I'm coming from a junior IG/HY/LL seat at one of the large insurance asset managers and will be having a several interviews/introduction calls with the several of the brand name distressed funds. I would highlight several years of investing in credit across sectors and the stressed/distressed names I cover and have pitched/passed on. My investing experience during the current credit environment should help as I've looked at everything from Boeing to JCP. I've seen a bunch about going to a distressed fund from a banking/restructuring seat but not much from a long only seat. I would love to hear more color on what to expect and how to best sell myself.
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Most of my distressed fund interviews have focused on why distressed investing, how have I shown interest in distressed investing, talking about past ideas / ideas in mind, and then case study. Some asked a few RX / standard IB technicals as well given I was recruiting out of school but most of it focused on the former stuff. I would imagine with your experience the interview would be geared more towards discussing your experience and past names you have covered. Maybe why switching from a large AM to a SM would be something you should prepare for?
Thanks, all of the material I have been thinking about. Being able to chat about current stressed / distressed credits I am looking at vs chatting about the new issue performing credits I've been investing in. Mention opportunistic adds in mid march / early april and trades made in the IG market when stuff was really out of whack.
if you're an experienced analyst they won't give a shit about most of the soft stuff, they want to know if you can really do a distressed seat job and that's fundamentally different than an IG or par-loan seat.
If you say you can analyze BA or JCP, you better make sure you can 100% think exactly like how the distressed funds in those situations are thinking, which is really the only concern I would have while prepping.
Having no knowledge of bankruptcy for example is a huge negative if hiring at the non-23-24 year old level. That is stuff either you should know if they require going into it or if you don't, you should ask if its an important qualification.
If you're still in the 23/24 year-old range, how do you make the switch? Maybe this will change by the end of the summer, but even in stressed sectors so few things are filing. I cover stuff that is trading at distressed levels (including some names that have recovered) but have only been the in opening stages of the RX process.
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