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PB will not get you into an HF. What product are you interested in? Are you a macro/micro person? Hedge fund is the same as just saying you want to work for a business. What type is it? This will dictate which desk to gun for.
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1) Use the reply function so I get notified you're speaking to me - almost missed your response
2) PB broadly can help you understand the mechanics/strategies of hedge funds but won't give you the toolkit to break into one. And frankly, the extent at which an intern would learn about hedge funds from a PB rotation is probably the same as just googling/using WSO effectively to learn about the different asset classes/strategies (Quant/Systematic, Long/Short Equity, Long/Short Credit, Distressed Debt, Global Macro etc), the difference between multi-managers and single managers.
You need to specifically outline what type of hedge fund you want to join, otherwise saying you want to work into one is meaningless. IBD will not help you break into a fund trading rates etc, just like S&T will not help you break into a L/S equity shop.
3) The larger funds hire undergrads, in LDN you can find some across L/S Equity and Macro/Quant macro. Gun for internships/grad roles there too.
4) Different PB desks will teach you different things, stock lending about the technical nature of shorting stocks, PB sales about the nature of client coverage, tracking fund performance/new hires etc.
Del
I used to work in PB for a few years out of college. It’s basically back office. If you want to go to a HF, you need to get out and do something directly related to what you’re interested in.
I wanted to do long hold investing so I lateraled to banking and then eventually PE. PB is really only good if you want to work in PB
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An uphill battle but I did not give up. It took me over a year to get an offer. Probably could be less for someone else tho
Hi, I'm in a similar situation as you were - got into a PB role straight out of uni as a part of the grad scheme. Not something I wanted to entirely do back in the day either but it was one of the only roles available. I want to transition into structured finance / IB and was wondering if you could share a few tips please? Happy to DM as well. Thanks a lot.
You could end up in an IR biz dev function at a HF, but that’s it. PB is commoditized and has massive turnover. SMAs are eating their lunch.
Would think the PB market has shrunk. Only few banks that have strong businesses, but way too many alternative capital providers out there. The turnover in PB generally is crazy btw.
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