Millennium vs Exoduspoint
I have an offer from both firms, for similar roles in similar pods. What are some firm-wide pros and cons for both firms which could help me decide?
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the individual pod dynamics are far more important.
Millennium versus Millennium basically.
Exodus will pay better and give better drawdown (both are slight...but still)
Whats the deal like at Exodus?
i was quoted 1% better on both drawdown and payout
At the PM level this matters. At the analyst level I'd argue the team/PM dynamics still matter much more. That extra 1% won't mean squat to three analyst if the PM is pocketing all of it.
1% drawdown limit is pretty meaningful though
At platforms, its all about your team/PM rather than the firm. Both shops should have access to 'similar' technology stack, brokers and datasets.
exodus is newer, but had less time to build out infra with no legacy debt
MLP has more legacy infra
not sure how they compare
Infra requirement varies across different type of strategies. Do you mean specifically for quant strategies which generally demand a higher level of infra support which exodus is less competitive than MLP? Though it seems that neither place is considered as quant shops.
i've heard that the quant infrastructure at Exodus is basically nonexistent fwiw
As people said previously, they are very similar and the gold standard with Exoduspoint giving slightly better terms as they are a franchise team and needed to pay up to acquire talented traders (I don't think that this should really influence your decision though.) Management structure is probably better at ExodusPoint currently because there are less legacy layers of management and the PMs have a more direct connection to the founders (who are the same people who built the biz at MLP). Millenium likely has some advantages on niche infrastructure if you are a team that can leverage something built preexisting from a former team, otherwise would say resources are similar. Are these enough to switch shops if you already have a good deal? Probably not with all the friction involved.
This is if you are a PM. If you are not a PM it is going to be 100% about which PM you think is better and you get along with better.
What about IP ownership? Do they share the same practice as well?
Since they're basically mirrors of each other for the most part, I'll give my 2 cents.
Pay/drawdown: ExodusPoint slightly better
Mgmt access: ExodusPoint (imagine going to a meeting with AMZN at millennium with 30 investors in the room vs 5 at ExodusPoint)
Infrastructure cost: millennium (splitting the cost among more teams means lower expenses per team)
As Exodus grows its number of teams I'm sure the 2nd and 3rd points will even out.
What is their willingness to keep on analysts after the PM has blown out?
Close to zero in most cases unless there is an analyst need for another team / timing matches. Or they are willing to give a small book to the analyst to see if he / she can make the transition.
That is not zero then, right? Not sure what people expect them to do.. keep the analyst on the payroll even if incapable of generating P&L on his own?
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