Multi-Managers - NYC vs London
Interested to get some info on differences between NYC vs London at the big MMs, in terms of:
- Comp: Is the gap smaller compared to IB & PE? First instinct would be yes as it's more closely tied to performance. E.g. if you're up 5% would your bonus be equivalent in NYC/London? Only difference is base, which I presume is larger in NYC?
- Culture: NYC seems to be more of an "intellectual battleground" in some sense?
1) yes, payouts as a % are the same. Can be harder to make money in long/short in Europe though
2) this makes 0 sense. Theres no firm wide culture really, set by your PM
Why is it harder to make money in l/s in Europe?
Do you mean it’s harder when covering European equities or harder even if you’re in Europe covering US names?
Yes to both, Euro names have liquidity/market cap issues in many sectors. In terms of covering US names; very common to do that here at pods, but it’s not the best setup when you’re a good few hours ahead of EST. My pm was European but moved to the us for coverage reasons.
theres a reason why MMs are really trying to focus investments into macro units in ldn (see citadel not running their L/S grad program/SA in ldn for the last 2 years but are now marketing the hell out of their GFI london internship, their macro arm is bigger in ldn than NYC now)
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