Everyone knows that the Goldmans and PJTs of the world place well into hedge funds. My question is what "reasonably obtainable banks" place well into HFs? I'm talking about middle-market firms like Wells, Truist, JEF, HL, Piper, etc.
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Also I'm referring to fundamentally driven strategies and by solid, I mean at least $1 billion AUM I guess.
None. Except JEF, if you think that’s a middle market bank. If it’s hard as fuck to get into a hedge fund from Bank of America Industrials Investment banking, why on earth would it be possible for middle market banks to make the cut. There’s so few HF seats for so many banking analysts. Houlihan RX as well on your list places plenty well into credit HFs - wouldn’t consider them middle market. Point is I think a true middle market bank would have a very very difficult time getting into a “legit” hedge fund. This should not be surprising. Exceptions exist but I don’t think this is super controversial, just simple math.
Is Houlihan RX easier to get compared to other groups that place well in HFs?
Most HF exits from those banks are seats at Multi managers or sub $1bn funds.
If you work at a reasonably obtainable bank, you can exit to a reasonably obtainable long only.
Thanks for the honest feedback guys. I want to work at a value focused hedge fund, but it sounds like that will be extremely difficult from any MM bank baring Jefferies.
As a follow up, what are the best middle market banks from a lateraling standpoint or is it entirely group / person dependent?
GS TMT just isn’t a viable option for me out the gate, but I have a solid resume and I’m at a semi-target.
Why not pursue equity research?
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