Comparing Multi-Managers

How do the big multi-managers (Millennium, Citadel, Point72, Balyasny, Exoduspoint) stack up against each other today as an analyst, assuming you're joining a comparably average pod at each? How do they stack up as a PM? Who performed best in 2020 and YTD through February in 2021?

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Comments (40)

Most Helpful
  • Analyst 1 in HF - EquityHedge
Mar 16, 2021 - 3:06pm

Citadel has the tightest factor limits, Millennium/Exodus is in the middle, and P72 is the lowest. Same goes for leverage.

Citadel has the highest turnover, P72 has the least turnover. Citadel however, often gives some big signing bonuses and allocates more capital to teams that the other MMs to balance out higher turnover

MLP crushed is last year being up like 26% net which is insane because they have the tightest fund level risk constraints, i.e. lower fund level std. deviation.

Citadel did great at being up ~23%, P72 was up ~16%.

I think P72 has the best analyst experience but that's just my opinion, obv pod matters way more.

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  • Research Analyst in HF - Other
Sep 12, 2021 - 3:38am

What are the different types of parameters/limits that PMs are given/negotiate when they run their pods? I only know of a couple but I would love to get more comprehensive insight:

- Risk Limits - essentially how net long/net short the market you can be overall in your portfolio

- Drawdown Limits - % drawdowns at the position level & portfolio level where risk management forces you to halve or sell out of your position

- Factor Limits - I'm not really sure what this one measures except maybe balancing the longs and short nets for momentum, value, growth stocks? Idk if they classify each stock with a factor rating or something

Sep 14, 2021 - 8:59pm

Agree with everything except putting MLP In middle of factor/risk limits. They are at low end. Heard many stories of pods running into prints basically blind with almost triple digit dollar gross exposures on single names.

Mar 16, 2021 - 7:10pm

As a quant, it looks like Citadel has the best tech, followed by Cubist/MLP, then EXP.

Array
  • Quant in HF - Other
Mar 16, 2021 - 7:13pm

One more important metric is the payout per dollar generated (both siloed quant PMs and as a part of a collaborative team).

Mar 17, 2021 - 12:07pm

lol...well, exodus is  a startup (with lots of $$, but still a startup)....so you got to build from the ground up...Rome wasn't built in a day

just google it...you're welcome
  • VP in HF - Macro
Mar 20, 2021 - 7:10am

as I have heard it, you will have to build up your own quant infrastructure. So, if you are doing Fixed Income RV like I do it for example, you need to code up your yield curve fitting, carry calculations and what not, or hire someone who does it. But that would be the same at Millennium, unless you want to pay shitloads for their existing in house solutions 

Mar 17, 2021 - 12:20pm

Have a close friend at Balyasny who loves it. Dude made bank this year and turned down a pretty great offer from Citadel.

May 2, 2021 - 8:08pm

what are the names of those startup MMs with a size between $1-2B?   for a guy who has no other options...

just google it...you're welcome
  • Analyst 2 in HF - EquityHedge
Mar 19, 2021 - 9:07pm

Anyone know how the do Asian pod shops compare to US/global ones? Curious about things like average book size, risk/drawdown limits, payout ratio, infrastructure.... etc. Also beside Polymer and Segantii, who are the more reputable regional players in Asia? 

  • Analyst 1 in HF - EquityHedge
Mar 20, 2021 - 9:45pm

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