Help PM buddy move on

A friend has been a PM at a HF, but over the years never managed to scale his assets. That hasn’t been driven by his returns, but rather the lack of appetite for his strategy (you guessed it, a non market neutral one). I told him to change strategy, but he pointed out that after all these years it would be an undertaking and take years of experience away from him (I concur). We brainstormed what successful exits there are for HF PMs who never necessarily made 10s of millions of dollars and struggled to come with anything but starting a business (not a fund though). Are there any adjacent industries that former HF PMs can enter and utilize their experience and still earn a decent amount?

 
KnowsNothing

Why not raise his own fund? If his returns are good, it shouldn't be too difficult.

Strategy lacks trajectory and has barely seen appetite from LPs in the past couple years (think directional SM plus international securities).

 

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