Famous PM who started out in Equity Research?

I often hear that many PM started out in trading or research but most of the whales I know of were traders.

Do you guys think that the "market knowledge" vs. fundamental knowledge learned early on produces more famous PMs or are there plenty of PM who started out in research who I do not know about?

Comments (20)

Feb 28, 2010 - 7:20pm

If you count "research at HF," it's like every manager of a fundamentally driven fund (because what those funds do is...research). But if you mean sell side research, then scratch Klarman and Einhorn (mentioned in above posts). Also sell side research has changed a lot from what it was ten years ago, so not sure its fare to compare anyway.

Worth bumping this thread just for the post from 09 that talks about Raj not being famous. Ha.

Jun 28, 2012 - 2:24pm

The founder and PM of the fund I used to work at was a star research analyst and became one of the youngest Senior MD's in his firm's history before starting his own fund that hit >$1bn AUM at its peak.

Talent is hitting a target no one can hit. Genius is hitting a target no one can see.
Jul 3, 2012 - 1:52am

Many PMs have started out in research, but you have to recognize that sell side research before 2003 was a much more prestigious and valuable job than after 2003 when the global settlement separated research from banking and made research analysts less valuable to investment banks. My point is that, before 2003 there were incentives for talent to flow to the sell side, but after 2003 there have been less incentives (especially with the rise of hedge funds), so I would expect the number of 'star' PMs coming out of sell side research to decline going forward.

Jul 27, 2012 - 5:36pm
Walkerr:
^^Where do you think the star PMs will becoming from in the future? Do you think they will start at the buy-side immediately, after UG/Masters?

YEAH BABY!

I hate victims who respect their executioners
Jul 27, 2012 - 4:38pm

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