No job offer after quitting without anything lined up... should I be concerned?

 no it's just a slow market. I think you should be fine. Just keep going. 

I went through something similar. Pod blew up after 3 months. And things got tense between me and my PM during the drawdown. We are now on great terms but during that time, and for several years after I quit, I had a different perspective.

It took me a year to land back on my feet in a good role. Wasnt ideal. Had to rely on my network on the buyside, which i only became comfortable after a while (felt like soiled goods after I quit).

If I could go back in time, I would have asked for help earlier. And would have worked with good headhunter. 

If you have 2-5 years of HF experience, I would personally be concerned about not getting more interviews tbh… that’s usually the sweet spot for getting repodded either internally or landing at another shop. I was in a similar situation earlier in my career and was pleasantly surprised at the outcome (two offers in six weeks and one late stage process that would have converted). Before I get MS for this I get things are seasonal, times may have changed, and luck plays a role so absolutely YMMV… Did you enjoy the day-to-day and could you see yourself doing this another 10 years?  If not, this could be a good opportunity to change tracks and do something outside the industry. Lots of former peers left and ended up doing rewarding things 

Hey. I might have worked for the same PM. Is this the PM with a >200% turnover?

I just went through this - I also specialize in a somewhat niche asset class. It took me around 10 - 11 processes and I got runner up in 5 of these, which was pretty frustrating; over a year. It's just a really tough market environment and funds are generally on their back foot. You can always train a fresh junior instead of hiring an experienced hand. 

I think the shelf life on people is around the ~1.5 year mark people start to ask questions and you may have to settle for a job to keep your hands in the game. I'd definitely say I can think of a few handfuls of people I know who kind of excited the game and never came back. It's ultimately a narrow field shaped like a pyramid. 

Normal advice applies - keep your head up, keep good hobbies, see your friends. If you're a talented person you are going to do well in this world no matter what the industry. I'd say the thing I most enjoyed during my time away, even if it wasn't always fun, is exploring some of my hobbies and looking at businesses to buy in case jobs didn't work out. I'd also keep your mind open to other jobs - LO, family office, etc. 

Which asset class ?

unfortunately i went through something similar. Reputable MM where I despised the PM i worked under. thoroughly a bad person. despite the fact that you may be 100% right in your actions, finance types are cynical and your CV/story will carry a negative stigma. due to nondisclosures, unless there is a direct line to your former team, people will have to speculate as to whether you were pushed out, underperformed. If you are difficult to work with, etc. it took me a year to land elsewhere. echo statement above on casting wide net. take every meeting. i received offers that were below my market value and declined several. that became increasingly difficult as my time out of market grew longer. I ultimately couldn't stomach allowing people to exploit someone in a difficult situation. had i taken one of those, i likely would have left after a year bc I would have had a sour taste in my mouth and the relationship would have started on the wrong foot.

I wouldn’t treat one process a month as a disaster, especially given how specialized your background is. The bigger issue is probably the narrowness of the roles you’re targeting. I’d widen the search slightly around the asset class and function, while making the story around your move very clear. I’d also spend more time networking with PMs, analysts and recruiters rather than relying only on posted roles. In a market where your experience is highly specialized, even tools like Phonexa can be useful for keeping track of outreach and lead sources, so I’d approach the job search with the same kind of structured pipeline.

I hear you. Just trying to chime in with some thoughts from an Outsider perspective having read the above thread and hopefully can help push the ball forward. You mention your skills are not transferable and the current market doesn’t seem so welcoming for your skillset. Maybe learning new skills or upgrading your skills could help your ability to make money in the current employment market. Not sure the value you could bring to employers unless it’s seemingly the two places you worked at prior who don’t seem to value you / your skills as much as you would like. Either way, good luck  I hope things work out well soon.