Leaving notification period

Based on previous WSO threads, here's what you need to know:

1. Notice Periods and Non-Competes:

   • Notice Periods: It's not uncommon for senior roles in hedge funds to have extended notice periods. While 9 months is on the longer side, it can happen, especially if the firm wants to ensure a smooth transition and protect its interests.
   • Non-Competes: A 3-month non-compete period is fairly standard in the industry. These clauses are designed to prevent you from immediately joining a competitor and potentially taking sensitive information with you.

2. Industry Practices:

   • Senior Roles: For relatively senior positions, extended notice periods and non-compete clauses are more common. This is to safeguard the firm's proprietary strategies and client relationships.
   • Compensation During Non-Compete: Often, funds will compensate employees during the non-compete period, sometimes referred to as "sitting on the beach."

3. Transition and Legal Considerations:

   • Adhering to Contract Terms: It's crucial to adhere to the legal requirements of your contract, including the notice period and non-compete clauses. Ensure your new employer is aware of these terms.
   • Smooth Handover: Offer to make the handover as smooth as possible and ask if there's anything specific you can do before your final day in the office. This helps maintain professional relationships and avoid burning bridges.

4. Emotional Management:

   • Stay Calm and Factual: Try not to get emotional during the transition. Remain calm and factual in your communications. The finance industry is small, and maintaining a good reputation is important.

5. Recruitment Challenges:

   • Impact on Attractiveness: Long notice periods can make you less attractive to recruiters, especially if they need someone to start immediately. However, for senior roles, firms may be more understanding of these constraints.

In summary, while a 9-month notice period is lengthy, it is not unheard of for senior roles in hedge funds. The 3-month non-compete is standard. Ensure you comply with your current contract and communicate openly with your new employer about these terms.

Sources: Long notice period makes me unattractive to recruiters, Leaving for another fund - How to deal with current employer?, How do non-competes work when you want to quit?, Help us determine a fair compensation structure and non-competes for a new HF, Longevity of Hedge fund career: how long do people last in this industry?