I am currently interning at a BB in london and am very interested in the Hedge Fund industry. Would like to apply to some hedge fund and see what my chances are. Is Sankaty a better choice for a full time position. Or would it be better to stay in BB for 1-2 years.
Btw, how are the comp and hours like in Sankaty
Thanks
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Do you mean Sankaty Advisors of Bain Capital?
Why would he mean Bain Capital if he said Sankaty Advisors?
Gundam, what division are you in at your current BB? Investment banking? A more realistic approach if you're interested in working for a HF one day is S&T.
yeh its IBD. I know S&T maybe a better place to break into HF but I'm more interested in those fundamental and value oriented funds. therefore I guess IBD (or research??)
Anyone know how are the hours and comps like in Sankaty?
And would Sankaty be a better place or BB IBD?
Sankaty should be a HF arm of Bain Cap but I did a search in this forum before and heard someone said that people will go to BBs or consulting firms AFTER interning in Sankaty, isn't that kinda weird?
Sankaty Advisors is a subsection of Bain Capital, or at least the Sankaty I've heard of is.
To second Warhawk here, Sankaty IS a division of Bain Capital.
I have a friend who works at Sankaty and from everything I have heard it would be a great place for you. I know Sankaty has a European branch but to be honest i know nothing about it. Sankaty is the debt hedge fund division of bain capital. I think they do some equities also but I mostly high yield debt. My friend said that recently a lot of there people have moved on to equity hedge funds (Farallon, Highfields, Reservoir I know to name a few which are pretty sick). I know someone last year went to Mckinsey because they really didnt like investing, I have never heard of anyone going from sankaty to a bank. That would make very little sense. In terms of hours, he seems to work pretty hard but not like a bank. Maybe 65 hours. I hope that helps. In other words, if you want to go into value investing it would be better than S&T. Maybe better than banking also, but a good banking job would be a good place to start as well.
Good stuff buyside07! thanks for the info. So i guess the base salary and bonus would be similar to working in IBD in a BB, right?
from what I understand yes. I don't know the specifics but I believe it pays basically street comp to start out. Glad I could help.
Sankaty Advisors is a bit unique in that they are the only arm of Bain Cap that will hire analysts direct from undergrad. With two years of work exp, you'd be hired as an associate. They deal almost exclusively with debt - equities are generally traded via Bain Cap's Brookside Capital and ARC affiliates.
Not sure how their recruiting process for associates is structured, but when I was in the Bain Capital offices for a final round PE interview I somehow ended up spending an hour with one of the Sankaty partners. The partner started going on about what my "role" at Sankaty would be, and asked me a number of fixed-income / math related questions. I found the experience incredibly strange since I had never expressed any interest in the debt fund. Since it was only one of my six interviews for the day I didn't inquire further, but I assume it was some sort of recruiting screw-up.
If you want buyside down the road, Sankaty is a top option since you will be doing directly relevant work.
I have friends who are working at Sankaty right now, and they do quite a bit of private placement, and run specialty distressed groups as well as mezzanine debt placements where often seats on the board are given. Any group you go to will do a mix of investment management, trading and due diligence for private placement, and despite the credit crunch, it is a great time to have liquidity right now in the credit business.
The exit opportunities are great, including within Bain Capital and also to equity funds. I know this year, many of those accepting also had offers from at least one of the big 3 consultancies and various other banks, but took Sankaty (hard to compare a buy side opportunity to those).
Base salary is a little bit above Wall Street base (+5k or +10k more depending on which bank you compare to) and the bonus is targeted to put you at street, but it can range significantly higher depending on your performance.
does anyone happen to know what the email format for sankaty is?
is it [email protected]?
Thanks!
[email protected] i.e. James Bond [email protected]
Thanks feenans!
I know a guy who turned down Goldman M&A to do Sankaty because he knew he wanted to end up in a debt fund anyway. IF you're comfortable with the debt path, Sankaty offers immediate buyside experience, a great brand name, and stability that's tough to find in a HF environment.
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