Joining a new PM who is down ytd
Hi, I have the option with 3 YOE to join a newly launched PM (launched in Jan) at a 3rd tier platform with a base salary of 150k. There are no other analysts on the team and the PM has five years of trading experience at two other firms. Problem is they are slightly down ytd (i assume 50 bps or so), but they have conviction in the strategy and supposedly the firm has a higher median tenure than most. Obviously since there is no retained earnings for the team my YE bonus if we end flat would be zero. Would you take this offer or is this too risky?
Would personally avoid this risk. New PM, poor performance, both likely to lead to loss of confidence. Obviously never stable in this space but this is past that limit
Also - what is a 3rd tier fund?
I don't work at BAM but that's an insane take...BAM is without question a tier one MM, despite their YTD performance.
Yeah seems like a bad set up. Have seen people join pods that were down and out of a job a few months into it. Happens more than you think
Is it the PM or the fund that is down 15% (you say "they")?
Can't think of a single platform that wouldn't have fired on such a drawdown by now, particularly for a relatively fresh PM. Let alone encourage him to hire someone.
Needless to say, stay away.
15% of the drawdown limit, not 15%
Yikes, down 15bps, ngmi
Good lord, no one speaks in those terms.
They can make back 50bps in a month, if not a week. I would not make a decision based on this tiny draw they're in. Focus more on the PM's reputation and what impression he made on you.
The pod’s drawdown limit is 3.33%?! Is it the soft limit or a hard shut down? Just appears extremely tight.
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