In order for that to happen there has to be a business reason. The role of partner at Goldman is very different than a PM at a fund. Goldman is doing this for retention reasons (from my understanding) due to the competitive landscape in IB comp (and the poaching that is going on). A Goldman partner is not competition to a HF PM (and vice versa), you can’t just leave the HF and take that partner role (or go work in most IB areas) AND many of the PM agreements are very competitive (from a comp perspective) and linked to what matters to them (PnL).

Jan 15, 2022

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