Long only provide more stability/long term track?
Hi, I'm new to WSO and looking for some advice. I have worked for 4 years in research at a top bulge bracket bank, and am interested in moving into a more generalist Asset Management role. There aren't really any internal opportunities right now, so am also looking externally.
I recently was speaking to a friend who works at Citadel, and she told me that in the year that she worked there, everyone around her has been laid off. Basically "cowboy" atmosphere, and you could be nixed within a few months. Upside is the pay is good if you prove yourself, but the atmosphere is "scary" bc you don't know if/when you get laid off.
My personal take is that I don't want to work in that high risk of an environment but would rather work in a more stable environment (in Wall St terms) that I could learn and build a career.
Would a long only shop be better? An AM arm in a BB? Big mutual funds?
How do I interview for such jobs? Recruiters? Which ones? Networking the only path? Is going through the career website of firms ever fruitful?
Sorry for my greenness, haven't really interviewed in years, and in a down mkt!
the culture and lack of stability at citadel is in no way indicative of the hedge fund world as a whole. those guys really take it to the extreme, and I have no idea how they still manage to attract decent talent with their reputation
Not sure if its just Citadel...Havent you read these posts about Bridgewater???
They keep attracting talent because they pay a shit-ton of money. Traders typically get 2-year contracts which often aren't renewed (probably usually mutual agreement). This article is a few years old but sums up Citadel's culture pretty well:
http://money.cnn.com/magazines/fortune/fortune_archive/2007/04/16/84042…
What are the other hedge funds with this type of culture? SAC I'm sure also fits this description.
SalGr, the thing about Bridgewater is they aim for a very specific type of person. I think a lot of the negative views of the place come from people who make it through the interview process on their credentials and come to realize that there's a lot of introverted, analytical people that are a bit lacking in social skills.
That's a second-hand opinion, although the person I heard it from mentioned that even some people that do "fit in" find it to be overly bureaucratic at times.
Any long-only AM shop is typically going to be more stable than a HF because of the incentive fee structure at HFs.
When you start interviewing, ask everybody you meet how long they have been working at that company. If you find a lot of younger employees with 5+ years experience with the company, then you have a winner. Turnover is always going to be greatest for those with the least amount of experience, so stability at that level is a good sign (at least as it pertains to what you are looking for).
Thank you for the advice. What is the best way to tap into these long only shops? Do recruiters have access? Who are the better recruiters in NYC? I had another thread about that, but with only 1 response so far.
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