Mid-career BD/IR help

NY Guy's picture
Rank: Senior Chimp | 19

I'm a NYC based mid-career BD professional with experience across sales, marketing and IR. I started my career in institutional consulting and traditional investments before moving over to the HF side of the business. I've been at my current shop for a little over 5 years and mostly cover a Multi-strategy, event driven and Private credit fund. It's been a good run, I helped raise a few billion mostly from Private Clients with some institutional money.

Unfortunately we are a bank owned firm and so my comp was not inline with market comp, I knew that going in, but I'm at the end of my rope and looking to make a move.

I've been looking around for a while but it seems like everyone is hiring junior people. I've learned about several hires that were much more junior to me and ended up making significantly more than me. It's a bummer...

Decided to post here to see if anyone has any advice. I'm not hung up on titles and am happy to roll up my sleeves and do whatever work needs to get done, especially because I feel like if I take one step back title-wise I can take two steps forward with comp and future growth.

It's a frustrating experience and I'm open to any ideas or suggestions on what I should do.

Also interested in any firms that may be hiring or recruiters who could be helpful.

Comments (14)

Jan 29, 2020

Can you give a couple of relevant pieces of info? Total experience, comp and how close to being the main guy you were when raising money

    • 1
Jan 29, 2020

15 years of total experience, with 7-8 dedicated to HFs.

Total comp is <$250. I'm on a very small team within a huge firm - very close to the front lines for both sales and relationship management. I'm involved in everything from crafting the story and materials on new launches, prepping PMs on how to handle meetings, following up on cap intro leads and going door to door in a beach office to pitch advisors.

I have a technical background and often stand in for PMs in meetings but am also really good at simplifying complex stuff for individual investors and getting them to yes.

Jan 29, 2020

Removed

  • Analyst 3+ in HF - EquityHedge
Jan 29, 2020

What are your personal expectations for someone of your experience and network? Want to get an idea of what you think is fair.

Jan 29, 2020

I've seen people with much less experience getting $350k+ for IR roles at standalone Funds.

Jan 29, 2020

Lean in on some of your HF clients for investor relation positions. If you've raised capital pitch them on it and have it structured into your comp.

Jan 29, 2020

I'm raising money for our own Funds...

That's part of the problem - I'm isolated within our internal ecosystem.

Jan 29, 2020

Are you friendly with any of your clients? Surely they must invest in other funds and know the landscape and hear things. Have you checked your linkedin connections to see who is at rival or different funds and reached out or connected to other you know from college/clients etc? How about your college/MBA alumni network? Do you deal with 3rd party marketers? They could be a stepping stone or have other ideas for you. How about the consultants you deal with? They literally see everything in the market. If you work in a bank can you somehow talk to sales and trading types to see if they know what their clients are up to? Lots of different angles.

I hope that you have already thought of this and that I am not being redundant but if I am, my apologies.

Good Luck

    • 2
Jan 29, 2020

All good points, and yes I'm doing my best to work those angles.

I only recently started searching in earnest but already getting frustrated from what I'm seeing out there and hearing from recruiters...

Most Helpful
Jan 30, 2020

Recruiters unless you are the perfect square peg are generally worthless as a lot. A friend of mine who is a recruiter once put it this way.

"People are idiots. They want tier 1 candidates. But everyone knows who the tier 1 candidates are and so they can get any job they want and just go direct. If you go through me, you probably can't get tier 1 candidates. If you're a tier 1 candidate you won't approach me, you'll just get whatever job at a great place. So I'll only be approached by tier 2 and 3 candidates who will only go to tier 2 and 3 shops. If you are off-piste, forget about it. Clients always push back and then complain when they can't find anyone and tell us we aren't creative. Farking muppets."

OP if you have only started, then be prepared to struggle especially at mid-senior levels. This is not meant to be discouraging but realistic (ie. put on your battle helmet and get out there). It is brutal out there. Not only do people within IR want to move around and shop, but you are facing competition from people who want out of banking or S&T or LP jobs or whatever else. And then there are plenty of people on the street, plenty with experience, some who have been out for a while, who are without jobs as well...

    • 3
  • Analyst 3+ in HF - EquityHedge
Jan 29, 2020

All good stuff. I would add that depending on your noncompete terms, can you approach existing clients at your new place? If so, then you have more leverage and you are more valuable to new firms. Also, this means you can negotiate harder. Ask for % in exchange for a lower base which works out well for you and your new employer. One thing I've noticed, for employees across the board, is that as margins get squeezed the person at the top tries to maintain their income at the expense of rank and file.

Jan 30, 2020
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