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I had a phone interview with them and then a face to face interview while in undergrad. I think that was the first and only time I was ever teased for wearing a suit to an interview, so that basically set the trend for the interview (i was told to dress casual; howver, i came from work at ML; didn't seem to make sense to yank off the tie). The questions were almost entirely brain teasers..."what would you do if you needed to research X and your computer wasn't working....what if you phone wasn't working and you couldn't call anyone....what if you couldn't drive anywhere....what if you didn't know the answer, would you make it up?" No joke.
Needless to say, I didn't get the job. I actually would routinely get a phone call from their HR department for another interview, but I'd moved on (& I didnt want to work for those tards). With that being said, the principal at Q has one of the biggest houses in FTW, so I know he pulls in some cheddar. I knew quite a few people that worked there & they enjoyed it....pretty good pull from TCU....just wasn't a fit for me.
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A bunch of my good friends interned there and they said they did absolutely 0 valuable work...making copies, bitch work, etc. The only thing that came out of it was a filler on their resume. Q is amateur to LKCM in FW
I have worked for Q two years and think this is one of the top hedge funds in DFW. The interview process is more demanding than most, but this is a real firm with good/smart people and has a long and successful track record. Turnover is low, and the hiring process is part of the reason for that. Not many hedge funds have been around for 15 years and have Q's track record.
PTR - just to clarify things, I was referring to the internship program at Q, not full-time. Q is a well-established hedge fund that has done well for many years, but the experience the interns get there is severely lacking compared to other finance internships in Fort Worth.
Finance internships in Fort Worth?
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I was just contacted by Q for internship opportunity. So I am going to try and revive this thread. Does anybody have any additional info that they can add? Right now I am working in a niche finance role with a defense contractor in the area. I am thinking that even if the internship role isn't much above secretary work, it will at least be a solid name on a resume with good hiring opportunity afterwards. Please let me know what yall think.
Q would be a solid internship filler on the resume. In terms of experience, you won't be able to do anything other than observe the analysts and see how a hedge fund works. Q seems unique to me in that they frequently take on college interns (who seriously don't do much of anything) and new college grads (who will eventually start taking on more and more responsibility, but will never get a seat at the investing table).
I interviewed there and have known others who have interviewed and worked there. Feel free to ask additional questions; I'll be happy to expound on whatever you want. But, in all reality, if you can get a $1B+ hedge fund on your resume as a college student, take it. It will only lead to good things, especially if you want finance.
Is their aum really at $1bn now? I recall them being $3bn
I don't know exactly what their AUM is currently, which is why I added the "+". I do know that they fluctuate in the low $B depending on market conditions. From what I hear Q (Raynor) is pretty disciplined about his AUM and will give money back / accept money depending on the market. Most recently I've been hearing that they've been returning capital.
Also interested
Repost from an earlier PM I sent:
They are generally well-regarded, but don't seem to be well-known outside of Dallas and outside of the credit/distressed world. There are a few reasons information is tough to get with these guys. First, they are mainly a credit fund. Credit guys don't get nearly as much airplay as the equity funds out there. Second, they are on the small side. The guys you hear and read about typically have $5B+ whereas Q has about $2B, give or take, at any given time. Don't get me wrong, that's a lot of money, and they could easily raise more if they wanted to, but I think they like the size they're at in terms of strategy. Third, Geoffrey Raynor, the main guy is pretty private and doesn't like any publicity. Usually, if you don't want publicity you won't get it. There are enough hedgies out there who want the CNBC airtime (Icahn, Bass, Ackman, etc.).
The investment team at Q is really pretty small. Maybe 6 to 8 people who get a seat at the table. There are a handful of analysts that aid the investment team. Then the interns get to observe and do the work no one else wants to do (I would think). Regardless of what you do as an intern you can probably spin it into an interesting section on the resume.
Here's a rundown on Q (feel free to follow up with additional questions): Raynor used to help manage money for the Bass family (as did Clint Carlson of Carlson Capital around the same time). Raynor left and started Q in '94. The majority of what they did was convertible arbitrage. They were successful and started building out from there. Technically they're a multi-strategy fund and have the latitude to do ANY deal they want. Most of the money in the fund is Raynor's. I'd assume he has some Bass family money as well.
They do have an equity book, but it's pretty small relative to the rest of the portfolio. They're mainly credit. They will do long/short and also get into distressed names. They will also start or buy entire businesses. One of the deals they LOVE talking about is the airplane leasing business. After the 9/11 terrorist attacks, airlines and all related industries tanked. Q went in and started an airline leasing business that has been a homerun for them.
That should give you an idea of the work they do. The people will either work for you or they won't. Personally, most of the people I interviewed with were dicks. I didn't like them, although they were clearly very smart and good at what they do (Q has an impressive track record). As an intern, I wouldn't give a rat's ass about the people, because the experience for a few months would be worth it. The most important thing you can do is exude passion for investing and know your way around finance, accounting, and investing terminology. I'm not sure what an intern interview is like, probably not as intense as an analyst interview I went through, but make sure they know you have a passion for investing and an EXTREME attention to detail.
Thank you for the info. Their Form ADV says $3.19bn in AUM. These are the notes I have: They have a 5-year lockup. They have 10-15 investors in total. Internal capital is larger than any investor. They were down over 40% in 2008.
They mentioned the airplane leasing business in my interview also and gave me two excel based exams. I was interviewed by Jeff.
what kind of exams?
I'm interested hearing how these tests were.
Also interested
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Hi B-Po, I am a new user so I cannot PM yet but I am interested in your experiences with the Q Investments interview as well. Are you able to PM me more information?
Thanks
Would love to hear more about these guys if anybody has more info. Also interested in Highland Capital in Dallas.
Highland is one of the foremost credit managers. Great shop if you wanna do leveraged loans & CLOs. I think they are trying to do other stuff as well, but they were founded on the CLO business.
Not sure how good their loan to own & long/short businesses are, as they are definitely not known for those products & their founders are structured finance guys.
Probably pays well for Dallas, but being forced to clock time is pretty gay.
As for Q, I did a few interviews and case studies for them. Their process is very focused on the case studies - I passed 2 of them, but failed the case study on credit documentation. The two I passed were about excel & basic accounting/finance/investing (this was 2yrs ago, so I dont have much more to share)
Cries, what are your thoughts on Q? Firm, people there, strategies, other scuttlebutt, reference checks you did, etc. Any thoughts and info you can share are appreciated since there's not much public on them
I have quite a bit of firsthand knowledge as I interviewed there and have worked with former employees. Firm as a whole is pretty secretive because Geoffrey Raynor is a very private person. You will NEVER see him pitching anything at an investment conference or talking his book on CNBC. That's not their style. it's all about the investing. They don't even have internal marketing people.
Having said that, the interview process is designed to find people who will fit into that type of culture. Other parts of the culture and people are that they are very smart people who know they're smart. I've heard from a number of people that the people are pretty much douche bags, which I won't disagree with. My interview experience wasn't the best in terms of people.
Thanks for the info Cries.
What do you mean credit documentation case study?
I've heard about clocking time at Hoghland... I don't have much experience with CLOs either, just very basic. The pay appears to be around 90 base + 30-40 bonus. Not bad at all.
It's hard to find much info about Q so anything is appreciated. I would love to work there as an analyst... Hoping to apply sometime in early to mid 2015
Do they do much with fixed income?
They'll give you a credit agreement for you to read (over the weekend usually) and then ask you a bunch of questions about it. I think you might have to do a write up as well.
I hear Highland pretty much sucks. Sure you get a decent salary and shitty bonus, but it's a demoralizing place to work. If you can handle it, I guess it has some brand name. But ever since the downturn, they have yet to regain their former status. 2nd rate shop IMO.
Q is primarily a credit shop. Practically they are multi strat and do everything but the majority of work is from the credit side, including distressed debt. Q got its start doing convertible arbitrage and branched out from there.
Thanks bmcrhino
Great info... I definitely think Q may be a decent fit, or at least a lot better than Highland. Everything I've heard about Highland has been negative.
Pretty interested in exploring opportunities at Q in early 2015. Not sure if my experience will be good enough, but we will see. I know there are a lot of TCU people there, so I've at least got that.
bump - any info on the tests? was told there's a "personality test" and a credit-oriented one, trying to prep. also any more info on the general interview process would be much appreciated.
thanks in advance.
Took the test and its pretty straight forward but never heard anything after the two case studies.
Q Investments Phone Conversation Questions (Originally Posted: 12/10/2012)
Hello,
I have a phone conversation with Q Investments tomorrow. PE&HF based out of Ft. Worth, TX. Anyone who has any info please help me with this.
Thanks, John
phone interview is fit. that convo is followed by two 60 minute take home excel tests (time value of money, bond math, macros,etc.) and finally an onsite visit.
Captainkoolaid,
Thank you for your help. Looks like you know the exact process. Are the excel tests difficult ? And what can I expect at the onsite visit ? Anything technical or is it just a general interview ?
Q Investments Internship Question (Originally Posted: 12/03/2012)
Hello,
Anyone know anything about Q Investments LP. in Fort Worth, Texas. I have persistently trying to contact them for the past 6 months without giving up and finally a position opened up and I was asked to take a case study questionnaire for them. I would appreciate all the help I can get so I can be in good shape to get that internship.
Thanks, John
Have a buddy who works there. Definitely a solid shop, best of luck.
Q Investments LP (Originally Posted: 04/16/2009)
Anyone have any insight on these guys down in Texas? Preferably culture and interview process. Thanks.
I made it pretty deep into their interview process. Never got in though. They traditiionally hire UT/SMU guys.
PM me
What can you tell me
trader interview at q investments (Originally Posted: 12/13/2011)
Wondering about Q investments?
This is some great stuff, if true
seems like it's just a matter of time before someone go postal on this guy.
I can't decide if this sounds terrible or awesome...
Does the firm pay well? Otherwise I can't imagine putting up with this guy.
If it's true, that level of being a douche is almost kind of badass - if the comp is 2x market.
God, this was great.
and this isn't in the company database yet? http://www.wallstreetoasis.com/wso-company-database
Post just made my day, absolutely legendary
Front paged it
http://www.wallstreetoasis.com/blog/intern-horror-stories-q-investments
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Does anyone know if the same culture applies to the folks in their IT department? My resume is actually a great fit for one of their programming positions and am thinking about applying.
I just got the email for the excel portion of the test. I was wondering if anyone could give me any advice as to what is on the exam and things to study for?
I wanted to bump this thread. I have an excel test with Q Investments after doing a phone interview this week. One test is 90 minute and the other has a 60 minute time limit. Any insights on what to expect?
did they offer you the excel test right away during the phone interview? I've always been curious as to how those things work. I've taken an excel test for a previous internship actually. Typical straightforward stuff.
Yes during the interview I was told that I would be sent 2 excel tests. I completed the phone interview around 9:30am and received the test around 2pm.
These guys are actually crazy people.
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