Difference between trader and PM at Brevan/Citadel/DE Shaw/Moore
Someone asked me this today...is there a meaningful difference between the trader vs. PM title at the discretionary groups at these places? Apparently there have been senior risk takers hired as traders while others as PM at the same shop. J/w if there is a huge difference in what they do, or if PMs just do the same thing as traders except with a bigger line. Talking about just these shops specifically.
Brevan and Moore are true macro funds while Citadel and DE Shaw are multi-strategy funds with a heavy quant emphasis. Shaw has a macro fund called Oculus which has been doing well while macro at Citadel is very small (I think limited to a few groups in NYC and London). At Brevan and Moore, the traders are mostly executing the orders of PMs. At Citadel and Shaw, the traders are more a hybrid of quant analyst/programmer, who is able to write code, improve existing algorithms, optimize parameters, etc.
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