Not sure if it's just me but seems like all the seats headhunters talk about now are multi-strat/multi-manager/prop funds. Average firm headcount of opportunities shown to me is literally like 10x higher. Of course these firms were mentioned before, but now it feels like it's 80% of the names shown to me rather than 20%.
The issue this creates is that now when I talk to headhunters its super awkward because they will suggest firms and I almost always feel like I have to say no because they are repeating the same names of the same firms someone else has mentioned. This literally happens to me all the time. I'm honestly not sure what is optimal for me to say from the standpoint of getting a job. It used to not matter since it wouldn't happen much but now it happens in every conversation that I have (and across a wider array of the multi-manager funds out there). Any advice or thoughts? On one hand maybe it looks like I'm in demand if I say "hey someone already introduced me there." On the other hand, it's happened multiple times where the second headhunter to mention X place will somehow get me in the door when the first one fails (I said no at first and he insisted and then got me the interview).
Imo the quality and work effort that headhunters put in has gone down tremendously in the industry. I think there are a couple reasons for that, but I keep getting surprised about the sht quality of the avg HF recruiter out there. From their perspective: Why bother with a SM that hires every couple years and probably goes via its own network. MMs have the churn, so every donkey focuses on them. I just find it laughable, when a headhunter kid opens a call with “have you come across mlp?”, when I have been in the business for a decade plus. They are lazy AF and by now I consider it a waste of time talking to 99% of them.
I'm in the same camp as well. Every recruiter call I take they are trying to introduce me to the 2-3 same pods we all know. This is primarily because that IS where all the new seats (and churned seats) are as $$s have shifted into pods. Then to @sa-jue's point there is very high turnover to their models so it makes sense for headhunters to further focus in the area and build rapport with the internal HH's
This is valid. Basically every HH is tied in with BD teams at the large MM for all the obvious reasons, they have the most capital to allocate so of course HH are going to spray it. Is it lazy? Yes. Would I lead with it? No, but it's a part of the conversation to make sure it's covered.
That being said any good HH should have 10 other funds with more interesting story's that are a better fit for your specific strategy. Any great HH should already have that level of rapport with you and know what to reach out to you with.
Ok makes sense. I'm guessing people just go via their own networks at smaller funds. If everyone is experiencing the same thing, then I guess I'm supposed to just say "hey someone already introduced me there but I haven't interviewed there yet so if you want to try again I am open to that." Is that what other people say? I just don't want the original headhunter to get pissed off or something if by chance I do end up getting a job there but the second headhunter somehow is the one that gets paid. Idk how that even works and I want to be respectful of these people, but it's hard to keep saying the same thing without questioning whether I am doing something wrong.
If your resume is submitted to BD then theres an ownership period that takes place (length depends on the fund). If someone just speaks to you about a fund or opportunity that doesn’t constitute representation. I’d just be honest about what your prior conversations have been like. Ultimately If HH #2 comes along, demonstrates better value, peaks your interest in the same fund in a different way because they had better insight into what the opportunity offers then thats probably who you want representing you. If you have a strong prior relationship with HH #1 and it’s been a while since you connected, maybe bring it to their attention. IMO (and I’m biased) this is where it’s beneficial to have a strong rapport with one maybe two HH and get a sense of who they can truly help you out with and how strong their relationships are.
I think four HHs this year have let me know about an opportunity at a certain MM. At this point it is comical and I just pretend I never heard/know much about it cause I am almost intrigued how this place cannot fill the seat they want or keep churning seats. "Uhh I think Bob runs that group". "Ohh really Bob left and Greoge is the new boss, ahh this time its really different".
It seems over the last few years the industry standard now is that headhunters literally have to pass a resume to BD to claim that hire, on the other end we get some resumes/contracts where literally if we open that resume we are stuck with that candidate tied to that headhunter. It is a truly bizarre world.
As mentioned over time you fill find HHs you trust and just try to keep up with them and see if they have claim over you, the good HHs will let you know how they compete vs others but in general do not feel awkward its part of the norm now.
Agreed. Though even the “good” headhunters mentioned on here (SearchOne, Odyssey, etc) have really shifted towards MMs. Its always “We do a lot of SM roles but actually right now we dont have much on that front but have you talked to Citadel lately?”
The only one with a good depth of non-MM roles left is Dynamics in my experience.
Why can't you just reach out to BD at the MMs directly and skip through the HHs?
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