Strongest MM HF in Rates and Macro
How do the big MM HFs compare in rates and macro strategies? Which one would you say is the strongest with the most opportunities for new analysts? Are the pods focusing on those type of strategies on- and off-boarded depending on market environment and opportunity set only, or do the platforms have a constant allocation to rates and macro?
Heard that P72 and Baly are trying to build up their macro allocation steadily. Do you know more about that?
I worked in 4 different macro pods in multiple MM and all I can say is the PM matters way more than the firm especially since everyone plays merry-go-round at the top HFs. Of course in general I can say that Citadel GFI is at the top, MLP macro is very good but MLP is more siloed so it’s even more PM dependent. P72 is growing their macro team but in terms of infrastructure and support they’re behind Citadel/MLP. We don’t have to talk about Balyasny.
Source: worked for/gotten offers from PMs at the places mentioned.
This is accurate, Citadel/GFI the best of the macro shops in terms of infra/historical PL. MLP a distant second (no centralized research/infra) and P72 working on trying to catch up. I would put Bluecrest up there as well if you would call them an MM.
Source: worked at 2 of the aforementioned.
Do you guys know which headhunter firm is best specialized in MM Macro PM?
Brevan and Bluecrest traders are sharper than Citadel imo. Usually more RV guys though. PM matters more than structure, however certain types of PMs only go at certain funds, guys at BH/Bluecrest are very different from citadel/p72. MLP people I think are in between both.
I worked at Brevan as well among the places I mentioned, and I wouldn’t say this is accurate except for the fact that yes there are very very sharp people there. But the rest of the claims are not really true based on my experience.
What would be the best way into rates RV if one failed to get a seat in rates S&T? Would it be rates research at BB or joining a rates team at a traditional LO AM or something completely different? Thank you!
Eh, feel like there are "very sharp" people at all the big name pod shops. That makes your PM matter even more.
This is the right answer to 90% of the questions on WSO regarding MMs, yet for some reason people keep asking again and again.
Do you know which headhunter firm is best specialized in MM Macro PM?
I can tell from the way you word that question that you are not landing that job.
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How do these places compare to macro specialist shops like Element and Tudor?
Also curious about this. What is comp/work like in traditional funds in fixed income and macro (BH, Element, Tudor, Capula, Alphadyne) vs multi-managers like GFI or Millennium.
bump,, particularly alphadyne + capula
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