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 (29)

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  • 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.

  • 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).

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  • PM in HF - RelVal
Mar 16, 2021 - 9:26pm

ExodusPoint shouldn't even be mentioned in the same sentence with the others with regards to quant infrastructure

Mar 17, 2021 - 12:07pm

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

just google'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 16, 2021 - 7:17pm

I agree with everything that's been said. However, I wouldn't worry too much about who did the best last year or YTD. Your team's performance is more important. 

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're welcome
  • Analyst 2 in HF - EquityHedge
Mar 19, 2021 - 9:09pm

Piggybacking here - beside ones you listed, how about guys like Candlestick, Woodline, Holocene? Are those considered pod shops? 

  • 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? 

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