Is there a "good time" in the market to think about trying to make the jump from a sell side fixed income trader role (manage own P/L) to a relative value hedge fund role? Is this common at all? Would just staying on the sell side be a better option in the long run?
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Interested to hear about this as well
Bump
What are the top rel val HFs?
Its all relative
fair enough
bump
Yes, been moved to a rel val shop (at the start of bear market) after the previous shop went bust due to levered high beta exposure.
Should have done RV since beginning lol.
*given your current role in FI, I guess the RV HF you want to go to is FI RV, which I think have been doing great so far, I'm doing another kind of RV though*
What are the top FI RV funds?
also curious
Right, would be looking at a FI seat, and in all honesty, am trying to understand more about what fixed income relative value actually looks like. From the outside looking in, I feel like Im looking at a mirror, except with more intentional risk taking. Idk tho
Now is the good time. After last year, a lot of macro funds and multi-strat funds have been on hiring spree to onboard global macro PMs. If your track record and experiences are coming from cross asset, i think it's great time for you. Even if your expertise are coming from certain products in fixed income, I still believe now is the time. If you think about it, the volatility on fixed income products were dead over the past 10 years due to "boring" macro conditions. Now is the time ..
This is the number one pathway to FIRV funds. Be a sell-side trader, make some money, leave and try to do the same on the buyside. In terms of the long run- it's all performance driven. For the same $ pnl conditional on $ pnl > 5mm you almost always will get paid better on the buyside, else significantly better on the sellside. Given the level of rates vol there's definitely more $ pnl to be made or lost in the next couple years vs QE world so from that perspective it's a good time.
Some of your questions are a bit troubling regarding the caliber of your current seat. If you've been running PnL on a decent rates desk you will know which funds you're trading with in size (hint: those are probably some of the good ones) and likely have seen some of your peers and network make this exact switch. It shouldn't be that foreign of a concept.
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