Reaching out via cold snail mail with a letter + research sample. Thoughts?
I am an associate analyst at a large asset management firm with 5 years of experience. I’ve been promoted once. I’m currently recruiting, with a specific focus on hedge funds. This has been a very difficult / arduous process. It’s been difficult to get interviews because I don’t have an IB + PE background. I’ve gotten interviews at 4 firms over the past 6 months where I made differing levels of progress (everything from meeting everyone on the team twice to not making it past the first round). The big recruiters have been of almost no use because they seem to tend to screen for people who have the IB + PE background.
I am toying with the idea of using snail mail with my next batch of reach outs. I’ve put together a research sample (a short one and a long deck) and I am planning on literally physically mailing my work and a short letter to some funds.
My question is: is this is a dumb / cringey idea? I want to do it because (1) it may help me stand out from the many people who probably email people at different funds (I’m early in my career and I still get a bunch of cold emails from college kids, so I can’t imagine how much someone who’s an analyst / PM / etc. gets) and (2) some of the funds I’ve found via 13-F data don’t even have clear email addresses, so in lieu of sending emails, this is a viable strategy.
I just wonder if I’ll come off as a try-hard or a weirdo or cringey in some way. I’ve seen conflict information about this the couple times it’s come up on this site. Any input / thoughts would be helpful.
Sending a physical letter with a research sample can be a bold and creative move, especially in a world dominated by cold emails. Based on the most helpful WSO content, here are some insights and considerations for your strategy:
Why It Could Work:
Potential Risks:
Tips to Execute Effectively:
Final Thoughts:
This approach isn’t cringey if executed thoughtfully. In fact, it could be a refreshing change for fund managers who are used to generic cold emails. However, it’s crucial to balance creativity with professionalism. Hedge funds value initiative and resourcefulness, so as long as your materials are high-quality and your outreach is targeted, this strategy could work in your favor.
Sources: How to get a Hedge Fund Internship, The Best Networking, Cold Calling and Cold Emailing Posts on WSO, Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond, Networking 101 -- Hedge Fund Edition, Walk-in "cold call" question
You'd certainly stand out, and it takes more work from the recipient to dispose of a letter than it does to delete an email (so, more likely they read your stuff). One option is to do both, kinda to make sure they see you.
Some might tell you it feels too pushy, but there's definitely HF managers out there that respect this kind of hustle.
Gotcha, this is helpful. I suppose those no one right answer. Some will think it’s pushy and others will see it as a positive. One factor I guess is also the age / seniority of the person. If I’m targeting a 45 year old who is a PM at a fund then perhaps mailing works. If I’m trying to reach out to a 29 year old then maybe I should stick to email.
I agree with this take - there are some people who would really appreciate this, but I also might be getting old and potentially have a warped view.
I only have one piece of evidence and it is from a friend who took this approach (about 10 years ago) and was able to solicit a seed investment from a very old school / older investor who appreciated the approach and they have now had a decade-long investment partnership.
I'm surprised you're not getting much traction with HHs if you say you're at a large asset manager (only a few that are truly large and they should all open doors)... are you only relying on the traditional PE focused HHs or are you reaching out to MMs and sending out cold applications as well? Are you too restrictive on the type of role / coverage or geography? Does your resume come across as well structured for someone who spent 5yrs at a fund or does it sound too junior i.e. would need a ton of hand holding? With 5YOE at a large asset manager, lack of IB+PE should only matter to a handful of funds
The mkt also changed quite a lot over the past few weeks... the # of inbounds dropped significantly vs. the start of the year. So you might not be getting a response simply because everyone is trying to figure out what to do next... do you also have a network you can ask around at for referrals or frankly even your PM (at my shop... also a very large asset manager the PMs are receptive to helping out juniors)
I think it could be a combination of things and I don’t have a clear answer for why. One factor is that I am focused on SM roles, so this limits me vs. if I was okay with going to a pod. Most of the recruiters I work with (SearchOne, Odyssey, Dynamics, etc.) are always selling me on the pods and believe that those are the ultimate and best spot.
My title is also still associate, even though I’m doing analyst level work at my current firm (i.e. leading due diligence and getting names in the book). I had a recruiter recently reveal that she thought I worked on the sell-side this whole time because of this.
I’m sure my resume could be slightly better. I worry that it’s too wordy and dense (I go through the analysis I’ve done and theses of the names I have in my book, etc.).
I would literally just change your title to "Analyst" on your resume, it won't matter
I mean... if you work at a reputable large LO the recruiter is a bit dense to think it's the sell side regardless of your title...
and on your resume make sure you're not too wordy on what you did and the thesis... you need to appear smart, not just regurgitate things you did or you might want to expand on in an interview... leave the details for the interview
You should try to catch up with people who cover your sector at other funds. If you are at a large fund they would of course love to talk to you. And then you can ask them to let you know if they hear of anything as you develop that relationship. Also talk to sell-side coverage that you like (Analyst or sales coverage). The sales people often know what funds are looking. They are discrete.
just try pods?
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