Event Driven S&T - Please Help

I would like to learn more about an Event Driven Team for an Institutional S&T firm. From my research the team's main clients include HFs and MFs that use arbitrage strats focusing on M&A, spin-offs, activist situations, bankruptcy, distressed and special situations.

My questions is: does this team only trade equities or do they trade credit as well? Does it vary by firm? My googling on event driven trading made it seem like it focuses more on equities. Willing to go into more detail about what firm via PM if any would be polite enough to help me out.

Thanks so much.

Comments (7)

Best Response
jesus of nazareth, what's your opinion? Comment below:

Also interested.

Traditionally, event-driven is a type of hedge fund strategy involving corporate action, with the most well-known being M&A arbitrage. I've no idea how it works in I-banks. Would it be more of a sales role though?

As with your question, though, I'm guessing it could be a variety of products. But if it's corporate action event-driven (not the type of event driven you hear from some HFT guys), it would mostly be some "micro" products, such as equities/options, corporate bonds, swaps, CDS, convertible bonds to name a few.

sling shot, what's your opinion? Comment below:

We've got an event driven strategy at my firm that does both equity and fixed. They look at everything from something as vanilla as a stock getting added to an index all the way to more complex distressed plays. That's really all I know as they operate pretty much independently..

Macro Arbitrage, what's your opinion? Comment below:

I recently received an offer from a merger arb prop group and they traded equities, FI and even some futures. Most of the guys there had prior buyside event driven exp and also covered those funds while in the s&t division of the bank opposed to the expected IB path.

A great person to contact is trade4size.

trade4size, what's your opinion? Comment below:


I work on the sell side covering Risk Arb/Event driven. Its a sales role where you are expected to understand mechanics of the strategy. In general the focus is going to be on equities but there are funds that will trade different related asset classes in the strategy against each other. For example Warrants and convertible bonds. Often times a warrant or convertible will be pricing in the event risk differently from the equity which can create the opportunity. This is an example but is far from the norm which is usually buying the stock involved in a deal.

Its a very competitive field in what I would call a crowded strategy. Too many brokers with an undifferentiated product.

Special situations is usually grouped with event driven but distressed is always its own desk.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
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CreditAnalyst85, what's your opinion? Comment below:

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