Had an ideas dinner and 2 European PMs mentioned that there are only platforms left in Europe. LO obviously dying and couple credit shops, nothing in equities though. Has the HF industry in equities literally died in Europe? With the average tenure at pod shops, seems like a challenging career abroad.
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Speaking from perspective of sell-side. Pretty much yes, we only speak to pod shop HFs. But thats not necessarily indicative.
Peripherally from cap intro guys, rarely hear of many single manager start ups anymore.
Only pods need to talk to sell side often
I’m always shocked how much lower comp is in Europe, let alone the tiny landscape.
There are like two SMs worth taking over a MF/UMM PE seat: Elliott and TCI off the top of my head, all the rest is just not worth it, might as well back yourself and go to pods (happy to get other people's view). There are perhaps more SMs useful as a stepping stone to top tier pod land.
If you want to go to a pod, just go to a pod. And it’s less about backing yourself and more the PM you’ll be joining.
I don’t know about seats vs MFPE, but there’s a handful of smaller funds in the 1-4bn range that are decent spin outs from pods.
I don't necessarily want to go to a pod. I want to make money earlier than when I am 50 through carry whilst being cognizant that I might need time to learn public markets vs being a process monkey at my MF. It just doesn't makes sense to take a one-way gamble when clearing £300k comp with 0 risk and very, very clear and stable upside (though long duration and slow to get into life changing money territory), when all pods BD guys give you a discount on your base and can't guarantee any bonus (fair enough). I should have gone straight to pods but here we are.
Could you name drop some of the smaller funds?
I mean I get it. If you’re coming from a grueling IB stint or have grinded even harder to get into a top PE seat you probably want to cash out on that experience and not give it up for anything less than a “sure thing”. Nowadays I’m not sure pod land makes sense from an R/R POV for anyone that isn’t doing the graduate programs, since those guys tend to get repodded more often…maybe SS ER because they don’t really have any other exits.
That being said, HF naturally is about risk management and being willing to bet on yourself own ability, so i almost see the pods as a representation of that. If you’re not willing to put in that kind of risk, should you really have the right to demand high comp at a HF? I don’t know…i will say I know a lot of talented analysts that were let go for reasons that weren’t their fault, so I can empathise…
I think you need to take a gamble at some point, it’s natural for HF. If you don’t want to do MMHF, even the SMHF which are past their peak legacy days are still worth taking a look at if you’re willing to bet on yourself.
Kintbury Capital, Ilex, Farallon, Marshal Wace (softer podshop from what I hear) might be worth taking a look at. Ako, Lansdowne, Egerton might be past their heyday, but if you’re passionate about publics and don’t want to YOLO a pod seat I’d say they’re still worth looking at.
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