Current hedge fund dilemma what should I do?
I am currently working for a Global Hedge fund based in London, and while the opportunity was exciting at first, I have to say that after nearly two years of working here I have come to realize that I am not really hired to generate ideas, but to work under a more senior analyst. It's a great learning experience and typically I would love to continue working on projects with a senior analyst (I am still fairly "junior" myself but I have been reading annual reports and I know the entire fundamental analysis process from head to tail, so I could actually take on my own pjts if need be). I am one of those people whose passion for investment started in college and I've entered the hedge fund industry probably earlier than most people my age (25)
The thing that makes it difficult for me right now is 1) the senior analyst for whom I am working for seems to be giving me almost no intellectual freedom at all. Regularly you would expect to be given a few assignments but also some room to make your own judgment. In this case however, he is simply asking me to create all these models for him but telling me how to input every number, what to make every assumption, and how to format everything. In essence, a micromanager. Also on the DD calls we make with experts, he is telling me what questions to ask down to the exact wording. To make matters worse, he is very rude and when we make calls together he frequently interrupts my questions on the phone with the third party in order to squeeze his in. In many cases, he doesn't allow me to squeeze in a single question throughout the call. It's as if he is purposely limiting my freedom so that I don't eventually become a "threat" to him as I may if I were to take up new projects independently. In any case, I feel like a mute monkey doing all the dirty work for him while this guy goes home at 6 PM to take care of his family. In many cases, the micromanaging he tells me to do, I already know how to do them and would have done them anyway regardless of his "guidance". He seems to be assuming that I am far dumber than I am, despite the fact that I am accumulating over two years under my belt already plus am always learning non-stop.
What should I do in this situation? The fund seems fairly dominated by this senior analyst and make no mistake I want to contribute more to the company over time, I really feel this type of micromanaging is destroying my passion and enthusiasm for fundamental analysis, which I have thoroughly enjoyed doing. I don't know if my feelings should be mentioned with the head of the office (who is more senior to the senior analyst I mentioned). I don't want to sound like I am complaining too much but in reality I feel like I am getting more and more limited because a senior analyst is too insecure and simply wanted to hire me as an office assistant instead of a true analyst with freedom to make own judgments. To make matters worse, all the other colleagues (we are small office) work on their own projects and report directly to the head of office (to whom this guy reports to as well).
Also, in many cases he asks for my thoughts on something. I would share with him and he would immediately say that I am totally wrong while his thoughts are correct. These cases have happened far too often and I get the sense it is just his habit to shoot down everyone else's ideas in order to get a sense of satisfaction.
One more caveat is that this senior analyst for whom I work for seems to be desperate to become partner, but he so far hasn't been promoted to this position despite many many years with the firm. It seems like while it may be a good idea to stick with him in case he gets promoted eventually later on, I just can't imagine having to lounge around for x more years in the case he doesn't, and just literally be his b****. I just don't feel the money I am making right now in the long run is worth this type of "intellectual suppression". I feel like eventually I am not getting anywhere. I have tried to propose my own ideas with him several times only be rejected, and told that this "fascinating" new idea of his should be my top priority. Make no mistake, I am willing to put in the hard work, but I am a fiercely motivated person and I want to eventually test my own investment theories, follow my own industries and build my own connections rather than just being his slave. Otherwise my career is stuck.
Anyone else in a similar situation before? Is there a point where you just have to tell the company your value is far more than a model monkey? Or should I slave away silently? What do you guys think I should do? Would appreciate any serious advice.
Unfortunately, your situation is distressingly common in the industry. Some combination of lots of money, small business dynamics, and ego often leads to senior people not taking an interest in mentoring the next generation. As funds mature, they also tend to put in place more formal reporting structures, which can be difficult to outgrow when people don't leave. While you've had the misfortune to work with a bad manager, at least as you note it's been a great learning experience.
Realistically, your best option is to look for another role. It's likely with your experience, if you are good, that you could land a position with more responsibility at another fund, especially one that is smaller or newer and therefore less hierarchical. Of course you may as well try, delicately, to improve your working relationship at the current fund. Call me old fashioned, but I think a talk with your manager is in order, and potentially also the head of the fund, before you jump ship. If you've proven yourself, it's possible you could work with someone else or at least get some visibility into when/if you'd be allowed to become a standalone analyst. However, in a small office a difficult former boss can be really tough to get past. I'd love to think this guy's poor management style is the reason he hasn't made partner yet, but it's rare that's actually the case. If you make him look bad he'll just blame you for his own disappointing performance - not a great long-term environment to be in as long as he's around.
I would say start looking for a new job now. The only reason I would have suggested staying would be if the money you were making was worth it. But you say it's not.
Typically, younger employees take more shit but after 2 years in I think you deserve a little more respect than you are getting. Anyway, I think the bigger issue is you already know what your boss is like. Could you realistically expect to work with his type of personality for the next 5 or 10 years. Probably not.
It sounds like he's got other issues at work and he's taking it out on you. Whatever it is (making partner, facing heat from management, job security, etc...) you probably just unfortunately got caught in the middle.
So looking forward: maybe try finding another job in the industry that employs the same strategy (value, macro, etc..) as your HF since you have experience there. Or I guess now could be your golden chance to try something new under new management. The good news is that you're young and come from a qualified background.
Start looking and testing the waters. What's the worst that could happen anyway? You get an offer and you could then turn it down.
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