Macro Pod Compensation - Differences Across Geographies

I am currently in the London office and considering moving shops to NYC/Miami or HK. Would anyone be able to share comp differences across those geographies for macro pods?

I assume payout structure is similar, but is AUM meaningfully different / is one city typically viewed more favourably than others? Know the US pays more for IB / PE type roles, but I’d think macro is more evenly distributed, I.e. you can make a killing punting either US treasuries or illiquid EM products.

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1y

Based on the most helpful WSO content, compensation differences for macro pods across geographies like London, NYC/Miami, and Hong Kong can vary significantly due to factors such as cost of living, tax structures, and the size of AUM managed in each location.

Compensation Differences:
- The US (NYC/Miami) generally offers higher compensation compared to London or Hong Kong, similar to trends seen in IB/PE roles. This is largely due to higher base salaries and bonuses in the US, even though the payout structures for macro pods are typically consistent across geographies.
- London and Hong Kong may offer slightly lower compensation, but this is often offset by lower tax rates in Hong Kong or other regional benefits.
AUM and Market Focus:
- AUM can vary by geography depending on the firm's focus. For example, NYC might have larger AUM for US-focused strategies (e.g., US Treasuries), while Hong Kong could see more emphasis on illiquid EM products or Asia-specific strategies.
- The perception of a city being more favorable often depends on the firm's strategy and the trader's expertise. For instance, NYC is typically viewed as the hub for US macro trading, while Hong Kong is critical for Asia-focused strategies.
Geographical Preferences:
- While the US pays more in general, London and Hong Kong can still be lucrative for macro traders, especially if their expertise aligns with the regional market focus.
- The choice of location might also depend on lifestyle preferences, tax considerations, and the firm's specific opportunities in each region.

In summary, while payout structures are similar, the US (NYC/Miami) tends to offer higher overall compensation, but London and Hong Kong remain competitive, especially for regionally focused strategies.

Sources: US cities Ranking (compensation based), PE Associate Compensation in T3 cities?, , https://www.wallstreetoasis.com/forums/compensation-differential-nyclondon?customgpt=1, The future of Hong Kong high finance

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Macro Pod Compensation - Differences Across Geographies

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