Switching region as a QR
If someone's a QR in a top multi strat (equity LS), how does he move from say London to Asia (sg/hk) for personal reasons? The 1st risk which comes to mind is that all my strategies developed for EU/US wont be much useful, since I need to develop new ones for those markets, using alt data available there. Are there people sitting in Asia working on strategies for EU/US? Is that even possible due to time zone difference?
Is internal mobility a thing in our industry (moving from 1 PM to another in different region) - given the non competes involved and so on?
Based on the most helpful WSO content, moving from one region to another within the finance industry, particularly for a Quantitative Researcher (QR) in a top multi-strategy fund, involves several considerations:
Strategy Adaptation: You're correct that strategies developed for the EU/US markets may not directly translate to Asian markets due to different market dynamics and data availability. However, the core quantitative skills are transferable, and with some adaptation, you could potentially develop new strategies suited to the Asian markets.
Working on Different Market Strategies: It is possible for people in Asia to work on strategies for the EU/US markets. The time zone difference can be a challenge but also an advantage, allowing for around-the-clock trading and research. Teams often stagger their hours or have specific roles that cater to different markets to manage this.
Internal Mobility: In the finance industry, internal mobility can be more complex due to non-compete clauses and the sensitive nature of the strategies involved. However, it is not unheard of. The key is to have a transparent conversation with your current management and to understand the legal and contractual obligations that may apply.
Personal Reasons for Moving: If the move is for personal reasons, it's important to communicate this clearly to your employer. They may value your contribution enough to facilitate a transfer or at least provide guidance on how to proceed.
Networking and Internal Support: Building a network within your firm, especially with those in the region you wish to move to, can be beneficial. Also, if your firm has a formal internal mobility program, that could be a starting point for your transfer process.
Remember, each firm has its own policies regarding internal mobility, and it would be wise to review these policies or speak to HR to understand the specific process and implications for your situation.
Sources: JP Morgan intern switching divisions, Received offers from all three MBB firms and don't know what to do, Move from one group to another (as an analyst) within IBD? P&U -> Consumer/Retail, Questions Around Internal Mobility & Lateraling Groups, Public Finance Q&A
I'm not particularly familiar with equity LS but have some experience with regional moves within the quant space. First of all SG/HK like UK but unlike US are relatively liberal in granting work visas to experienced financial professionals so getting a work visa is possible which probably puts you ahead of at least half of the similar posts on this forum. You will know better than strangers on the internet as this will be very firm/team dependent but if your firm already has a SG/HK office they may allow you to transfer there and work "remotely" from the satellite office. Due to time zones collaboration between Europe and Asia is easier than between US and Asia as there is natural overlap in business hours and the market close is not insanely late so if need be working European hours from Asia would be unpleasant but doable while working US hours from Asia is kinda crazy. The more your role is independent of market hours and uses market data as opposed to alt data the easier this might be.
Another possibility may be if you are from a large Asian market like China/Japan and have familiarity with alt data in the US/Europe is to find a role for a group that is currently trading US/Europe with alt data and where you are from without alt data and then use your past experience with alt data in US/Europe plus your native language skills to start using alt data in your home region for that firm. I would guess this is a very illiquid job market and may not be possible if you are from a frontier market in Southeast Asia .
Less attractive but still a possibility would be to move to a local or lower tier firms in Asia. I wouldn't expect them to be necessarily be as generous with signup bonuses to make up for deferred comp/opportunity cost of non-compete but this may be an option if you are very motivated to relocate.
Thanks a lot for detailed reply. As you said, working with US folks would be incredibly difficult, so if current team is US focused, then working in a satellite office wont be possible (or even allowed by manager). I guess I will need to speak to PMs in the region to know more about the possibilities. The main thing is does a PM sitting in SG only trade Asia or some parts of EU as well? I guess trading US would be crazy.
Not really looking at regional firms, would like to stick to global firms (for various reasons including pay).
Certainly if the rest of the team is based in US it would be fairly difficult to collaborate so maybe unlikely a PM would approve unless there is some Asia specific advantage of you being there like needing someone around during Asian hours in which case being in Asia would make sense. Given that opportunity in Asia is growing faster than Europe I think it would be rare for US/European firms to trade Europe from Asia but it's maybe not impossible. This may be more common in futures/FX/crypto which trade almost around the clock than equities though.
I'm not too familiar with QR space, but I've seen people residing in one place but having majority of their strategies in a different region. It's more likely for a bigger team with multiple geographical staff coverage.
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