Is Soros a pod shop now?
Question is in title.
Interested in an updated view here if anyone has one. My understanding is Soros operates pod style except looser limits and potential for longer duration trades. But you pay for this with a lower take rate on pnl. Anyone have rough sense on book size? Thought >1bn was pretty common there but only because I think they don’t have multiple PMs covering the same sector? Heard turnover can be high though. Interested in all other usual data points like quality of people, comp, culture etc. Appreciate this. Thanks!
Based on the most helpful WSO content, Soros Fund Management is often described as operating in a pod-style structure, but with some distinctions compared to traditional multi-manager (MM) hedge funds like Citadel or Millennium. Soros reportedly allows for looser risk limits and longer-duration trades, which can be appealing for certain PMs. However, this flexibility comes with a trade-off, as the take rate on PnL is generally lower.
Regarding book size, it seems that books exceeding $1 billion are not uncommon, partly because Soros doesn't typically have multiple PMs covering the same sector. Turnover is noted to be high, which aligns with the broader trend in pod-style funds where performance pressure can lead to frequent changes.
For other data points: - Quality of People: Soros is known for attracting top-tier talent, but the high turnover might impact team stability. - Compensation: While competitive, the lower take rate on PnL might make it less lucrative compared to other MM funds. - Culture: The culture can vary, but the looser limits and longer trade horizons might create a slightly less intense environment compared to stricter MM shops.
If you're considering a role there, it might be worth digging deeper into specific teams or PMs, as culture and dynamics can vary significantly within the firm.
Sources: Are we at peak pod shop?, Good questions to better gauge culture and longterm fit of a startup PE fund?, David and Goliath: The Boutique and The Bulge Bracket, Citadel Physical Commodities, Q&A: HF Analyst @ $5bn+ Fund - Breaking In and Transition to Risk-Taking Role
Probably not super helpful.. but I interviewed there in the past couple of months and they pitched it as a pod style but “anti pod” culture where all teams leverage each other / work together. Can’t speak to the broader fund, but the guy I interviewed with seemed really nice, someone who would like to mentor people etc.
How was the interview process like?
Did you get the offer? I also interviewed there in the past couple of months.
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