On the same desk, you know more-or-less how well your colleagues are doing and which ones are crushing it. But what if the star trader on your desk wants to leave for a HF - what proof does he have of his track record? How can outside funds ascertain whether he's an amazing or terrible trader?
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Obviously have no experience with this but from what I've seen, the industry is not that big. People talk, and word travels fast.
I would think that word of mouth is a big factor. If you're a star trader, I can guarantee that people outside the bank/desk will know who you are.
this - people talk. if you are up (or down) big...word around the street spreads fast...like the same day for big P&L moves.
The street is a ridiculous gossip mill...people love to be the first one to tell people outside the firm "john on the tsy desk just made 20mm being long bonds into that auction" or whatever...and the bigger the P&L, the faster word spreads.
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