MM vs Single Manager

I've been told to avoid MM in my career if I ever want to go to another Single Manager fund in the future. An opportunity has come up to join the L/S pod at a MM that appears to be doing the exact same type of work I am doing now at a Single Manager. Can any of the more experienced members shed light on issues with joining MM and the truthfulness of the statement that I will no longer get Single Manager looks once I move over to the MM side?

Comments (8)

  • Intern in AM - Equities
6d

interesting you ask this when MMs are the only funds up right now. Tiger cub is a meme now. Archegos almost caused Lehman 2.0, Tiger Global got their dick caught in tech + chinese stocks + now FTX, i believe D1's biggest holdings were AMZN and RIVN, Coatue's biggest holdings were TSLA and RIVN, another tiger cub's biggest holding was META. I could go on and on. Across the board, tiger cub portfolios are down 40% in a single year and peak AUM is down to 20-25%. No, i don't mean down 20-25%. Down TO 20-25%.

At this point, I would be more concerned that if you worked at a tiger cub, you would be shut out from lateraling to an MM.

  • Analyst 2 in HF - EquityHedge
5d

Don't think they're exclusively asking about tiger cubs. Yeah they were great and now they probably won't be going forward; that's to be expected. The game is literally evolve or die - the era of that type of investing is probably over and those seats aren't going to be as highly sought after going forwards. Times change.

Think Brett Craughn has an interesting thread about this:https://twitter.com/FundamentEdge/status/1570836143146668034

Moving to an SM from an MM is only going to get easier - especially as the alpha harvesting culture from MMs becomes more useful going forward. Granted this will still be up to how much the individual can adjust their process to a different investment philosophy. 

5d
hominem, what's your opinion? Comment below:

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