I've heard mixed things about the global equities division of Citadel - what are the hours like? What is the culture like? Hopefully someone works/worked here and can help me clarify this!
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I know 1 guy who works there. Most of the group is based in Chicago. Pretty good hours and interesting work. Citadel in general is very competitive though; the bottom 10% usually get let go each year. But I think global equities is less cutthroat than the quant trading groups.
Hours - it depends on a while lot of things... Generally, if you're concerned about the hours being too long/arduous, Citadel is probably not the place for you. Culture is very competitive, obviously, but, in terms of the atmosphere, it's a lot more collegiate than other funds with very silo'ed teams. My Z$2c...
bump. any new insights on hours for research analysts based out of SF or Chicago? I'd be interested in a "during earnings" and "outside of earnings" comparison if anyone has info?
Would also be interested. Thanks
Anyone have any additional insight?
You arent allowed to lose money on equity trades.
That is all.
Chicago is a small trading town and there is a lot of cross-fertilization between Citadel, Jump, Getco, and many of the other firms in HF and Stat Arb. Think Google, not Goldman in those groups.
I can't speak as much to the fundamental investment side. I've heard it really really varies.
You often get 1-2 Citadel people at the WSO meetups. They're a large firm by Chicago standards and I suspect someone will show at the next one.
Its on my to-do list
I've heard from a very, very, very reliable source that all 18 groups (six fundamental sector groups in 3 locations NYC, Chicago, SF) in Global Equities are up on the year. Pretty incredible, but not hard to believe considering that the Global Equity Fund is +17% ytd.
What kind of exposure do the run?
Not sure about gross or net exposure, but it's a truly beta neutral strategy (they hedge a ton of factors beyond just market sensitivity) so the exposure changes I'm sure based on what the hedging model is telling them.
I've heard similar things as well, although I'm sure your source is more reliable than mine.
From my understanding, the global equities group has fundamental guys (ex-bankers/pe/other hedge funds) as well as quants who create models that measure and "predict" various risks.
Why is it "pretty incredible" that they are up on the year in a bull market where every sector is also up YTD (except energy)?
Because they run a strict beta-neutral long/short strategy where correlation to the market is pretty much zero. So for all 18 teams (including energy/materials) to be generating positive alpha is pretty incredible.
^ Lol....
Why is there so much demand for long short equity analysts? I see tons of new postings pop up every day. Why does everyone think they can get an edge doing the same thing everyone else is doing? There is just as much guesswork involved as there is in something like macro, yet I don't see new macro funds popping up everyday looking for analysts...
I guess this isn't Citadel specific either, but I've always been curious, how does someone go from being a specialized/silo'ed analysts covering the same few names, to a PM who has to know a lot about, well, a lot? The transition doesn't seem easy at all given the different skill sets required.
macro seems a lot more difficult and more of a zero sum game where as equities tend to go up in the long run (since companies have profits). activist funds can also generate alpha by taking large stakes in companies and making changes whereas that sort of thing isnt possible in macro
I was thinking more of long/short specifically - that explanation would make sense for long biased funds. I suppose you're right - a lot of the macro thinking I've been exposed to involves generating after the fact explanations for what the market did or did not care about (there are almost always at least three different explanations for any one thing).
Anyone know much about Surveyor, Citadel's multi-manager L/S shop? How does strategy, culture, hours, talent, reputation, etc. differ?
Wrong. Citadel equities (along with the rest of the fund that was down 40% overall) was down significantly in 2008. I interviewed in 2010 and they were more than happy to admit this as they had "made it all back" by then.
So there's the better known Kensington/Wellington strategies that are multi-strategy and include fixed income, quant, equities, convertible arbitrage, and other strategies. They were down almost 50% in 2008. Then there's the Global Equities fund which is only equities, it was actually up in 2008. And yes, By 2010 Kensington/Wellington had made up their losses and were back above watermark.
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