Does anyone have any insight into Walleye Capital? Looks to be $4-5bn in AUM multi-strat manager. How do they stack up vs. Citadel/Millennium in terms of risk limits, PM book sizes, % comp. General culture/longevity and any potential paths to PM?
Don’t know anything about their core OMM business but not that impressed by people that they’ve hired on their platform. Seem to be kind of getting the PM scraps after already scavenged by the biggest MMs.
On the payout front seems to be the same 20%. Have heard of accelerators up to 25%. Obviously smaller books given smaller fund size.
Genuine question - what would indicate to you that they are the "scraps" (and how do I identify that across firms). Is the industry small enough that most PMs in the pod universe have a reputation that most already know, are you just personally familiar with 1-2 people who moved there, or do their linkedin profiles indicate something to you?
I talked to them about a PM seat. Didn’t have much to offer to pull me away from current seat. Accelerator to match current deferred. Nobody good is moving for that.
Seem to have slightly more flexibility than the bigger multistrats, but that’s typical in the smaller multistrats and not a differentiator.
How do these accelerators work? What are the expectations for performance and track record? As a lot of the multimanagers don't let you advertise your track record how would they verify?
Yes- something like Y% of the first Xmm of PnL in order to incentivize you to leave your current seat either in conjuction with or as a replacement of a guarantee.
Yeah doesn’t sound too compelling stand-alone. I don’t suppose the risk limits are looser there vs the main MMs? allowing more P&L per dollar of gross given since I’m sure book sizes will be smaller
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Don’t know anything about their core OMM business but not that impressed by people that they’ve hired on their platform. Seem to be kind of getting the PM scraps after already scavenged by the biggest MMs.
On the payout front seems to be the same 20%. Have heard of accelerators up to 25%. Obviously smaller books given smaller fund size.
Genuine question - what would indicate to you that they are the "scraps" (and how do I identify that across firms). Is the industry small enough that most PMs in the pod universe have a reputation that most already know, are you just personally familiar with 1-2 people who moved there, or do their linkedin profiles indicate something to you?
Yes I’ve been in the industry over a decade now and at the PM level it’s incredibly small.
Echo this sentiment, but have heard of higher accelerators (~30% highest). Not getting the most sought after talent, agreed.
I talked to them about a PM seat. Didn’t have much to offer to pull me away from current seat. Accelerator to match current deferred. Nobody good is moving for that.
Seem to have slightly more flexibility than the bigger multistrats, but that’s typical in the smaller multistrats and not a differentiator.
How do these accelerators work? What are the expectations for performance and track record? As a lot of the multimanagers don't let you advertise your track record how would they verify?
Are accelerators just an increased cut of p&l for the first X% or for the first year?
Yes- something like Y% of the first Xmm of PnL in order to incentivize you to leave your current seat either in conjuction with or as a replacement of a guarantee.
Yeah doesn’t sound too compelling stand-alone. I don’t suppose the risk limits are looser there vs the main MMs? allowing more P&L per dollar of gross given since I’m sure book sizes will be smaller
How have returns been? Any update on views on Walleye and it’s progression as a major MM?
Any info on their track? People in organization seem very young and firm hasn’t been around that long.
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Molestias placeat iure earum dignissimos ab. Inventore eligendi dolorum illum corporis sint. Qui culpa non rerum in sit labore nam rerum. Qui ut molestiae reprehenderit dolores voluptas et laboriosam.
Rerum hic voluptatem eius aut consequatur qui. Perspiciatis accusamus officiis voluptatum aliquam. Non asperiores dignissimos porro cumque nam. Facilis aut aut omnis tenetur ut et iste eius.
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