Associate at a $1tn+ AM (Capital, Fidelity, T Rowe etc) a bit frustrated with the pace of career progression and thinking more about going down the multi-manager route.I know with the higher ceiling comes higher risk and less job security. That said, in MM land the pod you join and PM/Analyst you work for are the most important factors. What should I look for when trying to join pod? I imagine tenure/reputation of the PM would be paramount, but besides that what would you look for in a pod that would indicate it's lasting power and quality of experience/learning?
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People at pod shops, knowing a long only spot about to open up:
Talk to sell side or other buy siders. Generally more capital, bigger team, and/or longer tenure are all good.
The common sense strategies work best imo. Word of mouth reputation of the PM/Analyst. Historical track record (don’t be shy asking about it. PMs and Analysts with good track record will enthusiastically tell you. A big red flag if they obfuscate it). Research team’s historical churn (great sign if bunch of guys stay on the team for multiple years. Bad sign if everyone on the team has been with PM for less than a year and the team’s been around for longer).
Would ask (recently) how they've managed risk. Most pods have broader risk structures and management around what vol forces them to do in a larger drawdown, but just important to know how they employ these in their own model. Some pods can be a hair more flexible.
Then would be curious the style. Some pods are very flat... 1yr associates getting names in the book or even in some circumstances managing a tiny pool of capital from early on. What does the process look like as a junior to add risk / get names in the portfolio? What's depth like (i.e. covering 20-30 names looks and feels different from covering 40-50)? Room to move outside the sub-vertical?
Would just add as it pertains to upward mobility at certain pods it can be fairly difficult unless you find yourself in a more senior analyst gig with a convenient PM opening simultaneously within the same fund. Most guys who are looking to achieve PM are typically "burning out" at the senior portion of their tenure at a pod under a head PM on their book, with limited ability to take on a larger sleeve of capital within that same structure yet have built a quasi-track record. And those senior analyst gigs tend to only appear vertically within a pod when those guys move funds. Just something to be wary of when you're in a pod there's tons of lateraling to achieve the mobility.
If you dont mind sharing, what is the comp like at your current seat?
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