PM role at a centralized platform vs a pod shop
To what extent is it possible at centralized platforms (think RenTec, AQR, Bridgewater) to own a book or build up enough of a reputation so that it's eventually possible to make the jump to a PM role at a pod shop? Assume the type of strategies overlap. Currently in a pod shop as a QR with no clear trajecory to PM and am considering whether a more senior role at a centralized platform is worth it or would close the door on future pod PM roles
Rentech and Bridgewater have very long non-competes so hard to become PM after. 3+ years for the roles that are senior enough to transition to PM. Hard for them to win enforcement, but they will make your life miserable in the process. AQR doesn't do much actual alpha these days, haven't seen a PM hired directly out of AQR (though many PMs who were there in their early careers).
Prop shop likely best bet for a centralized firm with opportunities to transition into a PM seat later, especially if working on a slower (mid frequency) strategy that is not dependent on firm execution.
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