How difficult is it to move from Equity Research at a solid BB (assuming the industry coverage team is fairly average) to a top Equity L/S HF or a top AM firm (Fidelity/BlackRock)?
I heard that these places don't really recruit very many people so I'm guessing it's a pretty hard move.
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Very hard. I would estimate that 80% of the sell side wants to make this precise move and of those, only ~10% will be successful. Top AM is the most difficult move because turnover is low and most spots are filled through MBA recruiting. L/S equity has higher turnover and more overall positions so spots open up more frequently. The other barrier is that many firms or potential bosses are prejudiced against sell side research and prefer former bankers or buy side laterals.
Not trying to discourage you or anyone but it's not an easy move. The best bet is to try to network into one of these roles. Also, develop strong relationships with your institutional sales people because they can help make introductions and notify you of openings. The analyst you work for will likely be less helpful for obvious reasons. Otherwise, aiming for a smaller buy side shop, building a track record and then trying to lateral is a possibility.
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