AM full time offer, or reapply/network to S&T (London)
Hi guys, having a bit of a freakout about career choice.
I recently interned in multi asset at a top London asset manager (think T rowe, Fidelity, Capital etc)Was always interested in markets, but trading more than asset management. Long-term goal is to work at a HF, not for any clout or the money, but because the lack of restrictions and endless possible strategies really interest me. How much worse are the exit ops from multi asset AM Vs S&T? Multi asset most likely would lead to macro HF - would I even have an advantage over anyone in S&T even within macro?
Moreover, I feel like the need for quick thinking and perhaps more aggression in trading might suit me more than the longer term work in AM. And to be honest, I feel I have a bit of bite to me, and don't mind rubbing up a bit against people and feeling competitive, whereas in AM, it's very much collaborative and felt like you need to tone down your boisterousness.
Would it be crazy to go back on the AM contract I've signed? I'd have to probably network my way in to S&T. The hours in AM were really great (8:30-6ish for basically everyone), how bad is it in trading - say equity derivatives, or rates?
Despite the difference in hours, I feel what I'm getting at is that the more you enjoy your job, the less it feels like work. Could the extra hours be worth it?
You are at a BB trader’s exit opp already. Pay will be lower at junior levels but will scale up. Don’t bother with S&T.
Sincerely, someone in S&T (must admit I am not in rates trading tho so others could chime in)
Appreciate your reply, thanks. Any thoughts on exit ops to HF Vs coming from S&T?
B
If you want that sort of bro culture, go for an old-school commission-based brokerage, physical trading shop or shipbroker...
It seems your entire mindset is rn: I don't wanna start in some sussy place where people are nice and collaborative... I wanna be shouted at and swear down the phone at people and make PnL...
That's retarded. I get how you think, but it's a pipe dream
You don't even have an alternative offer and you're thinking of reneging your AM offer?
Mulit-asset AM is far better than 90% of S&T desks
Thanks for your reply, and completely agree, it's essentially a fantasy I'm looking at through rose tinted glasses. Glad to hear how you think it compares to S&T desks too. Just gotta got to realise I've got it good and be thankful for that.
U.K. based US BB ST analyst
I’m just guessing you’re at fidelity but nonetheless if you want to be in HF type strategies these Big AMs must have pods somewhere that trade riskier strats?
I think the clear advantage of trading in sell side is for more illiquid/specialised products like CLOs, structured/bespoke products; or like specialist desks like central risk or any systematic strategies - super flow products like equity derivs (delta 1s or like any non exotic derivs) or any cash products are less capturing alpha and more managing a book - compared to AM where you are generating alpha actively I don’t see any increasing relevance by moving to the well side
But I could be wrong I’m just analyst so veterans feel free to chime in
Thanks for the detailed reply, and completely understand regarding illiquid products.
We do indeed have a few riskier L/S strats scattered through different divisions, so could well try to rotate into those, good point.
Happy to see so far that all you guys in S&T are pretty much in agreement about not needing to make the move too.
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