Merger Arb Pods
Does anyone know more about merger arb pods at big multi manager funds? What’s the job security like when compared to the LS equity pods? Is it more future proof(will it become automated, more quant heavy)?
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My impression is this product space is becoming more automated. Already I see arb products managed as an index with set rules and almost entirely handled by the index manager with a couple of people having authority to call shots outside the rules if need be.
I'm not an arb expert, but merger arb analysis involves a lot of legal-esque work involving anti-trust considerations, Board dynamics/management's motivations, reputability of news sources, etc.
I'd say all that provides nice barriers to entry against quant. Very much like distressed investing, where I think there is consensus it's among the areas less likely to be overrun by quants.
I find both distressed and merger arb very interesting and I am having a hard time figuring out which direction I should go in. I will probably choose the one that has higher compensation. So which one do you think pays better?
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