Which of the multi manager platforms (P72, Citadel, Balyasny, Millennium, Marshall Wace, etc) set up analysts best to go from a role with some PnL attribution to a seat as a PM, in terms of branding, opportunity, or training programs / skillset?
My guess would probably be Point72 or Millennium, but curious to hear more thoughts and discussion around this.
Also curious, have heard that Millennium is easier but take that with a grain of salt
What training? It’s all down to PM. Some shops like P72 will try to give more of a structured path, including Citadel. MLP / Exodus you’re on your own. MW not really a platform.
From what I have heard and seen, would agree that some shops like MLP definitely aren't going to be training PMs, not to say they won't give you a shot if you're a good analyst though. Have heard that P72 will work with and develop analysts they want to become PMs. Citadel tracks analysts recommendations meticulously and may be the best for making the jump since they will have a track record on you even before you get a PnL. However, they also seem to have the most guardrails up for PMs.
My very subjective and anecdotal experience, for what it's worth (not much):
In order of easiest to hardest to be offered a PM seat coming from the outside: millennium, balyasny, p72, citadel. I say coming from the outside because people often get an offer away to become pm, less common to see analysts moving up to pm at the same firm (although there are a handful of PM's at each firm which promote analysts to PM with your own economics but you're still technically under the original pm)
In terms of training/prep for a PM role p72 has a training program (9's). But if I had to bet on a random senior analyst coming from each platform going into a PM seat my money would be on the citadel one to outperform
Hey thanks for this - for your last point do you mean that top performing analysts at Citadel would be highly likely to get promoted to a PM role?
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I know plenty of people at MLP and BC and I can assure you none of them gets paid high 20%s
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Highest I’ve heard maxed out at 25ish so definitely agree with above. 20ish the normal at the tight risk places.
Likewise, never heard of above 20 percent being the standard at MMs, though it also depends heavily on what's netted out of the PnL in terms of beta exposure, expenses, etc
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