to each other. Many funds are trying to hire, including my fund, and there's nowhere near the sheer # of quality analysts out there versus analysts who are simply interested in the field currently.
Go speak to RJP / DSP - it's much easier right now to find a distressed fund hiring than a quality equity L/S but those slots are not getting taken up by existing 2nd/3rd year IBD analysts. My fund alone since May has been looking to fill 1 spot and interviewed over 30 quality resumes from top groups but haven't found traction at all with a single competent candidate. Most can talk about RX but always fail the case study portion or don't understand the actual creative thinking / game theory that goes into distressed investing.
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