What does the Head of Equities do at places like P72 Citadel Millennium? Do they even run a portfolio and are they involved in idea generation at all? I know all of them were PM's at some point but wonder what their responsibilities are. Any info appreciated.
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Just taking a total shot in the dark here...
Hire and retain talent, manage risk and exposures, allocate capital, deploy and budget resources, help with center books if they exist... they are essentially in control of building and growing the businesses under their control - and when you widgetize the investment world it gets even closer to any other business out there. So same as any other boss for any other business; leadership, set direction and goals, coaching. How do you nurture talent and make sure they are heading in the right directions with the right resources... and more importantly, how do you bring it all together so it turns into a good product for LPs. A few complexities to running some tens of billions of dollars across 20 to 50 to 70 to +100 teams
Thanks for this. Really appreciate it. You mentioned helping with a central book if it exists: do you know how close they are to a PM in terms of their understanding of the current market trends, idea generation and so on? Or is it more running a business and high level decision making? Thanks again.
It all varies by shop. Some head of equities actively trades whereas at other firms that might not be the case. It’s totally firm specific.
What about head of macro
They try to debate TSLA's bull case
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