How to switch to competing HF without burning bridges
Received an offer from a hedge fund that is a direct competitor in our space (we have been on opposing sides in litigation in the past) and planning on taking it. Main reasons are that I think my new PM is more competent and that I'd learn more from him. How do I bring up my planned exit to my current PM (i.e. what should I say as my reasons for wanting to leave)? Is it okay if I don't name the firm I'm going to? He will find out eventually, but I figure he can't know for sure that I made that decision or even got that offer before I left.
My current fund is a large shop with fairly low turnover (for the industry). I've been here for the past 5y. I have a good relationship with my PM, who has my back, but who I just don't have the highest confidence in as a PM to learn & grow under. There is no non-compete.
firms don't give you any of this kind of information when they fire you...so why do people feel the urge to give from the employee side?
similar to a "standard 2 weeks notice" when you quit...but when you get fired, its immediate with zero notice.
i would just say to your boss. "hi john, i just want to let you know that i'm retiring. thanks for the opportunity, its been a good run."
You don't to be smug about it (as suggested above). Just be very polite but firm. Thank him for the opportunity, say you've valued the experience and are moving on for personal reason / new challenge. You don't need to tell him the fund you're going to and if he pushes you on it just say that you're happy to share once you're on boarded but keeping it private for now. Its funny how much one can stress about telling their boss they are leaving (we've all been there) but in reality its usually a way easier conversation than you envision it to be. You're not the first guy that has left his team and won't be the last, they know the drill. In my experience PM/MDs are usually pretty cool about the situation, even the ones that I thought would blow a gasket.
Before you tell him, get everything you want teed up as if he were to tell you want want to leave that minute. Some firms might just immediately ask you to leave and you won't get a chance to tie up any personal loose ends that you might want to do.
You announce to your PM you are leaving, and you tell him where you are going. You thank him for everything, you say you're going to XYZ because they offer better path for growth. You tell him not been an easy decision, and you thank him again. If he goes berserk, you'll feel reaffirmed you made the right choice, and it was his decision to burn bridges. He's employed you for 5 years, it's basic courtesy to tell him where you're going.
In my opinion, the risk of burning bridges is higher if you pull this cagey BS of i cant tell you yet.. it kind of concedes you feel guilty, and makes you look immature and insecure.
That's my 2c.
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