Market has been tough for a while. I was laid-off in Q1 and it took me 6 months to get an offer. It all worked out in the end though.

Others I know are also having trouble recruiting.

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I didn’t work at a MM so wasn’t a pod blow-up but essentially my team got shut down due to asset allocation decisions (despite not-terrible performance - down lsd%). I’m also in a pretty specialized niche so finding a new seat was especially difficult.

Ended up landing at an even better non-pod multi-PM HF ($10B+ AUM) though so I’m very happy with how things turned despite some anxiety during my job search. I’ve worked at a similarly sized HF before but the culture/my boss are so much better than before :)


From my POV don’t see much LO hiring. Firms in digestion mode


As to how to pertains to MMs and this is why I would say we are not at “peak pod”. We are now at the point in the cycle where no one wants to create a new team/business the majority of hiring is now poaching from each other, so proven talent is bid bid bid. So no longer its “here is capital lets duplicate what citadel/mlp/etc did..” It’s here is a briefcase of cash to go and poach that exact strategy.

Since everyone on here always says “do not go work for a fresh PM”. Most roles are now due to poaching and non-solicitation issues. MMs are starting to morph towards SMs in some ways be it more comp kept at the very top of the industry or barriers to entry for new talent.


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