LO AM to Millennium/P72/etc. spin out

Some things to think about:

• The people you'll be working with. You have a lot of your career ahead of you, which means that you're going to want to have really good bosses, mentors, and coworkers. Make sure you're in alignment not just in investment philosophy but also in your workflow style and with respect to personality. 
• Performance: Past performance does not guarantee future success but having a track record increases investment confidence. Make sure the place you go to has a really solid performance history AND is well situated to perform well in future investment climates. Fund agility, depth of research, and knowledgeability of staff will be of paramount consideration here.
• Understanding of role: How well do you understand the role you are applying for or about to take? If you don't fully get it, make sure you build up your knowledge base so that you can best assess what type of fund you might want to work for.
• Investment styles: Does the kind of investing you'll be doing match your existing investment style (probably not...) or is a style that you believe your research frameworks and investment acumen can readily adapt to?
• Personal and Lifestyle: Does the job give you the same level of compensation or potentials for increases? Will you have the same work-life balance and job security? Will you have to move to take the job and is this new location in a place well known for finance?

Pitfalls:

• Elimination of Fund: Not only are you out of a job, but now you have a gap on your resume. I imagine this is something you'll be equipped to deal with should it occur, but realize that this can mean a tough recruiting process going forward for roles both in the LO and L/S space. 
• Difficult promotion pathway: Also something that I'm sure you're not new to, but at the same time, making PM could be difficult if your fund is relatively new. Just make sure you'll be happy where this role could take you, knowing what you already know.
• Work-Life Balance: One of the things that attracts people to LO the most is WLB, and this is something that is not replicated on the L/S side. At the same time realize, that even I, someone who used to work obsessively, can appreciate having a bit of WLB in my current job. 

I hope that gives you a good start on some things to think about at a possible fund to join. If you have questions about the types of things you might see on the job itself (i.e. Sharpes), happy to discuss as well.