Leaving for another fund - How to deal with current employer?
Hi all,
I am a quant researcher and sub-portfolio manager in my current place. For those people who have successfully left for a better fund, are there any advice you would like to share with respect to making a smooth transition? What are the to dos and not to dos?
I also have the following specific concerns.
If my contract does not explicitly state that I need to name my next employer, it is necessary for me to furnish this information to my boss? I fully intend to serve out any non-compete imposed by the contract. My boss has a history with the place that made me an offer, and letting him know where I am going is pretty much burning bridges.
Is there any possibility of obtaining audited or official PnL for my strategies that are live and the AUM allocated to them? How would one go about negotiating these?
My views:
1) I always tell my current employer that my new employer has asked me not to communicate that I will be joining until after they have communicated the news to their investors/stakeholders. I then go on to disclose that (i) I will be remaining in the industry; (ii) that I will be joining a competitor in the same strategy (if that is the case); and (iii) that I plan to adhere to the legal requirements of the contract....namely notice period and non-compete period and that my new employer is aware of those T&C's. I then throw an olive branch and ask what I can do to make the handover as smooth as possible and if there is anything else I can do before my final day in the office.
2) You can forget about getting audited P&L or performance data....unlikely the firm will go out of its way to make life easy for you given you are the one leaving.
3) Try not to get emotional and remain calm and factual. This is a small industry and burning bridges is to be avoided at all costs.