How difficult is it to land at a single manager HF after IB?

Hahaha he probably meant to post this in the HF forum rather than the IB forum. Glance thru the HF forum and you'll see that these acronyms are actually pretty commonplace.

Oops my bad - thought the acronyms were common place since they were thrown around so much in my adjacent circle.

Think it’s already explained well above, but multi-manager are effectively your pod shops - bunch of PMs running their own books and profits/losses (P&L). Think Point72, Citadel, Millenium, etc. Your single manager funds are more concentrated - typically it’s just 1 or 2 PMs, and they’re typically known to be more long-term focused versus the MM funds. Tiger cubs like Maverick are a decent example of a single manager.

From what I’ve heard, the ideal single manager fund maximizes AUM per head, which is saying they want to manage $5B with as small an investment team as possible to minimize the mouths you need to feed. Going off that logic, it seems there aren’t that many “ideal” single manager funds - there’s the Vikings and Coatues of the world, but those seats are also quite volatile relative to other SM funds. So, I was curious just how difficult or common it is to land at one of those “ideal” places since there’s not necessarily an incentive to hire. Tons of people go into banking, but only a fraction end up at your megafunds, and I imagine a fraction of those land at a fund charging 2/20 with low analyst churn and lean team of IPs.

FYI acronyms are pronounceable, like SCUBA. Initialisms are not, like MM, AUM, SM, PE, HBS, GSB. In common usage the words are used interchangeably, but acronyms are more fun. FYI is an initialism meaning "for your information."