Has anyone here left a relatively cushy UMM / MF PE seat to pursue MM HF work instead?

Considering making a move to one of the big 4 MMs. Currently have a relatively decent gig at a UMM PE shop, no up or out in 3 years, starting in the L300s and moving up sequentially over time. WLB/perks are decent (food/snacks at the office and probably putting 60 hours a week but sometimes 50 too). My boss is okay/dull and sometimes feel like I teach him certain things and am not learning enough (not a go-getter but knowledgeable but so much of this role is process optimizing and relationship mgmt.) so I do sometimes feel unfulfilled/bored. I manage a personal book (mostly commodities and macro) and right now am learning to make long/short trades in the sector I'm most interested in, in case I do decide to and have ample time to do this right now. I know MM HF will be intellectually stimulating (not relationship monetization), and am confident that comp will scale with performance and time put in (and I will get some freedom too). I think that generally, I've gotten to my current spot because I showed passion/ability to learn not because I followed the set-out path (math @ random non-target, LMM bank in a structured finance role but got an MMHF offer with a well-tenured PM, EB lateral offer and UMM PE offer and ultimately chose UMM PE because it presented the best risk-adjusted return especially given that no 3 years and out structure for my role). But at the same time, low job security, relentless culture,and early mornings seem worrisome - did I forget to add I am definitely someone who would be constantly stressed out and obsess over my positions every day (not sure if normal)? some of you out there might relate. I'm curious if you regretted it or not if you made the switch or ultimately why you chose not to make the switch? What would you tell yourself a few years ago?

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If that’s your setup currently, you’d have to be stupid to leave to go to a MM HF.

Also running a PA book of macro bets is not the same as working at Citadel or Millennium. Neither is “learning how to make long and short bets”. Unless you thoroughly understand the implications of running a market and factor neutral book, you have a highly distorted sense of what the MM HF business is. There’s very few people that aren’t in the industry that understand that “product”.

Next, those places have no culture. You know the grey hound races on TV, there’s a bunch of dogs that are meat rockets chasing a mechanical rabbit that is being pulled around the track? That is the culture at MM HFs. There’s a pot of gold and everyone is running flat out, lungs burning, head spinning.

 

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