Looking at all the names from Citadel, P72, Baly, Exodus Point, Schonfeld, Marshall Wace, Verition. Which are the best / worst at promoting analysts to PM? Which are the fastest to cull? I know Citadel has the strictest risk limits but what about the others, how do they compare? (heard Marshall Wace has pretty loose risk limits but incomplete info about others)
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Based on the most helpful WSO content, here's what you need to know:
Promotions to PM: Citadel is often highlighted for its professional growth opportunities and career advancement, ranking highly in these categories. However, the path to PM is highly competitive and depends on performance, team dynamics, and the specific strategy. Point72 is also noted for its training and development for juniors, which could translate into better internal promotion opportunities. Schonfeld and Verition are less frequently discussed in this context, but they are known for being smaller and potentially more flexible in promoting talent.
Risk Limits:
Fastest to Cull: Citadel is often described as "cut-throat," with a reputation for quickly letting go of underperforming PMs and teams. Millennium and ExodusPoint also have a reputation for being performance-driven, with little tolerance for consistent underperformance. Schonfeld and Verition might be slightly less aggressive in this regard, but they still operate in a high-performance environment.
In summary, Citadel and Point72 stand out for internal development and promotion opportunities, but Citadel's strict risk limits and performance-driven culture make it one of the fastest to cull. Marshall Wace's looser risk limits might provide more breathing room, but promotion dynamics are less clear.
Sources: Citadel vs. Millennium vs. Point72 vs. Other Multi-Managers, Why do people invest in hedge funds?, Citadel Global Equities (pay, culture, career path, lifestyle), 2017 Hedge Fund Report: 8 Key Takeaways, https://www.wallstreetoasis.com/forums/the-only-post-about-active-investing-you-will-ever-need-to-read?customgpt=1
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