What do you do as a HF Analyst post-IB/PE?

Currently a senior in UG joining a top group in banking GS TMT/Evercore M&A and curious about HF's and the role of an analyst. 

PE is interesting and from what I've researched and heard, I'm not sure about the "banking 2.0" experience. Have not found much information about HF's and the role of an analyst besides the fact that as a career it is more risky with more upside in terms of comp. Would love to have more insight on what you actually do as a HF analyst?

Also, I know most HF's recruit straight out of PE (analysts or associates), do banking analysts place into HF's as well?

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