I am curious about the growth potential and how repo guys (or gals) at hedge funds are perceived. Right now, I am a repo trader at a fairly large ib and while we are far from appreciated, we are given rate risk. While buy side seems to be the goal of so many ib sales and trading people, it seems that at a hedge fund they are more of a ops roll, a term no professional wants on his résumé. Anyone have any insights?
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I know quite a few ex-repo guys who have gone on to become PMs. It really depends on how you're able to sell yourself to your prospective employer. Furthermore, I would strongly suggest that repo guys/gals at a hedge fund are not part of ops. Instead, they're normally part of the treasury function, which is important and offers all sorts of interesting paths in its own right.
repo traders have the most fun....hands down....its not a back office role, some people from back office move up to repo trader......
repo trading has really been hurt by the ZIRP forever implemented by the fed. back in the day it used to be a great job and as a trader at a hedge fund a bad repo guy could really lose u alot of money. there also used to be a tremendously crazy market complete with wild west-type characters who were constantly squeezing issues and doing crooked shit. nowadays with rates floored at 0 it isnt really a value-added job. s in short it is still a good place to start but you may need help from the fed to get it back to where it once was. Also, I am a PM at a macro fund and one of the first front-office-type jobs I did was helping to finance the book (which is what repo trading is) at a smaller hedge fund.
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