Distressed HF to RX IB
With the activity the RX IB groups must be going through right now, I was wondering if there was a way to network into a role at a top RX IB shop from the buyside. How should I approach it? Should I reach out to analysts / associates / higher ups from my school? When would it be appropriate to reach out?
I joined a mid sized distressed hf (~1b) out of school recently. Fund is great and all but always wondered if I skipping IB as the first step would hurt later on. Thinking about networking to maybe lateral down a few months if an opportunity presents itself at a top RX IB group. That way I would do IB, go through the standard program as others for 2 years or so and then start out on the buyside vs doing it immediately. While I did get hired at a good shop, not sure if I'm ready yet. Any thoughts or comments on how I should approach networking right now?
You seem to have it a bit backwards -- there are very few people that go from buy side to the sell side and the ones that do are usually senior folks who have built up a big network and can bring in business. Getting an offer at a reputable (1B+) distressed hedge fund was probably a lot harder than getting a banking offer so was there a reason you took the hedge fund offer in the first place? If they gave you a job they seem to have assessed that you're ready so I wouldn't worry about it and let your firm train you and see how it goes. Not the best mindset to start a new job with one foot out the door, especially if your firm went out on a limb hiring you out of undergrad.
I've met a few people who went from the buyside to IB Rx. It's a lot more common than it might seem. IB Rx is a lot more stable of a job than distressed HF investing.
Rx seems to have a lot more crossover between buyside and sellside (and legal) - consider having these conversations after the two year mark at your current fund and moving as an experienced hire rather than restarting as a fresh analyst.
It's less common but definitely not unheard of. Not that many spots in distressed to begin with, so if your fund blew up or your 2-year program ended you might consider going back into banking. Happens at senior level too (e.g. Stephen Haanan) - you'd be surprised how many MDs have buyside experience.
Hell, I know people that have gone back into restructuring just because they liked banking culture better.
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