i was supposed to have an interview with a long short credit PM for an analyst role at one of the typical MM's later this week which was just cancelled. This is the second time this PM has cancelled on me. I had heard through the grapevine this PM's book wasn't doing so well the past few weeks. I would have guessed if the PM was looking for an analyst his book would have been up or atleast coming off a very strong 2019 with more capital. I was wondering if anyone has had similar experience and or had color on getting hired on a book that was down.
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Hey PeterClemenza, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
If those topics were completely useless, don't blame me, blame my programmers...
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It has obviously been a tremendously eventful couple of weeks, and any PM is currently stressed out, even if he is doing ok, not to say if he's going through a big drawdown.
Totally normal to put any hiring on hold and focus on salvaging the portfolio. Doesnt mean things are over for you nor for him. Just priorities.
As we have seen the past few weeks, markets can move on a dime. You mention that your PM is in L/S credit. You've seen where treasuries have gone and where HY spreads have gone right? That should say it all. Guys are scrambling.
Another thing to remember, the MMs are machines with tight risk limits. He may have had a great year last year, but remember its clean slate this year and if he's down...
Best not to read into it, stay on the radar and try to re-engage as (when) things settle down a bit. You are not alone in this regard. I assure you.
Good Luck
SMH.
This happens. He may have blown up or just may be focusing on the portfolio during a turbulent time. Maybe his capital limit was cut and now isn’t allowed to hire. Maybe he’s no longer above the return hurdle. Multimanager PMs are always hire until they get fired. There’s no way to know, so I wouldn’t stress yourself out. It could just be on hold. Regardless, if you’re in the MMs system, you may be able to swing it to an interview with other teams once things calm down a bit, if that’s even necessary.
Much appreciated. the MM reached out on friday and said we would circle back on the seat once the dust settled around COVID and general market vol.
Nevermind. The PM ending up blowing up and was cut.
might the platform still consider you for another PM group?
I bet they have far more blow outs right now than guys crushing it.
I’ve heard some citadel security desks are pulling in 300 a week right now though.
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