Looking for another SM HF seat as I lost faith in the PM - How to explain in the interview without being a douche?

SM HF event-driven equity, mid-to-high hundred $. I'm the lead analyst out of a team of 4 IPs and have 6YOE - all at the fund. Since early 2021 we've been underperforming as our portfolio was basically a factor bet, even though some of our team fought to change that but were unsuccessful in convincing PM on that. Now we are well below high watermark.  I don't trust the PM anymore as he basically just plays golf all day and has other life priorities - been this way for the past 2 years as he hit out of the park during 2018-2020 and is now super rich. His work pace in the fund has reduced drastically. He's been getting everything wrong - which is ok, it happens. But I feel he is getting more and more arrogant stock-picking-wise - ignoring good calls from our team and taking less feedback. We're not an mgmt fee fund, so we need to perform well to earn good $. 

I'm sure I can get many interviews at larger funds with higher job stability. But how can I kindly explain this situation to other funds? I fear I can sound like I'm blaming everything on him and/or being arrogant. Note: I assume I would get good references from him by leaving on good terms. As I have a good relationship with him, I can easily tell him I would leave because I had a better offer and would like a new challenge after 6 years in the fund. I plan to search for the seats by myself (have enough contacts).

Comments (2)

Most Helpful
  • PM in HF - Other
2mo

Just say you've plateaued and look for new environment for growth, the same cliche talk. 

Plus the quantum of the fund slowdowns due to PM/CIO's changing life priorities, which mismatches with your current velocity of divergent ideas. 

All of it points to this career decision. 

Quite simple really. 

And if prospective employers probe you on this, just throw them an example, one of your best idea (that should been working out) but then got turned down by the PM/CIO, which resulted in a missed investment opportunity. 1 stone 2 birds, not only you answer the question, but show how good your ideas are, and not pointing finger to the PM and blame him explicitly and direcly. 

  • Research Analyst in HF - Other
2mo

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