Thoughts on Millennium?
Just got an email that I'm moving to the next round of interviews. First interview was just a little bit of fit questions blended with a thorough investment process explanation. I have no idea what to expect, but probably it's going to be extremely grilling. I've been preparing for this for +2 years now so I'm hoping it goes well.
As of 2022, anyone is aware of the fund's culture/pay? I know I should expect grueling work from a pod but how intense? I also heard they dispose of analysts quickly so would appreciate any insight on that.
It's a podshop, culture will depend on your pod.
There are a few threads out there about MLP/MM comp can't remember the figures. But fairly low ceiling on the base.
I think @buysidehustle has a ton of threads on MLP (think that’s where this person worked).
feel fine saying that given there are literally tens of thousands of people that have worked there.
Damn lol that's depressing
Base range from 165-200 across the big 4, bonus is either discretionary (if you're more junior) or formula-based when you get your own slice of risk to manage. Millie is at the higher end on base iirc.
Can't speak to culture though the PMs I know are a prickly bunch
Big four - P72, Millennium, citadel, Bal??
No, think Big 4 as in Deloitte, KPMG, EY, PwC
It’s paradise.
They have done a few things to expand their strategies and add new pods in the last year. One was creating a SrPM/PM breakout and two was moving some funds to 3yr lockups vs 1yr lockups. The lockup change was behind aggressive fundraising so they are fully in growth mode.
Basically market neutral strategies working and they see these years as growth time.
Assume your first call was just with BD people assume next one will be with SrPM. So yes grilling coming. Feel free to ask PM all culture questions you got or so as always good to get that stuff out of the way early.
Thanks for your input.
It was 2 BD people and a PM. I thought they'd call separately for the first round tbh. Do you have any idea whether they really do dispose of their analysts pretty quickly? I've heard it more than once and it seems childish. Just want to verify.
Okay, PM probably was just wanting to listen in typically its just BD. But PM listening in means this is a very active search and hiring asap.
Most pods have 2 years of run-room and many do not last 3 years. Analysts even less, so absolutely this is a risk that said I have heard word of near 1 year garden leave/non-competes being floated so understand not their intention to do that just way pod performance world works. Feel free to ask PM how he/she sees the opportunity its a fair question cause again wont lie most people structure their contracts for 3 years of run room.
What's the difference between SPM vs PM other than just a renaming?
Bump all of the PMs I know in that structure are still getting 15-18% without netting risk. Curious what the Sr PM gets
I believe SrPMs get to do netting and control their entire pod as usual. While PMs get their own set of risk characteristics and is tracked directly under SrPM. So allows more direct flexibility for SrPMs to grow their teams and make specific deals with PMs.
OP, is this ‘PM’ in the room with us right now?
(kidding but this guy sounds current, I’d listen to him)
Many of the people here are working in HF or were working at some point. So I'd like to ask you guys, if you were given a chance to work for any HF/or any other fund, which one would you choose and why?
It's a pod shop, but one of the big 3 pods so that's a big plus.
Culture / pay 100% depends on your pod and the assets the run. Bigger pods = more money.
If you are a fan of job stability, don't take this role. It's a role that can be gone tomorrow with zero notice.
What do you mean by investment process per chance
Is anyone familiar with Numerus Partners within MLP?
Not an intern..
I’ve heard of Numerous, they do FIG or at least have some professionals who focus on the sector. Big pod, pretty established at MLP.
Thank you very much! Sounds about right for Numerus for what I could find
Did you have to do a coding round? Heard there was a coding round for many of the roles there but hard to find much info about it online.
From the culture they are a pod-shop, you will work closely with your team but other pods might as well be working in a different hedge fund, no sharing trade idea’s/thoughts.
Also heard if a PM is let go they will try to rehouse the analysts in another team, so could have a bit of job security lower down, though changes once you become a risk taker then you are completely by yourself.
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