Hi everyone,
There seems to be ample information regarding the process behind moving from BB IBD to PE megafunds on this forum, but a dearth of it with respect to the process behind moving to a large HF (Soros, Pequot, Caxton) in a junior PM/junior trader role, from a BB S&T analyst program.
Does anybody have information on how this works? Connections? Headhunters?
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It works the following way, you prove yourself by making millions for the bank and HF will take you gladly. Otherwise, maybe good opportunistic networking can help.
Because those firms you mentioned usually recruit macro traders at the senior level (VP/MD/Global Head level), not analysts. Unlike moving from a BB to a HF in a valuation based role, for a PM type role, you need a track record, and you don't get there unless you've survived on the sell side for a long time and gained a strong reputation.
e.g. http://www.linkedin.com/pub/stan-sokolowski/7/18a/427 http://www.linkedin.com/pub/francesco-cafagna/8/724/720 http://www.linkedin.com/pub/won-choi/14/14a/39a http://www.linkedin.com/profile/view?id=46018577
[quote=Awon Eleyi Awon Eleyi Won Bad Gan]Because those firms you mentioned usually recruit macro traders at the senior level (VP/MD/Global Head level), not analysts. Unlike moving from a BB to a HF in a valuation based role, for a PM type role, you need a track record, and you don't get there unless you've survived on the sell side for a long time and gained a strong reputation.
e.g. http://www.linkedin.com/pub/stan-sokolowski/7/18a/427 http://www.linkedin.com/pub/francesco-cafagna/8/724/720 http://www.linkedin.com/pub/won-choi/14/14a/39a http://www.linkedin.com/profile/view?id=46018577[/quote]
Ok, that's helpful information. So where would you say there opportunities for junior PMs etc? My impression was that some places like to take you early (ie after analyst stint) so that they can teach you how to be 'their type' of investors
The only person there worthy is the korean dude.
Michigan State? Università Commerciale 'Luigi Bocconi'? wtf?
Bocconi is one of Europe's leading Universities, especially in Economics / Finance.
How does the promotions work? Like in IB it is usually 2/3 years analyst then promotion to associate then another 3 years then VP.
Is it like that too in S&T or is it based more on merit (ex. you earn a certain amount for the firm then you get promoted etc.)
bump
There is no such job as junior PM in most cases. These funds have investors who expect their money to be invested by people who have proven track records and serious experience...its not a training ground where they give 26 year old kids capital and tell them to "get after it". At the PM level these places hire "finished products" not "works in progress".
Its not unheard of for PMs to work their way up within a firm from other jobs but its much much more common for PMs to be hired with resumes such as above.
Thanks for the post. What do you mean by "work their way up within a firm"? Which 'other jobs'?
U dont' do trading for exit ops. U do it 'cause u love to trade.
Global Macro funds aren't just composed of an army of PMs. For every PM there are analysts and strategists crunching numbers and pitching trades. And that's not even counting the back-office staff.
Could those analysts/strategists be straight out of analyst programs?
BB Trading -> HF (Originally Posted: 12/28/2012)
Hi, I am an analyst in BB fixed income trading desk, and my ex-boss offered me a position in HF (global name with >30bio usd). It would be more like an assistant to PM if hired. Is this a good opportunity for a junior trader without much experience to move to HF or is it better to stay in BB for a while? What are the pros and cons? Are there many cases that PM's assistant becomes PM in say 2yrs?
you should ask your ex-boss what opportunities for advancement the role entails... in a nice way. if you're supposed to be his right arm and learn as much as possible in the seat, cover for him, run PnL, etc. then you're not departing the junior trading role as much.... if you're doing nothing more than paperwork, then it's not worth it.
you can learn a lot at your bank, but moving to a strong hf is an incredible opportunity -- particularly if your boss was somewhat of a mentor to you.... nice to go private with the pendulum toward so much comp regulation too.
This sounds like a golden experience
Thanks camus. Appreciate your comment.
Current BB trading analysts - HF exit opps? (Originally Posted: 10/01/2010)
Hi Guys,
I've been reading your posts and decided to join as I start next week at a BB in London. Brief training (will have the option to redo training next summer with new grads) and then we hit the desks in 3 weeks' time. I know it's quite early to be looking at exit opportunities - but since most of the posts on current hedge fund experience go over my head (still great help btw!), here are a few questions from the view-point of a recent grad:
1) Traditionally, it seems stints in IB or Equity Research are the usual way to move to PE/HF type jobs (is that only because they teach you valuation and fundamental analysis?)...What about analysts who started out in trading at top 5 shops (GS/CS/MS/JPM, etc)?
2) Is it possible to be a PM at a HF after a trading gig with a BB (or does trading background vs. IB/Research background lends itself to dealer positions normally)? What's the usual path, i.e., years with BB, MBA or not, what desks are the biggest feeders, etc?
3) Can BB traders ever break into PE? Post-MBA maybe?
4) What desk would give you the widest exit opps...I mean, there are four of us joining and four desks interested (Emerging Markets and FX Derivatives in Fixed Income, and Cash Equities and Single-Stock Volatility Trading in Equities). Culture-wise, I love the banter on cash and the EM desk, FX and vol guys were a bit more serious. However, learning curve was steaper...when I rotated with the latter. I have spent three summers at two different banks in FI trading, FI structuring, and Equities trading. I like the speed and culture on the flow desks but I like the macro-aspect of the fixed income structured desks...anyone faced the same dilemna when starting out?
5) When's the best time to go for an MBA and CFA? Anyone know of Oxford/Cambridge guys making it into HF/PE firms, or is it mostly LBS and US business schools?
6) My dad's best friend from high-school runs a fund of funds here in London (met him over a couple meals). How can I use his position to find out more about HF's, etc. He's a really nice guy but is also extremely busy...what should be my goal when approaching him?
Experienced buy-side folks plus anyone currently on the sell-side, please all chime in. Answer w/e questions you have time for. Greatly appreciated! Thanks.
x
http://www.wallstreetoasis.com/forums/the-hedge-fund-experience-good-ba…
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