Esteemed Apes,
I'm currently in the thick of a search for a distressed debt analyst role at a HF. I've spent 4 years in distressed/turnaround PE (Cerberus, Sun Capital, Platinum) and 2 years in M&A IB before that.
Am I barking up the wrong tree? I realize that the hiring market at HFs is slow now (Dec. 2011) given the time of year and the need to size up coming redemptions, but is this search a lost cause? Are there too many candidates with HF/public experience floating in the market to make myself, an industry switcher, a competitive candidate?
I see tons of opportunity over the coming decade in distressed debt and very little opportunity in PE, so I am adamant about the switch.
Any insight you guys can provide? For those insiders, what are you seeing or hearing on the hiring front? How does 2012 appear to be shaping up?
Thanks in advance for any help.
people are not really hiring right now, especially the distress hfs. I am assuming you are looking for post MBA associate roles, and these positions are honestly rare to come by because these guys tend to stay at where they are
I can't offer more advice but to talk to more HHs and network with the funds hoping something would come up
Why do you say "especially the distressed hfs"? I would think that in the face of the 2012-2016 maturities, these guys would position themselves to put money to work. Am I thinking about it incorrectly?
I can't comment on the US market, but in Europe at least, funds with a large credit footprint are definitely open to hiring selectively, and many are launching new credit funds to take advantage of opportunities. For what it's worth, I think you are making an excellent call.
Source: I work at a $20-30Bn equity/credit hedge fund.
Now that we are past the holidays, what are people seeing?
I've sent my resume in to a few places on referrals, postings, via recruiters, although no one is biting yet. I am looking in the L/S equity space. I've seen a bunch of distressed analyst positions posted on bloomberg.
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