Hi all, a bit new to the space and wanted to see what the consensus is regarding the reputation of the big MMs. Of course the big 4 are considerably ahead of the others, but how do they compare against each other, and what about players like Schonfeld, Exodus, Verition, etc.? I know it's heavily pod-dependent but would appreciate any color on how each of these are viewed.
| +26 | Comp Negotiation - L/S Equity at a Pod | 5 | 1d |
| +23 | Breaking into Hedge Fund as Rx IB VP | 6 | 22h |
| +21 | Credit HFs - Long/Short Credit vs. Loan to Own | 4 | 3d |
| +20 | Q&A: US Power Trader (Prop/HF) | 10 | 5h |
| +20 | Am I crazy | 9 | 2d |
| +17 | Tech Public Modeling | 8 | 4d |
| +12 | Freshman targeting macro pods, need guidance | 1 | 1d |
| +6 | LO to HF or HF to LO - which move is easier? | 1 | 3d |
| +6 | Working in HR/Benefits | 2 | 2d |
| +3 | Credit pods | 1 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Cit >= MLP > P72 >>>>> BAM > Everyone else >>>> Exodus
Big 4 are platforms. Your rep will be more dictated by which PM you work for there as there are 100's of teams. In reality, you'll be employed by the PM, not the platform, as your primary objective is to help the PM make money at the platform. You are a cost/resource to the PM, less so to the firm. E.g. at big4 your salary is a pass-through cost to the LPs to "enable" the a PM/Pod.
All these linkedin posts of the culture at Citadel and MLP are nonsense if you're an investment professional. It matters more if you're a software engineer at these places.
P72 has made good inroads to fostering a talent development culture, but end of the day ppl come and go like any other place. Their objective is to not pay Balyasny type dollars for hiring outside stars, and P72's return on investment on internal talent development seems to be there as they're continuing to do it at scale.
The smaller places are no charities, but they try to differentiate by having a more collaborative culture or fewer PMs covering the same stock and fighting for management access, liquidity and alpha.
Without having any experience working outside the big 4 places I'd say that my perception outside in is:
Schonfeld - a great place to work, had difficulties last year but has rebounded
Exodus - less cultural, growing and adding junior PMs like there's not tomorrow (esp. in Dubai). Primarily a FI house. Making genuine efforts to institutionalise the business on the equity side
Verition - great culture, provides decent $ to less tenured people to run risk in an effort to attract talent
Bottom line: your rep is not dictated by where you work but by whom and their / your track record. But fwiw, Citadel/P72 traditionally known for good talent development. MLP for best earnings potential, and the rest as challengers / incremental share growers.
Yes Steve pulled off a great marketing turn-around in the last decade by heavily recruiting at college campuses.. but without the black edge, returns speak for themselves…
C annualized returns since inception, net of fees, are 19+%… M is ~13, B is ~12, P is ~11…
Always funny to see college kids douse themselves with the kool-aid of whatever’s hot at the moment…
Del
You have to admit it's quite a coincidence the fact that after those 2 instances are made public and the fund gets restructured, returns fall off a cliff..
Placeat modi sed optio sit. Sit magnam qui et non molestiae et. Cumque a est et blanditiis consequuntur. Quia dolores voluptatem qui tempora tempore dolor. Officia libero qui et perferendis unde saepe sunt. Sequi laborum est aut temporibus unde.
Voluptatum optio praesentium odit quod voluptatem aut. Numquam aut dolor nesciunt cum. Dolor ullam ipsa labore rerum adipisci rerum nemo. Aut iste possimus quia nobis.
Quidem occaecati odit quod et molestiae dolores quae. Tempore laborum dicta molestiae accusantium expedita. Voluptatem sequi et officiis est consequatur dolore pariatur autem. Dolores ullam a sequi. Autem est eum nesciunt reiciendis fugiat est omnis. Nobis velit odio ratione enim.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...