Q for MM PMs/Analysts - Which MM and why for a PM seat?
This question is directed at people with direct experience working at the multi-strat HFs. I’m in a Analyst/Mini-PM hybrid seat running a sleeve independently at a mid-sized MM. Performance has been good, so if I keep doing what I’m doing I can get a PM seat at my current shop in probably ~2-3 years. I can probably pull that forward by a year if I jump ship.
Here’s the question: if you were starting from scratch as a new PM, which of the multi-strats would you want to start at? Which have the best combination of % payout and flexible risk framework?
Current seat pays PMs low to mid teens but has close to zero risk overlay as I’ve seen. We can trade a wider array of securities than a typical MM as well. It also happens that I cover a sector that traditional factor based risk frameworks are useless/counterproductive for.
Interested in specific feedback primarily on the non-mega platforms since enough has been written about Citadel/Millennium and the like - Schonfeld, Cinctive, AB Arya, ExodusPoint, Brookfield, all of the random ones are what I’d be curious to hear about. And for people who’ve gone through this process, happy to hear of headhunters you thought were useful/smart.
Bumping b/c interested in hearing from others.
FWIW, I'll try and offer what I've seen from my side. I've heard from people I work with that ExodusPoint is offering payouts in the mid 20s, but with relatively strict risk management, tight stops, etc. I've heard good things about Soros and Schonfeld, but not sure about specific numbers.
Exodus certainly belongs with the mega-MMs both in terms of capital allocated and payout.
Maybe I'm misunderstanding, but doesn't this contradict the previous poster? Mega MMs give mid teens type payouts, not mid-20s? Is that what EP is doing to attract PMs?
Mid-20s quite rare, but is offered to some stellar perfomers at only very few MMs.
Mega MMs tend to have pass-through cost structures with LPs, which allow them to offer better payouts to PMs.
I think the reason they're not mentioned more often is that equity gets so much attention and their equity business is still pretty nascent compared to the other pod shops (since it launched as a credit/quant shop, bring led by former head of credit at MLP). That'll change over time.
gvhvhg
BAM has exceptional PM training program from what I have heard.
Lol
Also curious for more color here, thanks
From your experience what were the platforms that were more lenient in terms of strategy and potentially drawdowns?
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