Large Distressed HF ForceRank - Goldentree/Brigade/Avenue/York/SVPGlobal/King Street/Anchorage/Silver Point/DK etc.
I’m looking to switch finds and have a couple of funds lined up - would love for the credit/distressed community to help me forcerank the large multi-strat credit/distressed funds (based on distressed HF AUM) in terms of where YOU would want to work. So this isn’t a pure prestige “rankings” list - it should take into account holistically compensation, career progression, culture of people, work/life balance, reputation/performance among others as well as prestige. In short - if you got an offer from all of these funds, where would you go in what order?
Hi Associate 2 in HF - Other, hope I can help. Do any of these links cover what you're looking for:
More suggestions...
Hope that helps.
Bump
What kind work in distressed funds you are looking for?
It's going to be subjective to each person but ideally just make a list in order of the top funds you would want to work at (assuming you had the chance at all of them). Don't make the list if you're more into like CLOs or HY but like normal distressed stuff you know. Passive or active process event-driven situations. Long stressed credits / alpha shorts whatever you're into that generally falls within the purview of the stuff Distressed hedge fund guys like doing. At the end I can tally up the lists and come up with a consensus ranking for 2020. There's a lot more interest in RX/Distress since Corona (honestly from the new threads here probably 3-4x interest levels) and so figured it could be helpful to the community to get input from the distressed guys on this chat. Now I know most people will say it's not as simple as #1,#2, and #3, and I know it isn't, but that's what its Force Ranking and taking into account who you personally would work for in what order.
You keep posting and I get what you're trying to do, but it's not that simple and you said it yourself. You're just inviting some random idiot who's not in our industry or some prestige whore from Wharton to try spit out garbage like the ranking nonsense that gets posted in the IBD/PE forums non-stop (no surprise since PE is sometimes just filled with the worst kind of investment bankers).
There's many funds hiring so I would just go take all the interviews you get, meet with the teams and if they provide an offer, decide if you simply like the flexibility of the fund(s) they manage, like the team and do as much background checking as possible that their performance isn't total utter crap that questions if they will be around in 2 years (it's hard to gauge this, many of my friends at York are looking for new jobs and didn't expect their own shut down to happen the way it did). If I had to guess, you won't be able to line up multiple funds to provide competing offers given timing so it will be not to dissimilar to PE in that each offer is "take it or leave it". What do you get out of knowing if GoldenTree is ranked #2 or #3 or #5 in that scenario?
If I remember correctly, you may be between jobs so its best to focus on what you can control vs. trying to force Evercore vs. PJT vs. HL discussion for fun of it.
Which funds specifically are hiring? Any for junior positions?
Farallon is hiring. Owl Creek may be too. Diameter. All for juniors I think. And Farallon and Diameter even may be really for people with no buyside exp. I think there's also more hiring on the senior side at DK and other large shops.
so to your point on York - I‘m European and the London office is hiring. the credit hedge fund collapsed but the distressed asset funds are stable
as for lining up the timings ordinarily I would agree but I actually have been able to talk to a couple of these places. It’s a small world so I’ve included a whole gamut of names and opened it up to further funds instead of making an (X vs. Y) post. My current seat is EM credit at a boutique fixed income manager (think Muzinich) so I don’t have a lot of contacts in the distressed space
I definitely take your point it could just Devolve into a prestige ranking chat of colleges or banks but the hope was to rather not focus on just that vs. where people would plain rather work. like Elliott for example is obviously one of the best if not the best from what I hear but I doubt many people would actually enjoy working there/last.
anyways I get this probably won’t be super helpful but I figured I’d at least try!
also just curious cuz I don’t know anyone at York and have only spoken to the senior guys in Europe - why are your buddies all trying to leave? I understand the Credit HF shut down but isn’t there a lot of distressed credit being done in their other strategies and their distressed asset funds? I had assumed from my convos that the CLO team is separate but then on the credit side you just have research analysts that do work for all the distressed drawdown vehicles and the former HF as well. so they still have a job doing meaningfully distressed credit for York, or am I wrong and missing something about working for the dead hedge fund specifically?
Because at one point their main US credit HFs were approaching $10bn now its entirely gone because they shit the bed like many others before them. I've worked with Jeanne and Katherine, they are entirely unimpressive. A few funds have been also plucking out the credit team which is another reason people still there (in the US) want to leave.
York historically created new fund structures with very specific geographic and asset mandates, so the funds that remain are mostly high-yield/CLO and investing in credit through their multi-strategy funds as far as US goes. Vrattos has shifted his focus to the remaining drawdown funds (raised to match liquidity) that are European-focused.
The European team is separate and manage their own own capital through a european multi-strat vehicle and the distressed asset funds led by Rafiq.
You would be pretty dumb to try go join the US side of their biz, Europe seems fine as long as those funds are performing well (I don't know if that's the case or not).
A few firm presentations: https://services.sbcera.org/sirepub/view.aspx?cabinet=published_meeting…
https://yorkcapital.com/wp-content/uploads/2020/03/YORK_19003_ESG_Repor…
1: firm that’s making the most money
2: firm that’s making 2nd most money
...
n: firm that’s making least money
Simple really. No need to get subjective.
making the most or paying you the most haha. the head honchos come in various flavors of stingy
any outliers in the group in terms of more or less stingy?
I know this is an old post but bumping to see if anyone knows whether any of these firms/similar are hiring at the junior level? /who are the headhunters?
I believe SVP uses Oxbridge, Diameter uses DSP and Silver Point's private capital group uses Henkel. Not sure about the other names or if any of them switched, but pretty sure at least these guys still hire junior bankers during on-cycle.
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