Figured with the recent interest in pod shops, this might be an interesting question. Obviously there’s no guarantee of making it as PM but just wondering the best shops based on risk limits, culture, comp, etc.
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I asked the same question a while back as I am starting to have PM seat conversations.
My perspective on this is I think it depends on your strategy. My own strategy relies heavily on flexibility of mandate on several dimensions. So a Citadel/Millennium was never going to be the right fit. One of the more boutiquey multi-strats with less hard and fast rules on portfolio construction and risk limits was the way I went. Turned down a significant guarantee at one of the Citadel/Millennium types for a zero guarantee offer with near-absolute freedom of mandate. But for someone running a tech book where it's pretty easy to maintain factor balance might be better off going for the higher payouts of a Millennium type shop. I'd be miserable running my strategy at Citadel and I basically couldn't be happier at my shop (one of the $1-$10bln multi-strats of which there are many).
I recommend talking to the busdev people at various multi-strats and some PMs to get a feel. They are all pretty similar but have different risk frameworks, payout structures, and most importantly human capital management tendencies (i.e. Citadel cleans house constantly, other places people stick around for 10+ years). Then optimize for your own situation.
Would you be wiling to add some of these newer/boutique multi managers to the list? Feels like there are many and hard to keep track of.
big 4 - Citadel/millennium/P72/BAM
And others like cinctive, exodus point, verition, marshall wace, jgc, greenland, polymer, lots more it sounds like?
There are so many.
In addition to the ones you mentioned i'd add:
North Rock
LMR
Weiss
Holocene
Walleye
Would you be willing to say your Strat? No need for deep explanation.
College student here so feel free to take everything with a grain of salt. Also while knowing firms is important, MM culture, comp and hours are largely dictated by your PM:
P72: best place to launch a career (from an MM perspective.) Not just the academy but LaunchPoint is also great for new PM's. Compensation isn't as high as other firms (read an article where Steve was surprised by how higher Citadel's comp was) but are more patient with juniors and new PM's. Someone on here once described them as the dad with chill house rules.
Citadel: Dad with strict rules but generous allowance (according to someone on WSO.) Citadel runs tight risk limits and isn't very forgiving of draw downs. Was known as "Chicago's revolving door" as previously mentioned turnover is high. Great technology and smart people. Even if you just do two years and leave you'll more than likely get interviews. Can be like IB though, read stories of people working 60-80 hours during earnings.
Millennium: used to be known as the retirement home of the MM world. Mostly experienced PM's in their 40's and 50's looking to run money without starting their own firm before retirement. Millennium has an analyst program through UBS where you work there in ER for two years and then are placed in a pod. Does not care a ton about junior development (from an outside perspective they are trying to change that.) If your PM blows up they won't find you another seat like P72 your just out of luck. Probably the most autonomous out of the big 4 you don't have really any cross over with other pods (I know this is true of all MM's but seems to be less so at Minimum.) but if you or your PM can make money then you'll be rewarded handsomely.
BAM: don't know a ton about them but they have been beefing up since being down in 2018. They have training programs for associates, analysts, and PM's don't know a ton on them but they are trying to attract younger talent. They are based in Chicago and were crosstown rivals with Citadel in terms of talent acquisition. Culture wise I haven't heard anything negative. Brett Caughran posted a link to an interview with the founder which I highly recommend.
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