Since launch every year they have been at the very bottom of the returns of all of the MM platforms. 2021 is no different at +3%. They are known for throwing large pay packages to lure PMs in. Lots of rumors that the firm is still a sh*tshow and obvious nepotism by Gelband hiring his sons to run the various business units.

Any thoughts as to whether there's career risk and worth the large package for a PM seat there? Or better to stick with the Blue chip MMs

Comments (29)

Jan 8, 2022 - 10:16pm

Only a third of their AUM is in fundamental equity L/S, majority of capital is credit, rates, systemic equities. A bit apples and oranges comparing to mostly equity multi-managers like a Citadel Wellington.

Dec 31, 2021 - 8:14am

I think they will like throw a $100mm book at anyone with a pulse and make make them trade it in very tight risk limits - have a few acquaintances there now who seam to be doing OK - like guys who know how to make money seam to be doing fine there- but it's probably a bit harder for the new PMs - the fund is deffinitely more FI focused - there are a bunch of articles from November about rates traders blowing out -I know they are trying to put more emphasis on their equity group (I think they named it westwind) - I have heard it's a bit of a shit show operationally - but on the flip side very flexible in where they let people work

  • PM in HF - EquityHedge
Jan 6, 2022 - 7:02am

The 100mm book isn't true at all from my understanding of friends there.  Their risk is much more concentrated than other firms.

That comment is more true of the other firms and part of it is just a really competitive labor market with a lot of optimistic analysts who want a chance.

The other part is that it's part of the firm's business model in that they are OK with the vast majority failing as long as they can find a couple to scale up.  It's terrible on an individual level but great for the firm.

Jan 6, 2022 - 6:53am

Equity Quant and Equity L/S have been killing it.  EP is more rates focused as many mentioned.  That's about it.

If/When Equity Quant & L/S go through a rough patch, you'll see the opposite.  

Comparing hedge fund returns is usually a bad idea unless they are directly comparable in terms of risks they are taking.

Jan 19, 2022 - 1:10pm

any reason why Exodus over MLP? just seems it's for PM's who want a higher % deal

  • Analyst 1 in HF - EquityHedge
Jan 19, 2022 - 9:15am

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