Negotiating salary for Hedge Fund position
I accepted a position at Merrill Lynch in the FADP program in Nov 19'. Shortly after I got hired the FADP program was suspended from prospecting. Shortly after this COVID. During covid we were repositioned to originating PPP loans. We are still in this position. In December an acquaintance reached out via LinkedIn that he would like to get in contact with my Broker dealer. I let him know of my current position and my displeasure of working there, and that due to my minor role I probably wouldn't be of much help. We hopped on a phone call and he stated that he didn't think BOFA was the right fit for me. I joked around and said maybe I could get a job at the firm he owns. He said "come on over!". Following this I met with him at his office and we talked for awhile and I helped him to the limited availability I could. A few weeks later his assistant called and asked if I wanted to go to New York. I said of course, but I don't know how that would happen. She stated the owner wanted me to fly out for the IPO of the Mutual fund they were announcing. He flew me out that week and I was able to be at the "Covid-friendly bell ringing ceremony" at NASDAQ. After we returned from the trip he said my participation on the trip with investors was invaluable and he wanted me on the team ASAP. He correlated whatever I did to a investor quadrupling his investment. He asked me what I would want as a salary ( I have never been asked this straightforward) so I quickly said 100k. He accepted that without blinking. I didn't discuss anything further but I am looking to move over to the Firm at the beginning of next month. What should I ask for/ discuss with him? He asked me specifically what I wanted to do and I told him I wanted to be on the sales side bringing in new business, Mutual fund wholesaler. Beyond that I don't know what else to ask for. Any info would be greatly appreciated. The firm is small 10-20 employees 50-200MM AUM
Hi georgeashby, any of these discussions helpful:
More suggestions...
Fingers crossed that one of those helps you.
Don't retrade on salary. Ask for upside on new business you bring in or some performance incentive if the you/the fund crush it. Let him guide you on what kind of upside you can get. Not to be a wet blanket but 10+ employees and under $200M with mutual fund fees is not a big pie to eat from bonus-wise.
I was speaking more in terms of the commission structure, business expenses, healthcare, 401k etc. The Mutual fund is actually 2/20 as well as the hedge fund.
In that case for a sales role I believe 20% of fees generated is market. I'm sure they will cover your business expenses, wouldn't even sweat the small stuff like 401k match and healthcare it's immaterial compared to your bonus/commission.
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