I've seen some discussions about joining a HF out of undergrad, but there's a lot of disagreement. I go to a top target and have a strong GPA. What fundamental hedge funds are actually worth going to and consistently recruit? Or is it generally better to go for a top banking group?
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It's incredibly hard to get an offer from any HF even if you have a high GPA at a great school. The only HFs that really recruit are DE Shaw, Matrix, Ares, and SPC.
DE Shaw is dope, but it all depends what you want to do - and what style of investing. DE Shaw is a quant fund - if you want to do fundamental investing (RIP) probably not the right fund for you
DE Shaw takes interns for the fundamental investing L/S group.
DE Shaw and Point 72.
Thank you for the reply! I've heard generally good things about DE Shaw, but P72 seems more mixed. I don't know anyone who has gone to a good bank then exited to P72. Why is that? Is it less desirable after doing banking or do they not hire bankers often? Also people don't seem to go to value funds when they leave P72 which seems odd to me. Is the experience gained there detrimental to transitioning to another HF later?
Those seem like reasonable questions. That there aren't obvious answers probably tells you all you need to know about the place. I wouldn't go there.
Point72 prefers hiring and cultivating their own talent.
p72 hires undergrads out of the top schools (ivies, stanford, etc.)
First couple of years you're basically learning and not pitching ideas, If they think you're capable of succeeding, you'll be promoted and given the ability to add ideas to the book.
DE Shaw, Bridgewater, Point72 and Citadel for fundamentals
Does Citadel recruit? For Point72 and Bridgewater I find it odd that people from top banks never go there - why is that? Also it seems like people never leave those places for top hedge funds - is the skill set from Point72/Bridgewater not transferable?
Bridgewater would definitely not be transferable to the type of “top” hedge funds I imagine you’re talking about...not going to see people going from Bridgewater analyst to viking/glenview/tiger/soroban etc. If you want to end up at a place like that, best route would be MF PE analyst or a top banking group.
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