position comparison

it's your career. take what is the best opportunity you are offered. just write a nice thank you note to the people / group you turn down.

Both internships seem pretty good, but if you are convinced that fairfield is the best opportunity, you can always tell zwirn that you are more interested in working for a fund of funds at this point because it would give you more exposure to the different types of funds, etc.

I've been looking pretty extensively for a hedge fund ranking list, but I've been unable to find one. I would really appreciate it if you could email me a list at [email protected] or tell me where I might find one.

job that is actually at a hedge fund

DB zwirn would be a great opportunity- I had the chance to hear Daniel Zwirn speak last week. If I were you I would take it in a second.

Worked at a fund of funds and researched them a bit...DB Zwirn is definitely worth taking a look at, they're a good fund.

I'm not a huge FOF fan to be honest. I think you get better experience at an actual fund.

Also, I wouldn't trust any "hedge fund ranking" list you find. Very suspect.

February 7, 2007 -- The fallout from a bookkeeping scandal at a $5 billion New York hedge fund continued with the departure of two of its top executives.

D.B. Zwirn & Co. Chief Operating Officer Harold Khan, and the company's general counsel, David Proshan, have stepped down as the fund seeks to restructure in the wake of a series of very public black eyes.

Their departures follow the mid-October resignation of Perry Gruss as CFO after it was discovered that he allegedly had misallocated expenses to client capital accounts. At the time, Zwirn took pains to ensure investors that the portfolio's valuations would not be affected.

In the most recent twist, Zwirn, in a letter to investors that was obtained by The Post, said that Proshan and Khan had "resigned."

The use of the term "resigned" amused one institutional investor in the fund, who said he had been in touch with Zwirn management over the matter.

A Zwirn spokesman confirmed the letter, but declined further comment.

"They may well have resigned, but [Zwirn] is still livid over the expenses matter and it was pretty clear that heads were going to roll," the investor added.

The shakeout in the management ranks was only the latest in what has become a series of headaches for the five-year-old Zwirn fund.

In September, The Post reported that Zwirn had hired David Becker, the disgraced former head of commodities trading at Citigroup who was fired in March 2004 for overstating the value of Citi's commodities book in order to boost his bonus.

Becker, who copped a plea in federal court on Sept. 27 to one count of conspiracy to falsify bank records and to commit wire fraud, was fired from Zwirn on Sept. 25.

The fund told The Post that the background checks on Becker did not reveal any red flags.

"If your goal is buyside, interning at a FOF will not build much equity on your resume. And frankly, it be a waste of your time."

I don't find this necessarily true. I'm at a respectably sized FoF, and it has helped build my resume tremendously. I agree, if you were at a 'real HF' (whatever that means.) or IB and go into FoF, it may not build upon your resume. (Again, depends on your role there.) I am getting attention from banks that I never thought I would. This internship has set me up for my next step for my Junior year internship.

wingman is right in disregarding ranks. The size of a fund is important, yes, but what is most important it it's integrity and people.

wingman, I'd like to see your opinion on a PWM internship!

This internship has set me up for my next step for my Junior year internship.

Working at a FoF or PWM is perfectly fine as a sophomore. It shows interest in the industry and is a good complement to your academic credentials going into junior year internships.

I honestly don't know much about PWM internships. I did a PWM internship as a college freshman, but really have no memory of my experiences. I suppose it was that traumatizing lol.