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Recruiting is a never-ending process at our firm. There are always analyst seats to fill for the following reasons:
This is helpful, thanks
Your last point on what happens when a PM gets fired. Do you know if it is generally true that analysts can get transferred or hired internally?
I work in one of the known multi-manager setup, and based on what I have seen the entire team are usually let go together with the PM in such cases.
One of the advice that people gave me some years earlier was to pay attention to quality of the team/PM instead of being bedazzled by the name of the MM because of the reason above.
Rarely do I see analysts get picked up by other teams. Normally the whole team gets let go from what I’ve observed.
Yes, the scenario you mention is certainly more common. However, I have seen analysts get picked up by other PMs (who were already looking to hire) by going through an internal interview process.
This is a possibility because several of the big MMs track analyst ideas in a system so that the firm has an objective way of measuring talent that is independent of how a PM actually manages his or her book. The MM then can choose to hold on to analysts who had good ideas that their PMs didn't play, etc. or that had good ideas but the team blew up in a different sub-sector. With an analyst already in the firm, you certainly have a known quantity compared to an external hire, as there is a record of ideas tracked in the system, existing models that you don't get with someone externally, and many past pitches that far outnumber those made for any external hiring process).
Also, while my last bullet in the other post was about PMs being fired, there also cases where the PM leaves to go to a competitor or go out on his or her own. In these cases, the analysts sometimes stay, especially since non-solicitation periods can be longer than the non-competes and the MM would still rather retain known (analyst) talent instead of hiring unknown talent, all else being equal.
I find that recruiters block the path, so most people get in by word of mouth
wondering how would someone approach a MM to see if there's a role or to create a role?
Without exaggeration, seats are always open.
lol literally all the time every time. firing and hiring every day of the damn week sir.
Fantastic
I agree with the fact that the seats are always open and that the MM will constantly be on the look out for talent.
Many of the MMs will actually reach out directly if they like your profile or you get recommended to them by others in the industry.
every single day when people get fired
These guys seem to be always hiring. I know that for sure with Point72. They used to bring in about 25 bankers every few weeks to their NY office (I believe on a Saturday) for interviews and a case study, the place worked like a factory, with an extremely rigid and impersonal process meant to weed our people with weak technicals. We then all sat inside a conference room to “debrief” with the guy running their process and listened to him go on for about 30 minutes talking about how much money Steve Cohen had.
To those at MMs, what was shortest analyst stint you’ve ever seen/witnessed?
Not passing probation so a couple of months. 2-3 maybe.
Approximately 3 months for both cases. Both were experienced hires who did not live up to their pedigree/resume.
Saw 2 different guys last less than 3 months. One seemed to just fuck around all day (could see his seat anytime I was in my PMs office) and the other was apparently a bit of a weird dude and not a strong performer so when he had a small compliance slip up, they just let him go.
Dang lmao
What type of compliance thing was it ? I feel like they can get you for anything if they want to.
It always amazes me how many people there are still in the business at funds. I have no idea where they are coming from anymore. Vanilla L/S equities makes sense via banking -> analyst, but I am puzzled about everything else.
The top funds all want track records etc, but where does one obtain that track record? Turn over is high, so there is some hypocrisy in that people who fail seem to roll around a couple of MM before getting out of the biz. Doesn't really make the most sense to me. There are almost no junior PMs anymore in a lot of fields like macro.
Macro consolidated big time so seat count reduced and AUM / head increased. L/S neutral where most young PMs reside.
Great point on AUM/head
Interesting, any reasoning behind the consolidation in macro, besides the obvious ones like performance? From my experience, most macro PMs at MM (and maybe in general) don't really have defined processes and kind of trade based on how they are feeling or what they hear on BB chat. Fwiw seems like equity PMs have much better definied research processes
they are starting to hire market makers ...at least opening up to some
do you mean in general or in macro funds? Market makers certainly have done well this year....
Any idea of the current market for platforms? Seems pretty dead...
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