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+24
Advice on HF Recruiting

floppity

I figured that I'd give back/pay it forward in one form or another after being in the industry for a while. Frankly, the most relevant thing I could think of was advice on people searching for new opportunities. My advice is more tailored towards fundamental investing hedge fund recruiting...

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I work in event driven / arbitrage. Here are some career advice for you

halfstep

It’s been a while since I’ve visited <abbr title="Wall Street Oasis">WSO</abbr>. Yet in my early 20s, this was the place that I would often come to for information and guidance. In the spirit of giving back, I’ll share my story and a few nuggets of wisdom that I...

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+11
AMA: Hedge Fund Analyst Out of Undergrad

hedge fund baby

Background: Target school, studied engineering. Summered at a multi-billion $ hedge fund doing fundamentals l/s and currently at another multi-billion $ hedge fund full-time. Willing to answer anything that does not have to do with my personal past experiences (to preserve anonymity).

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+1
Is the internship I'm doing relevant to HF?

vashdun

Doing a risk management internship at a big 4 right now, and quite frankly, I don't quite like it. Its a freshman internship thats a month short. I've always been interested in getting into HF, but I don't quite see how this internship I'm going through with would be relevant as I'm mostly doing hed...

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AMA: equities hedge fund Senior Analyst at large U.S. fund

sa-jue

Update: Thread closed as of 6 Aug, I won't be able to comment after that. Ladies / gents - thought of doing an AMA. I have worked in the hedge fund industry for 4 years in fundamental equities for a large multi-strat US hedge fund. Worked in banking before. Fire away any questions - usual disc...

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xlp capital

ffffml

has anyone heard of xlp capital? www.xlpcapital.com/ family office in nyc run by two princeton grads with a history at bcg. Talked to a few people who interned there and they all said that the internship program was great with a lot of focus from MDs, so definitely considering them. But wanted to s...

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Market Making subsidiary of a hedge fund - prop trader requirements

faceslappingcompilation

for a large macro hedge fund 20bln+ that has a separate (yet large) market making operation, what kind of numbers are they looking for in terms of a macro trading strategy / prop trader? Sharpe Ratio min P&L (% and $$) Balance sheet usage and turnover any insight would be appreciated...

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Seeking papers on multi-factor models on the equity long short hedge funds

rorror45

I am seeking papers that use regression & multi-factor models for equity long-short funds. I am interested in understanding the funds' behavior and exposure to various factors using some quantitative techniques such as regression. For example, I ran regression of financials equity long/short funds a...

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Psychological / maths tests at funds

sa-jue

Question to fellow investors: I have the glorious task of finding an appropriate maths and psychological test for new joiners. What are you guys using at your fund (if anything) or have you ever taken one of these before? I never had to and am still not sure about the benefits (yet). Any recommendat...

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+1
Career Paths For Successful Quants

tree123

I was wondering what the typical path is for highly successful quants (ones that are making upper 6 figures/into the millions). Obviously, I understand that everyone is different but I'm just looking for a general overview of the following: College/Major - Target schools are probably a given as wel...

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hedge fund interview

ffffml

Hi, have two interviews coming up in a couple of weeks. Both are l/s equity funds, after the first interviews I'm pretty sure that they have a value oriented investment philosophy. I'm a math major interviewing for investment analyst internship positions at both the funds. Does anybody know what que...

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modelling sample exercises

ffffml

Hi, have interviews for internship coming up at two l/s equity funds later this month. Does anybody have any sample 3 statement modelling exercises they would be willing to share? thanks....

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Hedge Funds with a more intellectual culture

rosandguil

This is kind of a weird question, but has anyone given thought to which hedge funds have a more intellectual, start-up-like culture? My first thought was Two Sigma/Jane Street just based on what I've heard from people I've met there, but not sure if there are more names out there I'm not considering...

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+5
How do you mentally deal with tough stretches of performance at HF?

Pizz

We're wading through some rough waters at work at my L/S equity fund, where one of our large positions has significantly dragged down our YTD performance (it was a joint effort, so no one to blame). How do you deal with this every time you come in to the office, where your PM is perpetually in a cr...

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Should Hedge Funds be Regulated?

DonalDayUmTray

As the title says, should there be stricter regulation of HF's? So many times HF's get a lot of scrutiny for "Exacerbating" the bears that happen in financial markets because of their huge leverage positions and ability to short markets to gain from other people's losses. My take on it is that altho...

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+1
10 Days Since Bridgewater Final Round: Have Not Heard

sam smith hello

Had a trading superday at Bridgewater on July 20. I had 4 interviews onsite but am still waiting to hear back — if it’s been 10 days did I not get the job? This is for a lateral move. ...

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+3
Real Estate Hedge Funds (RE Stocks Only)

Pokemon Master

I know a bunch of hedge funds that invest in real estate, but does anyone know of hedge funds that primarily invest in publicly traded REITs and RE related companies? LDR Capital Management is the only I found that is somewhat close to what I'm looking for. I'm going to use a pretty broad definitio...

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How to deal with few positions getting in the portfolio?

BobbybananamA

I work at a large (e.g., $1-10bn AUM) l/s hedge fund as an analyst. We have a concentrated portfolio, so it is fairly difficult to get positions in the book. That said, I feel like I have had far more difficulty getting positions in the portfolio than others have. A lot of my ideas have done very we...

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Hedge Funds for New grads

sam smith hello

What is the definitive ranking of quant hedge funds right now for junior analysts? Where are the best places to work ...

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+2
Best entry career path to Hedge Funds

ag639

I am currently an undergrad at a semi-target uni and have an industrial placement year coming up. My long term goal is to move into PM side of Hedge Funds, appreciating you have to pay your dues elsewhere first. What I want to know, is whereabouts is the best place for me to go to pay my dues? Cons...

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+6
MIT vs. Princeton vs. Yale undergrad for quant hedge fund

hnymvvn

Hi all, I am a current high school senior choosing between attending MIT, Princeton, or Yale for my undergrad. My current goal throughout and post undergrad is to secure a summer internship at one of the big NYC quant hedge funds (Jane Street, D.E. Shaw, Two Sigma) and hopefully transition into a f...

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London hedge fund headhunters

sa-jue

Can anyone recommend HF headhunters in London? Ie guys who are working on real mandates and have good relationships. thanks...

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+1
Can fund managers invest in their own funds?

Alden-Wahsono

Hi, I am a rising junior at a liberal arts college (think top 20). I am interested in investing and am considering working for an investment fund (among other finance related paths) hopefully as a portfolio manager someday. My question is as a fund manager, can I personally invest in the stocks/eq...

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+1
Transition from Prop Shop to Hedge Fund?

themoneyman

It is my goal to work at a HF and I have a background interning in AM for a well-known Boston firm. Next summer I have the choice between interning at the same firm (doing something that doesn’t interest me) and interning at a Prop Shop. Which would be a better path to a HF? I have a strong resume...

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Baupost strategy and similar funds

jsmith17

Baupost has been known to make investments all across the capital structure and seems to have a very opportunistic strategy. How would you characterize their investment strategy? Simply as a value fund? Also, what are some funds that run similar strategies?...

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+4
How to identify strong management team?

Chimp_and_jeez

Hi guys, Has anyone come across any good philosophy/ insights on how to identify strong management teams when making investment decisions? Would love to learn your thinking and recommendations on books/thought processes. thanks!...

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+2
How to get a top Quant Researcher/Trader Job?

Math-Fan

Hi everyone, I was wondering how hard it would be to get a top quant job at firms like DE Shaw, Two Sigma, AQR, Citadel, etc. I currently go to a semi target (rising sophomore) as a math and CS major (possibly removing one and inserting physics). I've also been looking at tech, which I'm also inter...

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Do hedge funds hire entry level analysts? If yes, could you please provide any you are aware of?

ananias8833

Hi everyone. This year I will be completing my bachelor and master degrees in Mechanical Engineering and Financial Engineering, respectively. To be honest with you, I think I am more interested in business analyst positions rather than quant ones. I wanna learn more about industries rather than focu...

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+7
Is Long/Short Equity Hedge Fund Dead??

wjtmxlstlqkf

I keep hearing that long/short equity hedge funds have been struggling to generate alphas. Is it true? What do you guys think about the field in general? Where can I learn about them more?...

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+4
Will someone review my stock pitch

ffffml

Hi, I have made a short 2 page pitch that I would like someone with experience in the industry to review. I’m planning to reach out to people at funds to network and was planning to include a pitch. I edited a pitch upon suggestions by someone but I’m looking for more people to review it and let...

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+1
Moon Capital - pay/reputation/culture?

ineverfold

Does anyone know what it's like working at Moon Capital? From searching online, it seems like the pay is pretty dismal (60-70k). Wondering if anyone can comment on the pay, culture, and general reputation of the fund from the perspective of a junior analyst. Thank you in advance....

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+3
How to actually break into the field?

Pat-Reilly

So I have literally no experience in the financial industry.. There got that out of the way. However, I do have plenty of experience handling financial information, albeit not equity related, at least in a professional sense. My undergrad degree is not related to finance, but I am going to graduat...

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+2
Firm I'm interviewing with asks for a Credit Analysis

hughwattmate

So I'm interviewing for this very small L/S equity & fixed income-focused hedge fund ($300M AUM) doing Portfolio Research. The firm's focus is on fundamentals, whereas I come from more of a quanty/stats background and also just graduated last month so not much experience in this field. Anyways, for...

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+7
Do all equity l/s teams work an insane amount?

Acidophilus

I'm at one of the multi-manager equity l/s platforms (think Point72, Surveyor, etc.) as an associate/junior analyst, getting recruited to another one for a more senior analyst role. From what I see around me, basically every l/s equity team (including PMs) works a ton, call it 6-7 days a week on av...

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+1
Distressed HF - RE group, questions

jmayer

Hey all, Have come across a role as an analyst/associate with the RE group of a very large Distressed HF. Fund has a broad mandate for public and private markets, mainly various debt and structured instruments, but potential for PE type lending as well. Was wondering if anyone could shed any light ...

2
+1
Interview Advice for a Quantitative Role

Joseph-Gaffney

HI all, not sure if this is the right place for this as its my first post in WSO. Anyway, I have an interview on Wednesday with a large NYC firm that is focused in the life and retirement markets. The reason I am posting here however, is that I have an interview Wednesday with their Investment gro...

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+3
What do you think about the CAIA?

procrustes

I'm seeing more and more people take the CAIA What is the CAIA Exam? Sometimes described as the “CFA for everything besides stocks and bonds,” CAIA is the Chartered Alternative Investment Analyst designation. It is a two-level exam that focuses on, as the title suggests, alternative investments...

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3rd year HF Analyst pay in HK

hong4431

I've joined a L/S HF right after my collage and currently in 3rd year with the firm. Wondering what would be the base salary like for other funds with similar background as mine? just feels like i'm underpaid at my current firm....

1
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Boutique Fund Trader's Assistant to operations at Point72 or risk management at millennium management

Macrowhat

Hi everybody, just wondering if i can get some career advice or just helpful comments on the topic here. Currently I'm around 1 year into the current trading assistant role at a small fund. Looking to slowly grow into a trading role from just doing basic executions within the next 2 years then hopef...

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+2
Open HF Summer Analyst 2019 Apps

RozzSchoolOfBiz

What are some HF with OPEN SA internships for 2019 in the NYC / Chicago area? Other than AQR etc. it seems that a lot of the apps are closed?...

4
+2
Switching to a Different Hedge Fund: The Interview Process

born2trade

Hi all, For all the experienced hedge fund analysts out there, what was your experience like regarding moving from one hedge fund to another in terms of the interview process? Haven't seen much content on WSO regarding the topic. As some background I did 1 year in ibanking and have 2 years of HF ...

7
+1
Help for Private / Structured Credit Interview

INeedASpaDay

Hi guys, have an upcoming interview with a MM private / structured credit fund that originates and invests in a wide range of credit securities - senior secured, asset-backed, mezz/pref, NPL pools, "specialty loans," etc. A member of the team informed me that i would be asked to "evaluate & price a ...

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+1
Quant Funds in the Bay Area

econgeek

Hey All, Does anyone know of any quant funds (Big/small ) in the bay area? ...

1
+1
Switching Industries on the buy-side

SystematicMacro.FundamentalEquities

Hey guys, Love some opinion on this. I am mid-level (5-year into career) after 3-years of sell-side research on #1 II ranked team am now over on the buyside at a very top multi-strat relative value firm. Small team, huge risk limits, great returns and I contribute a ton. Been covering the same inds...

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Hedge Fund Set Up Assistance

Toan-Pham

My objective is to find firms/consulting services to help me set up a Hedge Fund. Two factors that I'm looking for include the services that's offer along with Fees. Can I have tips and advice on how I should go about this along with where I can source for these companies?...

4
+1
What to do after hedge fund blowout?

Sapphire.bay

Hi all. I am an experienced analyst 7 years out of school (2 in IBD, 5 in HFs) trying to figure out next steps for my career since I was recently laid off. This is the third time I have been on a team that's blown out (all at large platform multi managers) and I'm finding that the HF hiring market r...

3
+1
Fundsmith and Lindsell Train

sa-jue

Anyone know more about them? They are mutual funds, but have a decent track record. Keen to hear how they compare to the good L/S guys in London in terms of comp, culture, PM upside etc....

4
+1
How easy is it to move between proprietary trading firms?

hamr5

Recently, I was offered a graduate job as a quantitative researcher at a small but very successful proprietary trading firm (it has about 100 employees but posted a revenue of 250 million this financial year). After a few years, how hard would it be to move from a grad job at a smaller prop trader ...

1
+12
Musings of the Recently Unemployed

Sword of Damocles

Longtime WSO user who has recently discovered a significant amount of excess free time after my fund effectively closed. Have been playing around with a bit of writing to fill the time and thought I would create a dummy account to elicit feedback from the forumn. Would love any and all feedback (neg...

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Good Risk/Merger Arbitrage Books?

walton12

I know there are some recommended books out there like Risk Arbitrage (Wiley Investment Classics) by Guy Wyser-Pratte. But that book seems to be very outdated (i.e. not a lot of shareholder rights back then during the time frame of Guy's examples). Any more relevant ones available?...

5
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Best degree for a prospective Quant?

AvengerM4

Computer Science, Engineering, Mathematics, Statistical Science or Finance? Which one is preferred by recruiters and why?...

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+1
hedge fund recruiting timeline

ffffml

does anybody know the typical timeline for hedge fund internship recruiting? like how for ib it started in may will probably go on until september or so...

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+1
Supra Institutional Shares definition?

LifeIsGood7

Whats the exact definition for this share class? Haven't found a clear, or any, definition as of yet from a simple google and SEC search. ...

1
+1
Which firms are considered the breeding grounds of future hedge fund managers?

utsav

There is a notion in the industry: GE, McKinsey, Unilever are tipped to be the companies which produce future CEOs. Is there an equivalent for a investment firm? I know that Julian Robertson's tiger fund resulted in a number of funds which are now collectively known as tiger cubs. Today are there...

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Starting a fund outside the U.S.?

Chef Yaboyardee

I'm currently in the position to join a 50/50 partner in starting an systematic futures trading fund, similar to a CTA. A little Background: I'm currently a VC/Growth Equity analyst and I really enjoy the position. Investing in new technology, industry research, modelling, etc. It's been a great e...

2
+3
Citadel Assessement test

mawchne-.

Hello everyone, I'm just wondering if anyone has any relevant information about Citadel Assessement test - quantitative researcher intern ? thank you...

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Where do you get your ideas from

Chimp_and_jeez

.any good recommendations for idea sourcing please? What sources have you found to be the most helpful?...

1
+1
Hedge Fund Opportunities in Hong Kong

aspiringderivativestrader

I am currently at a top bulge bracket (GS/JPM/MS) based in NYC and looking to move to Hong Kong to the buyside. Wanted to ask what is the best way to recruit and if native level Chinese is required given my mandarin is elementary having grown up in the US, ...

2
+1
Farallon Capital: healthcare and overall work

hedge-mofty

What is your experience working at Farallon Capital, specifically with the healthcare team? I would like to know more from WSO community on your thoughts on working at Farallon and anything that you have heard from friends/ family that currently work there with respect to: (i) culture (ii) life st...

2
+3
Citadel's Physical Natural Gas Presence

Tandem21

Straight from their website: "In addition to trading the US natural gas derivatives markets, the US gas team acquired a portfolio of natural gas pipeline transportation capacity in 2016 which has enabled the team to grow its physical footprint. On an opportunistic basis we would be interested in sp...

6
+1
Global River Associates - scam or new firm

FOHFLady

A firm recently came on my radar claiming to have $600m in aum and is pursuing a variety of equity and other trading strategies. The earliest info I can find is that the website was created in November of 2017. No other identifying information on linkedin, website, anything. Im quite skeptical this...

3
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List of sell-side research firms

Leverup13

Hey all, Looking for a list of sell-side research shops in the northeast -- Wondering where I could find one/look for one. Also wondering where most of these shops would be located ? Any help would be appreciated, thanks!...

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