How do top multi-manager hedge funds (e.g. L/S equity at Citadel, Millennium, Balyasny, Point72) think about candidates from long-only asset managers like Capital Group? Could someone who is a few years into their long-only equity research career at a place like CG expect to receive any interviews from top hedge funds and transition to L/S if they had a strong background?
Would greatly appreciate any insights regarding this.
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Here come the college kids parroting the 'CG is a top LO why would you ever want to go to an MM' spiel...
Maybe for all our sakes you could shed some light on why you're looking to make the jump?
To your question, yes you can get interviews but will need to show good command over your coverage, interest in/ability to generate short ideas, work ethic etc.
Thanks, I'm interested in L/S and it has been my goal since college, looking for something more fast-paced.
At the moment I'm more focused on optimizing for potential max comp than things like stability / lower hours.
How many years out of college are you?
Varies between PMs. Some will want sellside/no investment experience, some will be more open.
i will say that these moves are a bit harder in the UK than the US.
Thanks! I find it interesting why PMs would want an IB analyst over LO (who perhaps also has a bit of M&A experience). I guess maybe they view them as more mouldable to their own investment style?
IB is a known quantity, you get worth ethic and technical skills. LO has a lot of, let’s say qualities, that more than a few HFers don’t want to be transcribed into their process.
Namely being sleepy, unable to switch off their old process/what they learnt (doing a lot of thematic work for ROIC clarity isn’t going to make you money at citadel when you’re holding a stock for 3-8 weeks).
Aside from looking at stocks from the get go, there’s a decent chance there’s not a lot of overlap between LO and a pod’s day to day. Like I said, there’s more than a handful of PMs that won’t mind, and will appreciate a LO associate moving over, but be aware that there’s not a lot of these in the UK given how much smaller the L/S franchises at MMs are here. Usually HH/Bizdev is mandated to find ER/IB ime.
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