Macro/Rates Analyst Model vs Sub-PM Model
Something I've noticed and wondering if others have as well.
As the Macro/Rates RV industry has grown over the past 3-4 years and most of the talented traders and strategists have left the sell-side to go over to the buyside, the quality of the sell-side as a whole has declined.
This seems to have led to increased demand for analysts (as opposed to sub-PMs or standalone PMs) and the "analyst model" (as opposed to the lone wolf PM/trader model) because the sell-side can no longer be relied on for research anymore.
I think most of these pods have started to realize that just hiring anyone with a pulse isn't the best strategy to produce superior returns over time and are now actively trying to grow their best risk takers.
Agree, not just macro/rates it is anything where RV/systematic strategies work and can be expanded. Seeing it in commodities even growth in soft ags last couple years.
Where are soft ags Hf desks?
OP, so what is the optimal path?
should you aim for sellside and exit in 2 years. Masters for quant skills. Grad program out of ugrad?
also, must you be versed in systematic strategies to add value as an analyst? Are the days of the well trained fundamental researcher numbered?
All of the paths you listed are valid.
I don’t know where people get the idea that RV strategies are mostly systematic. At least at the shop I’m at, they’re entirely discretionary/fundamental.
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