Buy-side vs sell-side path to credit funds
I'm looking to get some color on this:
I turned down a return offer in leveraged finance at a BB in favor of a HY credit research role at well respected AM.
The role offers a lot of flexibility to move between sectors/asset classes (structured products is on my radar), and so I thought that after a few years here and a CFA I might be qualified to join a credit fund (GSO, Bain, Oaktree, etc.) while skipping some brutal years in LevFin. If I really like the team, I could stay and try to move up the PM track.
But I've been doing some browsing on linkedin and it seems like a lot of places prefer to recruit from modelling heavy bank groups or distressed/turnaround PE. Is this mostly just for distressed groups? Could my background still make me a good fit for other credit investing roles toward the risky end of the spectrum?