SM PMs

Other than moving to an MM or a LO, what are the best ways to bridge the gap from SM analyst/sr analyst to PM within the model? MM and LO are both quite different from SM (risk model, tightness of industry coverage on the MM side and level of bureaucracy, inability to short on LO side) so would imagine tenure analyst would preferto stay in that model.

Are there certain funds where culture is more open to it, or is it typically a convo with the CIO to get your own sleeve/ carve-out once you prove yourself? Any funds that give analysts discretion/carve out over time (besides viking but that is less of a trad. SM)?

 
Most Helpful

Almost impossible task in today’s industry and were things have headed in past decade.  Used to be more common that senior PMs were given discretion,  but you see it less and less so.  May bet on generational transition,  could take forever though and backfire (founder/cio shuts down shop).  Another way would be founding a shop,  don’t even consider without 5 year track.

 

Be the main analyst for your sector at the SM. Have good performance. Open your own shop. You're not going to go from analyst to PM at a SM unless the key person retires, which is a difficult transition as LPs get skittish.

 

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