I'm currently on the sell-side covering tech. Virtually all the recruitment offers that I receive are for a traditional L/S sector coverage in TMT. I would enjoy those types of roles but my real passion is for a global macro investing style. To me it seems as if breaking into the industry that I really enjoy is a lot more difficult than getting into a fund for sector coverage.
I basically have two questions:
1) What are the best macro funds, should I be looking at SMs or teams within MLP/BAM/P72?
2) Where do global macro teams pick talent from? Is ER with a specific coverage still the best place to be to break in, or would they want someone researching specifically economics already?
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Removed for anonymity. Removed for anonymity.
Do they recruit from region-specific sell-side economists or commodities researchers?
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I assume those type of funds look at fx products more than individual stocks.
This might be a very basic question but are there any funds that look at macro shifts, then figure out which industries stand to benefit, and then pick stocks from within these? Would that simply be generalist teams, or would that also fall under global macro?
This is thematic investing.
Hey there, do macro funds also tend to recruit from AM, specifically fixed income, multi-asset, or even global macro-focused AM funds?
Insightful - thank you!
As someone in a similiar research role to the above, are there any particular resources you would recommend?
*In response to Research Analyst in HF - RelVal
It’s 2025 and these funds are performed OK
Global macro funds will not want you.
Unless you’re joining an equities pod within them, but even those pods are going to be more equity trading backgrounds
I have worked at two global macro funds, 50% of the people have rates trading/strat/QR background, 25% have commodities trading/strats/QR background, and the other 25% is a mix of FX and credit and equity vol
I think you have no clue what Global Macro truly is. It’s trading, not investing. Unless you know your Greeks and option payoffs down, you won’t break in.
On top of that, all juniors know how to code and have deep quant skills and the ability to ship systemic strategies and develop their own strategies. Thinking you can compete for a seat with someone who ran their own book trading Rates at DRW or CitSec truly shows how little of a concept you have of what Global Macro is today.
yeh macro skillset is closer to quant (with some exception for old-school discretionary macro traders who punt big)
almost 0 overlap with IB/PE or L/S skillsets
No clue what the fuck this guy is talking about but just another reminder why I don’t go on here anymore lol
But about punting, no one will hire a junior who is of the old school style
If you’re a seasoned PM and you’re a punter sure you’ll be fine but as a junior if you’re not striving to develop systemic strategies you are cooked
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