Hybrid/WFH Friendly Hedge Funds
Anyone work at a fund that is 2-3 days in-person or less? Curious to hear especially of L/S equity MM and SM funds
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Bump
Last I heard (unsure if they changed their stance:
DE Shaw
Bridgewater
Citadel (although I think group dependent)
I'm at a fully remote MM fund, around 400m aum. Hired remotely, continue to work remotely. Work directly with PM/CIO of the firm helping to manage his sleeve.
I think my situation is very uncommon. I will caveat all this by saying I may get fired shortly, not sure. Started in January 2022, previously at a family office/HF for 2 years.
There are days if not weeks where I do not communicate over the phone with PM he doesn't like speaking on the phone. We discuss ideas and deliverables over slack. I have no communication with the other PMs. I have gotten a few a ideas into the fund that have done OK, it was a hard ramp as market was collapsing and I was looking for long ideas. It is market neutral. I philosophically have a different investment approach that doesn't cater well to MM, short-term, style investing
Very interesting experience. Dying for more interaction though :)
How you deal with that absence of interaction?
I'm at a L/S working at the office in a very small (but I could spend most of my time WFH if I wanted to) and my PM is the one actually leaving in another city hours away and therefore I see him few times a year. In-person interactions with my other few colleagues are scarce/of little interest to me.
I interact with the PM through chat/email (mostly me sending him stuffs, my research and my thoughts) but I don't get to have his view or much interaction from his side. The absence of feedback/interaction works very well in killing my mood most of the times
Well it has brought me here :)
Same it kills my mood. My personality likes bouncing ideas and speaking out loud.
I distract myself when feeling uninspired, play chess, look at housing on zillow, play with cat, go for a walk, other random stuff which is sometimes or at least frequently related to investing.
Anyway, I've found I can't force myself to work or will myself to find ideas unfortunately and if I am not in the mood for it i have found that my productivity/efficiency is horrible, so instead just wait until I feel interested again. At some point I get paranoid and do grunt work, but sometimes I work 4 hours a day or less if feeling really uninspired. This will all impact my longevity or bonus at the firm, hence why I think I may get fired. On the positive side, when feeling inspired my productivity/effectiveness is pretty good.
Not sure what will happen with this job or what the PM really expects. Have not had a performance review. In the beginning got a lot of negative feedback, but started getting a sense for his investment style and the negative feedback stopped or is much less frequent now.
Probably spent less than 25 hours actually discussing ideas over the phone, which seems crazy to me. The threshold for getting ideas into the portfolio is very low, its basically just if I press it for long enough it gets in. PM doesn't check my model or really care about the nuances of my research. I guess he has no time for doing that level of due diligence and probably why he hired someone to help him.
Well, I guess I'll come across you on chess.com then given it's my daily break from the bad mood
Anyway I can tell I'm in a different but similar situation. The lack of true exchanges kills my mood. I want to work in a HF because 1) I love the job in itself 2) I still think plenty of smart and motivated people populate the area, but this experience is telling me clear and aloud that my next step will be to move away and make sure that the time dynamics are at least acceptable to me. That's probably why there is such an emphasis on fit when recruiting for HF.
Keep it going and think about other options before the situation ends up overshadowing your qualities and motivation
We allow people to WFH/Hybrid but the more junior people really should be in the trenches to learn the best they can, that said the industry has evolved. I have a slack group with my analyst to keep up to date on projects and ideas we are hashing out. We also have a group chat that I probably send 100 messages daily to my analyst. I paste charts, information, twitter links, quick thoughts etc there...
I am also not a fan of the phone, unless we have a formal meeting and slide deck prepared sort of thing. But not sure why any PM would not like sending group chat messages or using slack all day to communicate their ideas. Also not alone, know a couple friends at places where they have gone total WFH and everyone uses the group chat to communicate all day.
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