Frame Reason to Leave
Hi I joined a fund last year that is typically well regarded SM fund (double digit AUM, long history, etc). However, at this point internally its clear the fund will shutter in a year or two. Bad performance is causing outflows that will be realized a year or so down the line. This is my first buyside job but I also job hopped quite a bit before. I am wondering what people think I should frame to recruiters/funds.
I don't want to low balled because a fund knows I need to get out (even though I do) and so would like some advice on framing it. Would be curious to get people's thoughts.
To frame your reason for leaving effectively, focus on maintaining professionalism and emphasizing factors beyond the fund's struggles. Based on the most helpful WSO content, here’s how you can approach it:
Highlight the Fund's Legacy and Your Experience: Start by acknowledging the fund's strong reputation and history. Mention the valuable experience you’ve gained, such as exposure to investment strategies, deal processes, or portfolio management.
Focus on Career Growth: Frame your departure as a proactive step for career advancement. For example, you could say, "While I’ve gained significant experience at [Fund Name], I’m looking for opportunities to further develop my skills and contribute to a platform with a long-term growth trajectory."
Avoid Negative Comments: Do not badmouth the fund or its performance. Instead, keep the narrative positive and professional. For instance, you can say, "The fund is navigating a challenging market environment, and I’m seeking a role where I can continue to grow and add value in a more stable setting."
Control the Narrative: Recruiters and potential employers may sense urgency if they know the fund is struggling. To avoid being lowballed, emphasize that you’re exploring opportunities to align with your long-term career goals rather than reacting to immediate circumstances.
Prepare for Questions: Be ready to address questions about the fund’s performance without revealing too much. A response like, "The fund has faced some headwinds, but I’ve learned a lot from navigating these challenges and am eager to bring that experience to a new role," keeps the focus on your skills and adaptability.
Leverage Your Network: Start reaching out discreetly to your network and recruiters now. As noted in WSO threads, it’s always easier to find a job while you’re still employed. This also gives you more leverage during negotiations.
By framing your departure as a strategic career move and focusing on the skills and experience you’ve gained, you can position yourself as a strong candidate without signaling desperation.
Sources: Depressed from recruiting, Burned Out - Quitting w/o an offer?, https://www.wallstreetoasis.com/forum/hedge-fund/fund-shutting-down?customgpt=1, No VP Promote from Sr. Associate - Seeking Advice, Feel Trapped, Exit Opps From Sell-Side ER?
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