Friend of mine lateralled there recently. Read that they had a very good run during covid (flagship fund up 99%). What's the general consensus on the funds and the quality of the people? Especially interested in how they compare other HFs in London/Europe.
Thank you!
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Strongest//one of the strongest macros in europe for sure, certainly one of the largest as well. I thought they had a down year (like -7% or something?) alongside a lot of other macro shops but I could be wrong - not too interested in going into macro. They are officially multistrat and incorporate a lot of quantitative methods, programming knowledge is a major plus and they have a preference of hiring from quantitative backgrounds.
No idea about comp.
Thank you!
Anybody else?
Top tier manager, Alan Howard is a legend. Operate several pods within macro but overall its a multi-strategy fund. Strong analysts can become PMs and be allocated capital, which is all at Alan's discretion.
Great. Thank you!
Anything else?
What do you want to know?
How it compares to other HF in London / Europe.
Great pay - one of the best Macro funds in Europe and the world, even with the negative performance last year.
Thank you for this!
I'm going to play a little devil's advocate here - obviously they are a premier macro fund. And by macro fund I'm talking about the big swinging, large thematic bets type of fund.
If we're talking about platforms, then I don't think they are on the same level as the marquee multimanagers. They are still building out their platform and if I had options between them and say Citadel or MLP I think it's a hard sell.
Thank you!
I agree completely with this. They are a traditional macro manager with various PMs in their book but a large allocation goes to Alan Howard who makes much larger swing bets. Just look at their 2020 return I believe when he was short Italian bonds and made an absolute killing which drove overall fund performance.
As they move to more of a pod shop, it will be interesting to see if he will renege some control of having a large allocation so they can attract strong PMs
And whats your take on the matter? will they be able to?
Why would someone work here instead of a MM ? The guys I know to have gone here all got let go from MMs. There are a few large legacy guys with their own funds but not growing new talent effectively.
I wish you were still around to drop insight and put the WSO lemmings in their place
Anyone interview with these guys? The process seems very vague to me.
From the looks of it they are deliberately obscuring what they want from candidates to stop people from saying exactly what they want to hear.
Clearly a fund with great brand name, but, what would you say are the learning opportunities for those just out or a few years out of college?
Very team dependent.
Thanks for your reply! I am currently considering two different funds. Would be great to get your insights. I am unable to PM you atm however.
Would be interested in knowing as well how feasible it is to transfer out to better funds such as the aforementioned Citadel and Millenium
Their fund trades publicly in the UK.
1) They were flat from mid 2013 - 2019 - that is 6 years of not making any money
2) They had a big 2020 like every manager
3) They were flat in 2021 by taking no risk as their competitors went negative (Rokos)
4) Their assets went from 35bn in 2013 to like 6bn in 2019 and are about double that post the 2020 performance
So in the past 9 years, they have had 1 net profitable year that is impressive. Are we still talking about them as a top tier fund?
They also have 3-4 funds by managers that seem to be alright but the smaller pods are mostly people I know who got fired from larger MMs
I understand. thank you.
How is their performance over the last 2 years?
Master fund and alpha strategies each manages ~12B and Digital ~1.7B as of today
2022: Master fund +20%, Alpha Strategies +28%, Digital unknown but negative,
2023: Master fund -2.1%, Alpha strategies +2.4%, Digital +44%,
2024 H1: Master fund -1.6%, Alpha Strategist -2.8%, Digital +34.5% (as of Q1),
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