Marshall Wace L/S Equity
Anyone know much about MW - L/S equity strategy in particular?
How do they differ to the big multi-managers? How big is their L/S equity division?
How do they compare with Millennium, Citadel, P72 in terms of reputation?
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I’ve spoken to a few analysts here and interviewed with them last year.
I would not call them an MM (they also want to make sure they’re not seen that way cause they don’t want to pay you like a real MM lol). I never got an answer what the real risk limits are there but it sounded like they’re looser than your traditional MM. They like to say people can build a career there and won’t get canned like the MMs but speak to the analysts and you’ll find it’s all smoke and mirrors.
There’s potential to run really big books though which can translate to material pnl. I was really impressed with that. I was not at all impressed by the people who interviewed me though. Marked difference between Citadel for example. They spoke a lot about culture but the guys that interviewed me were honestly trying hard to be grade A rude assholes. Think it might have been part of the interview treatment since I still passed the interviews where they behaved as such. But nonetheless, it was a giant turn off and i would’ve pulled out of the process completely - but I hadn't formally received my offer from an MM (where I work now) so I just sucked it up.
Overall my takeaway is that it’s a platform you can make larger amounts of pnl with looser risk limits but lower % cut. But dont let them fool you into thinking they have a longer leash or that it’s a nice place to work.
agree with all of the above
From what I understand, books at MW run a lot of capital but payout % is 1/2-2/3 vs MMs (so need to handicap book size when comparing vs the MMs). Wider draws too without too much oversight on how you run and hedge your book. Haven't seen that much employee turnover so something to be said there. Think each book runs pretty independently. On pay, I heard some high numbers so think they are fine paying competitively. As always depends on the PM.
Have heard the opposite on comp. It’s not terrible but not great either. Eureka returns have been subpar.
Bump. Sounds similar to Viking? Big books, smaller payouts, but better culture/drawdown tolerance and leash compared to the Big 4. and hybrid MM/SM with most IPs having prestige backgrounds
Does anyone have more insight into stability and comp progression? Pretty deep into a process with them right now and would be interested to hear any thoughts, including how they are viewed in industry. For how large they are, they seem to have very low headcount and are not discussed much.
Can we find a way to DM? I'm in process with them now too and have some questions
Was this through a HH? If so, can you share which?
Bump, also interested in any insights
Bump
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