Weiss Asset Management

Question

Looking to get some color on these guys, been a while since there has been a thread on them. Seems like they are multi-strat but where are they best/biggest? Prestige, comp, exits?

MultiStrat · Accepted Answer

Weiss has pass-through economics that are similar to multi-managers so stated returns are after those substantial fees (which do cover compensation among other expenses), management fees and performance fees.  This means gross returns need to be quite a bit higher than 10% to hit 10% net.  I don't really want to get into the exact details of firm economics.

What I can say is that at the end of the day, the compensation structure for teams is based on pnl of each team.  However, the firm tries to incentivize collaboration and contributions to that firm rather than giving the PM

wheyproteinisolate · Answer

They are a cross between an alpha factory like 2s and a traditional fundamental MMHF. They are a blend of quant and fundamental. They have teams and individual team comp is somewhat tied to performance, although there's still a lot of cross subsidies between teams. There is a strong culture of collaboration between employees, and an investment committee is ultimately in charge of deciding the allocation of the "big trades" rather than individual PMs deciding on their own.

wheyproteinisolate · Answer

Without getting into specifics, that number was thrown around throughout a multi-month conversation but they seemed very reluctant to put words to paper when push came to shove. The recruiter told me only certain really senior people had any kind of contractually guaranteed % payout. Also I suspected while they might have been willing to actually pay that much in year 1, they would just shortchange you in future years without any sort of guarantee or contract on comp. Just my intuition could be completely wrong.

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