DCM to MM HF
I currently work in debt capital markets origination, focusing on structuring and executing interest rate hedges. I have four years of experience, primarily in macro and rates. I’m looking to transition to a multi-manager hedge fund, but my lack of modeling experience and industry focus has made the process challenging.
PMs I’ve spoken with have advised me to write single-name analyses to demonstrate interest and to continue networking. Beyond that, does anyone have advice on landing a seat?
There is pretty much 0 applicable skill transfer from DCM to public equities investing (and especially the MM model) besides knowing how to use a BBG terminal, so you will need to know how to prepare and articulate a pod style pitch as well as understand how equities market structure works. Pivoting to and then recruiting from a coverage role would likely be easier as well.
Thanks for the advice - the seat I’m in is markets focused, so less of a pitch book and pricing bonds role, but understood on the lack of transferable skills. I’m midway through the CFA right now which may help.
Aside from industry specialization and modeling, what skills would be picked up in coverage? I wouldn’t think an M&A role would provide insight for L/S pitches. I know others who lateral from ER - would that be worthwhile as a step towards a MM?
Honestly not much beyond what you’ve stated… think it’s just what fits the MM bizdev “mold” better… and yes - have seen lots of sellside ER associates move to MMs so that’s a well trodden pathway.
no idea about dcm but would u be more relevant to credit strategies
smaller world but definitely exists at MMs
Any thoughts about going into macro pod or a credit pod?
U could probably leverage your dcm connections to get good new issue allocations
Definitely open to it - given the smaller set, would you have any recs on how to best find PMs for either macro or credit strats?
LinkedIn...
or like u have the client lists - just use those
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