Recently went through a process with a L/S strategy fund and passed through each round. There was dead silence from the firm but I assumed they were just busy with the markets. I receive a follow-up from the team saying that they enjoyed meeting me but had decided that they don't need a new junior at this moment. Is this a sign that funds are freezing hiring?
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I'd be surprised if they are freezing hiring because a ton have done quite well this year and last year. IE Balyasny.
He's dead-on. A ton of funds have done well, i.e. Balyasny
Absolutely. Tons of funds are doing well, ie Balyasny
I would imagine funds that are net long in the tech or healthcare space have slowed down hiring.
Many MMs have been doing well afaik.
If MM, could be a sign that specific team is down and doesn’t want another mouth to feed.
It is an MM.
I just saw an article that said funds are trying to hire analysts from melvin and tiger cubs. and one recruiter calling melvin analysts unreasonable for saying they will only respond to offers with comp of several million dollars. and they'll probably get it. this industry is fucking delusional
If you can find it, could you share the article?
He can't share it because the article probably doesn't exist...it sounds completely made up. Recruiters complaining to the press about how much their clients are asking for in total comp? lol.
Following for this article as well, can't seem to find it
The industry needs to move on from paying for prestige and resumes to paying for performance and alpha. It will take time, but I’m optimistic 2022 will catalyze a secular trend toward more meritocracy.
kinda surprised it wasn't already that way at hedge funds. It makes sense for places like banks but i had figured that it would be more meritocratic at an HF.
Some blew up, some done well.
Net hiring for this space is still quite normal.
Any color on credit focused funds?
I do not ever blame anyone for asking for their worth. This industry is all about bid/ask.
If you were an analyst at a tiger cub the last few years you are not exactly chop liver. The volatility of the market is high currently. Moving from a SM style to a MM, is not just plug and play, you have to recreate all your models/style since its probably a new strategy for them and then you have adapt yourself, that could take 3-6 months easy for some people.
As to OP, no major hiring freeze out there as mentioned probably more this specific opportunity/pod.
Thank you for the insight. Do you recommend reaching out to the PM and asking or just cutting my losses and accepting it?
MMs never freeze hiring but as others suggested, this PM might have finished building out his team.
Not much you can do besides telling PM you enjoyed meeting his team, understand the situation and appreciate any feedback or any contacts he’d suggest you talk to (ie if his friend is recruiting).
I’ve had it happen when I’ve been number 2 in a process and someone linked me up with his friend 3 months later so depends on the vibe from the PM/team.
I think he meant for people looking around generally. Not you specifically.
A few SMs will start freezes around now as they wait for their MBAs to start full-time as well
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