Title says it. Joined in 2024 from a LO and had a good year but volatility screwed us and it is coming to an end. Worst is, I’m getting to know this from market chatter. No word from my PM yet on what’s happened or whether he’s going to take me along or not. I had already started conversations at other platforms earlier and have had a couple of discussions, as I felt that my style was not a perfect match with how the PM likes to operate. But now I’m worried whether the recruiters would step back once they get to know about the pod going bust. Need advice on how to get through this phase.
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You learnt from an external source that your pod blew up ??
not uncommon
How does one typically hear? I may be in a similar situation
Good lord, any boss that is not a sociopathic coward would let you know himself the moment he learns about it.
Heard it from sell side folks (sales and analysts)
Needless to say, I’m thoroughly disappointed. I thought I had a good equation with him but I guess that was just in my head. I’m left at the mercy of an internal transfer while hoping that another PM doesn’t use this to squeeze me on the terms.
Don't feel too bad. If this is MLP then know it is extremely common. My friend's PM literally went on a "sabbatical" months before team got axed. It's just the way the industry has become. Just recruit and you will be fine
Maybe there was non-solicit considerations and/or he didn’t want you out recruiting w/ a conflicting story about why the pod busted til he’d locked in his role… there are very few cases where the PM can take juniors from pods. If they quit before getting fired - non-solicit.
That said just going AWOL with no color and a live book is wild, maybe he had a mental breakdown or something?
Really the first drawdown limit is the end, the PM has a little window there to recruit before the market knows and the whole team is out recruiting, in some cases prob blaming PM (don’t do this).
The thinking (I assume) goes something like this: “Welp, after first drawdown limit I have a big hole to dig out of and half the capital and my analysts will probably quit, which will further concert the head of equities and so basically I can write off the next 12-24 months and stick around, or go elsewhere and reset.
I have a wife and kids! My analyst is young and single and will have many opps… I need to lock in a seat before my book is done liquidating.
Actually it is more honest to NOT tell my analyst or even the interviewees, because then they could infer that the liquidation is front-runnable so the fiduciary duty actually lines up with self interest. Anyway this happened to me when I was junior, he’ll be fine”
Does anybody actually recover from the first DD limit being breached? I know analyst friends in similar situations, they ended up leaving but the PM still there.
If a team had $1B GMV and gets cut to $500M-$700M and has to claw back $25-30M+ and more like $50M to get paid a real bonus pool hard to see how that ever works with a dejected PM and analysts looking for lifeboats.
Has BD reached out to set you up with interviews internally at other pods?
Not yet. I'm going to start reaching out to people
honestly - talk to the street too - spec sales people / sales people - they know where others are moving to new firms / whos looking for a new analyst etc
and feel free to PM
In a similar situation unfortunately. Options are basically:
1. Get close with HR, try to be re-podded. Least amount of friction here
2. Speak to PM, see if he’s setting something else up (although sounds like he’s a bit insane for not signaling this)
3. Recruit for other funds. Let’s see how long Degrossing lasts but should be a decent amount of open seats soon
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