Lost faith in PM
Hello there.
Currently, I'm an analyst at a single manager (but with each team has a specific area of focus). For a short while, I worked with this amazing PM and it was an awesome experience. However, he got promoted to become CIO and moved across the country. I was not senior enough to take the PM role (which I completely understand and have zero hard feelings about).
The issue is that the new CIO hired a senior analyst guy who was his old friend from another firm as the new PM on my team (without any consultation or warning to the team, which felt like a betrayal to me).
After working with this first time PM for a while, I'm now very negative on the trajectory of the team and my career. Moreover, I cannot express my frustrations to the new CIO because the new reporting lines made by the new CEO cuts me off from him. So the CIO gets all updates from his buddy, aka a yes-man who is good at politics, and their relationship is super deep as they go back a while, so I doubt I can sway the new CIO.
In short, I've lost faith in my current seat and will be looking to move ASAP. 2 people have already left but the new PM spun it as due to the hot job market. (lol)
Has anyone else gone through this and what advice would you have for me?
Sorry to hear about your experience. I think basic advice is to find a new job which you're already doing. I don't think you can successfully play GoT with PM here so just move on...
I'd also recommend reaching out to your old PM as I'm sure he has a deep network and would be able to provide a reference for you.
unfortunately, the CIO/old PM told me I was part of a multi-year build out and was really vengeful after the 2 other analysts left. I don't think he will help.
you a bitch is all im hearing here.
news flash - your old respected pm/cio got lucky during the beta boom and the new guy is getting absolutely f'ed by the market
you're not special, your pm isnt special, your cio isn't special. stop thinking you know something everyone else doesn't
just leave if you're so miserable - job market is hot, right?
Holy shit this is such a mega douche comment.
Sounds like someone got blown out last week lmao
Eat shit.
unlike you, I still have my job
Easy answer is go to another fund which should be easy today if you are solid. What is making you question the new PM and his investment process?
since working with the new PM for a year, I concluded he doesn't know how to lead/manage a book and the stalwart progress has frustrated multiple people
Make the move bro, but make sure you can make it seamless, stay on until you're sure the move is worth it, weigh it up, and then jump overboard. Two people have left already, the ship is already filling with water (sorry about the amount of nautical references), you might as well follow suit and ideally find something better. Best of luck my guy, the next big thing is around the corner.
thanks! I always know deep inside it's a marathon not a sprint
I've gone through this with a new PM being brought into my product universe and "sharing" some of my traded products. Naturally, attribution for profitable trades was his/hers, but unprofitable trades suddenly became all mine.
You’ve discovered the one perpetual truth of our business - that Street is often filled with assholes and personalities. This is always going to be true to some extent, and part of becoming a senior professional is learning how to work with this.
Given the new state of your current firm, you should only stay if you think the CIO/long-term economics benefit you more than any other role you could get, or you could somehow find a way to work with and profit from this new PM. There aren’t any rewards for loyalty anymore in today’s buy-side, and your comfort at your current firm is not something they will pay you for.
I would also encourage you to seriously revisit your relationship with this new PM. He/She is likely more experienced at running $$$ than you, and your old CIO seems like an intelligent person who would not appoint a idiot. See what you can learn from them and see if they will give you risk - that is really all you need from good PM. You don’t need to be their friend or like them.
yah, understand the point about assholes. Not prepared since most people I surround myself with are not assholes ha.
the new PM is a risk manager who was an analyst 3-5 years earlier and the stalwart progress so far has been frustrating for my team. Maybe he'll grow to be a good PM over time, but I'm relatively young and don't want to play second fiddle to someone is struggling. These are years I will not gain back and I only want to work with a good senior PM
Im a bit curious about your funds structure. If there are separate pms with their own teams managing a specialty and the ceo is managing operations then what exactly is the role of the CIO?
I went through a similar situation except in my case the analyst role was made redundant before they hired the new PM. You are in a better situation as you have a choice to keep going and either get along with the new PM or look for another role whilst being employed.
I had to flounder about looking for a new role whilst having to explain what happened, and ended up back on the sell side. If you expect this may be a possibility as well, especially if it's a smaller fund, consider pre-emptively looking for a better role whilst trying to make the current one work.
yes, I'm lucky to not be in that kind of MLP situation.
I'm curious as to how your job search experience was after that? Was the reason that your stint was too short and other buyside roles were closed off to you because you couldn't explain it during the interview?
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