Q&A: I'm a hedge fund recruiter.

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Howdy all, I work at the largest private search firm in the world that only does financial services. I focus on the fundamental, bottom up investing space of the hedge fund community, however we cover the full gamut of products on the buy and sell side. It's been quite a year for the hedge fund space and I felt it'd be interesting to field some questions and hopefully be helpful to those scratching their heads. My own focus is pretty broad but in short, my clients are predominantly single managers, long track records, single or low double digit billion $ under management, have lean investments teams and try to avoid trading too often. I do some work with mid market PE funds, special sits funds, structured products (both primary and secondary) and purely distressed. I sit in NY where we're headquartered but out company has ~15 offices globally. Thanks for reading and curious to hear your thoughts / questions.

Comments (144)

 
Most Helpful
Dec 14, 2018 - 5:56pm

Hey great question. I'm a younger guy (under 30) and so I actually do a lot of our junior banker recruiting (analyst to VP) personally. It's all about understanding what banks train folks to do and how well. If we're actively recruiting for a short term search, let's say in a junior distressed analyst seat at a credit fund, we'd want to look at banks with notably strong debt centric groups: JP credit IB (it's like lev fin with industry coverage), GLC, GS lev fin, MS lev fin, Evercore and Houlihan restructuring, possibly UBS lev fin, and I wouldn't preclude the financial sponsors and M&A groups but you really wan to focus on folks coming with the right skill set.

I try to avoid making judgement calls on schools unless I find there's some eonnctivity of the hiring managers to specific schools. The whole "target school" thing really carrier the most weight at funds that like to recruit en masse and on cycle. TPG / KKR / Blackstone / H&F, etc. Slightly less true for hedge funds as they tend to hire from banking so they focus moreso on work ethic and bank group than school -- it's not a hard and fast rule and mostly depends on the perspective of the hiring manager but the onus is on guys like myself to push them beyond what's on the piece of paper. Personality goes a long way!

 
Dec 14, 2018 - 7:00pm

Thanks for this. I am actually surprised that JP credit IB is considered - would you have a preference with JP IB credit than JP LevFin? Also, how do you view other credit groups in other banks like GS / MS? Wondering if there's a view on your end from the HF lens that JP Credit are more so what you are looking for vs. other BB credit groups and if this is given through your experiences in the past.

"Striving for excellence motivates you; striving for perfection demoralizes you"
 
Dec 14, 2018 - 6:24pm

I can try - the unfortunate (for many) truth is that the flight of the plurality of massive allocations is to the multi managers aka the platforms shops. Those firms rune the majority of their public market businesses net neutral and by virtue of that, they run their talent net neutral. It means they'll always inherently have a voracious hunger for junior and mid level talent.

Single managers are case by case but you hit the nail on the head - funds are lean. It behooves the fund managers with 2/20 models and considering most single manager funds run more directional, they're hurting far more than the lower net shops. I think we're on the cusp of massive consolidations in Feb/March in single manager deep value land and we're doing to see an interesting trend of atypical talent heading to platforms and potentially even leaving public markets to seek haven in PE until the markets return to a bull run. IMO that's a pretty poor cop out since you'd prove your mettle by weathering public markets rather than tucking tail and running for a steady gig at Bain.

Hope that helps

 
Dec 14, 2018 - 6:27pm

Most major funds try to avoid having internal recruiters as they're a cost center until the placement puts up consistent #'s. I've only ever worked at my current firm and I love us our MO being relationship driven and non-flow oriented. It fosters more organic relationships with clients and allows you to pick who you want to work with. We're also extremely expensive vs. the typical private firm so the grass isn't really greener at a small hedge fund vs. building my own book of business here. It's pretty case by case since comp is variable on my performance here. If yo go internal at a fund fleeting needs or seldom any needs, you're putting yourself in a position to fail IMO. That make sense?

 
Dec 14, 2018 - 6:34pm

I'm always happy to give thoughtful advice to good humans regardless of place in industry. We don't do any campus as it's not a lucrative business as an external search firm with the exception of entry level PhD for the quant funds of the world - we do so for Two Sigma type places. Drop me a direct message if you'd like to connect personally.

 
Dec 14, 2018 - 6:38pm

Depends on the business model of the recruiting firm. We have been around for ~30 years and so our clients are clients by virtue of really long standing relationships. At the newer client level, we develop clients through networking with candidates and basically knowing everyone strong within a certain talent market segment. When we get a call from a single manager fund, they tend to want to keep their name off the street. We approach our own points of contacts confidentially for referrals, check our organizational maps of salient funds / sell side shops to pull from and target individuals, are referred through folks we approach, etc.. What we never do is list a job online. It's how you get the burger flippers of Wall Street banging down your door. Keep in mind, our business model is NOT your typical mega recruiting shop - Dynamics for example is entirely a flow model and that's just not something that works for us.

 
Dec 14, 2018 - 6:46pm

First of all, thanks for doing this. A common topic of discussion on the forum is the exit opps for people with a background in S&T. You mentioned that you look at strong groups that is dependent on the product and the bank, however, the groups you mentioned were part of IB. To what extent do you also look at people in S&T, and is a S&T background far less common than coming from IB?

Also, if you do work with people in S&T, is there a specific product or desk in that stands out in recruiting/is more in demand?

 
Dec 14, 2018 - 6:52pm

Hi there - great question. S&T is slept on and that can be to your benefit or detriment depending on what you're recruiting for. If you're gunning for the same investing seats as the tippy top pedigree bankers, you're going to have a bad time. Being in S&T doesn't afford you as much modeling or plain old 23 hour work day experiences that most fund managers had to go through themselves. If you're ultimately focused on being an investor rather than a trader, my advise would be to first look to firms who have a very blurred line between trading and investing. e.g., structured products investors are almost always their own traders. Same is true for folks in IG credit since most of the alpha captured is in trading unless you're just short selling IG bonds and letting them dip for months before picking them back up - such is not the market right now though. If you want to walk through your specific desk and career path on a firm by target firm basis, drop me a line and we can connect when it's quieter. I hope that helps !

 
Dec 14, 2018 - 7:20pm

Hi thank you so much for doing this, very insightful for those of us on the other side. How do you view those who entered buy-side analyst programs directly out of school, funds that typically recruit Post-IB for associate spots, but have analyst programs for undergrads who choose to forego the traditional IB path? Also for the funds that do special situations/distressed, how do you view candidates that are doing direct lending/mezz/equity co-invests? Any insight is again appreciated!

 
Dec 15, 2018 - 4:10pm

The latter is an interesting background in general so always good to know a lot of folks who jumped right into disregt investing across the cap structure. Having a confusing and transactional role early into your career is humbling and I think is a good blend of experiences without having gone to banking still. Going into a rotational out of college is great if it’s a mega fund as you’ll always get looks but frankly you lose out on having a well developed network as you would on the sell side. If your goal is to be a fundamental investor, on average banking best equips you.

 
Dec 14, 2018 - 7:35pm

any thoughts on old school manual trading of futures contracts? (outright, spreads)
semi-quant based, but not fully algo vs full algo? Where the goal is just to trade more?

what do the funds look for / need to bring on a guy from a S&T role?

just google it...you're welcome
 
Dec 15, 2018 - 4:11pm

Voice trading is diminishing but is quite valuable still on the sell side - especially in more Esoterics products like illiquid ABS. I think folks in the structured products worlds are going to be the last to bend knee to quant phasing out old school traders and we’ll see an sdcemtmof junior kids coming out of school in 2020 or so with functional coding skills and moxie to be a technical sell side trader apt for the buy side ASAP.

 
Dec 15, 2018 - 4:13pm

I get asked this all the time. If you’re ER then you have to aggressively polish your modeling skills to match with bankers but otherwise you’re well positioned.
Trouble is getting the initial look but you also need to understand what recruiting shops actually have connectivity and the ability to push for you.

 
Dec 14, 2018 - 8:59pm

Can I ask a nasty question (ducks)? What value do you think headhunters are adding when dealing with senior people (i.e. PM level)?

I have a friend who lives in the country, and it's supposed to be an hour from 42nd Street. A lie! The only thing that's an hour from 42nd Street is 43rd Street!
 
Dec 15, 2018 - 4:02pm

The most successful macro funds have a very high technical bar for talent so to avoid a disconnect between the quants that can track all this data of markets and the traders actually creating and deploying alpha capture strategies. The most meaningful macro funds will look to index rebal, options, high frequency execution and other technology enabled traders more than the typical fundamental analyst. That said, there are more thematic mafrocfunds that trade slowly and take more of a short term investment horizon than actively trade around their names / indexes so those are better homes for folks in publishing research I find .

 
Dec 15, 2018 - 5:49am

What can a candidate do to make themself known to the relevant headhunter such as you? For example, if I were a strong candidate for a L/S hedge fund, but you're unaware of my existence, what are some steps I can make to increase my probability of being spotted (any specific things you look for on LinkedIn, etc.)?

 
Dec 15, 2018 - 4:03pm

I’d flesh out your coverage of sectors and geographies under your current role. Make sure your title isn’t something vague. Title and role are not the same thing. Analyst is a level and investment analyst is a role so I’d be specific. Beyond that, network yourself among folks doing similar jobs at competitors and try to get close to a few key recruiters rather than paper thenstret with your resume. It’s easier to become spam than not unfortunately.

 
Dec 15, 2018 - 4:06pm

I don’t intentionally ghost people - Wen have a big enough company to pass them along to someone that’s more equipped to help them immediately. We take a longer term approach to working with candidates so it’s often the case that I’ll know someone for a year before I place them- unless of course that person is actively looking. To be honest, most candidates do the ghosting but those are not people worth aligning yourself with on average anyway. I’m long “good humans” even if it means avoiding killing myself to work with someone that treats me rudely and is a strong candidatenon paper. It’s not worth the stress imo.

 
Dec 15, 2018 - 10:42pm

Ekoa:

I don’t intentionally ghost people - Wen have a big enough company to pass them along to someone that’s more equipped to help them immediately. We take a longer term approach to working with candidates so it’s often the case that I’ll know someone for a year before I place them- unless of course that person is actively looking. To be honest, most candidates do the ghosting but those are not people worth aligning yourself with on average anyway. I’m long “good humans” even if it means avoiding killing myself to work with someone that treats me rudely and is a strong candidatenon paper. It’s not worth the stress imo.

Fair enough.

 
Dec 16, 2018 - 10:21am

I’ve placed plenty from rotationals at PGIM, Ares, Blackstone, GSSS, etc. - all in their first job out of college. Folks are usually composrable candidates to classic bankers but with less of an understanding of how the recruiting game is played... maybe excluding Blackstone kids as they’re it up ad nauseoum.

 
Dec 15, 2018 - 6:38pm

Thoughts on 2+2 candidates?

Additionally, are all of the brand name pe shops pretty similar in your perspective (i.e., is there a difference between a candidate from Blackstone/Carlyle and Lindsay Goldberg/Madison Dearborn for HF recruiting)?

 
Dec 15, 2018 - 8:33pm

Hey Ekoa - thanks for doing this.

What your advice on an undergrad breaking to structured finance and levfin?
My friend and I are both having an extremely tough time breaking into the industry for full-time. We're at a non-target Canadian school, we run our school's finance association, obtained a pension fund as a sponsor for the club and have relevant experience. (Me: SA at top Canadian mutual fund, secondary PE structured products. Him: SA at infrastructure PE and S&T at a BB).

Thanks!

 
Dec 18, 2018 - 6:04pm

Howdy - maybe get in the door with some of the smaller players to start (speaking for the US at least) TD, RBC, Nomura, Miz, Sumitomo, Wells, BMO, Macquarie, etc.? The truth is that it's harder to start at top shop with no full time experience than it is to lateral into a similar seat at a much better firm once you have touch points in industry and deals under your belt. Feel free to PM me if I didn't answer this the way you were hoping. Cheers

 
Dec 16, 2018 - 10:26am

Massive uptick generally speaking. Lots of closures and fewer places to go. Small launches aren’t raising capital and the hugeness multi managers are taking inflows which means it’s more of the same mainstream recruiting calls. We’re on the cusp of a really dislocated recruiting market I feel.

 
Dec 16, 2018 - 5:11pm

Answered the last bit a few times in this thread so in short depends on the program but on average banking is a stronger start than any buy side rortation. Cfa is a good add on for traders to show they have more fundamental analysis skills than their jobs let on. MBA is a depreciating asset in 2018

 
Dec 16, 2018 - 8:57pm

How hard is it for junior/senior analysts to find a new gig if their PM’s pod at a multi-manager or single manager fund blow up (L/S equity, fundamental focused)? Do they become “damaged goods” or are other PMs willing to overlook this?

Also, are you seeing junior/senior L/S equity analysts leave the industry altogether? Like going back to banking, trying to get into PE, going to work in industry, etc

 
Dec 18, 2018 - 2:22pm

I made note of that last point in another comment a few days ago I think. It's basically the worst time to be in your late 20's and looking for another buy side seat as a result of a fund blowing up. More dislocated analysts than ever and fewer funds to go to than ever.

As for the first point, it's not impossible and is really dependent on your pedigree, coverage, and style. Moving forward we're going to see funds tighten risk and draw down exposures to a low net if not totally net neutral. If you're coming from a Lone Pine style fund it's going to be very difficult to port that strategy to a new name fund as chances are they're running a higher gross of names and lower net than you're used to. The benefit of coming out of a multi manager is that people understand why it doesn't work out on average. Can go into more detail if you have specific questions to your own background. Feel free to DM me. Hope that helps!

 
Dec 16, 2018 - 9:05pm

For the multistrats / platform funds....when it comes to active day trading of global macro/interest rates trading (not HFT...not algo...but model driven trades that last 1-2 hours on avg)....what minimum stats (performance/risk/capacity) are they looking for?

just google it...you're welcome
 
Dec 18, 2018 - 12:55am

It’s awesome that you are answering questions. Thank you.

How would a day-trader like myself approach a job hunt? I graduated from a good business school, but instead of getting a job, I decided to trade for myself. I have done well, but given this market condition, I would like to quit a winner and start my “Street” career.

 
Dec 18, 2018 - 9:42pm

Hey! I shot you a DM but I am guessing you have gotten a bunch in the past few days so they're easy to miss. You mentioned you work with Two Sigma type funds sometimes, and I've been looking into getting my foot in the door with those types of quant funds. I have a couple years of strategy consulting experience and a hard STEM background - do they typically work with recruiters, does it depend on the role, fund, etc.? Would appreciate any tips.

 
Dec 19, 2018 - 4:36pm

Does the fund you work do international arbitrage/MM? I'd love to work with you guys :)

 
Dec 20, 2018 - 3:26pm

To what extent are you seeing people from quantitative asset managers reach out to you or vice versa? Not necessarily funds like 2sigma but systematic shops like Panagora, AQR, Acadian, etc. that run both hedged and long only strategies? I know that a lot of funds are trying to bring on quant/data science types to build out quantamental or integrate systematic ideas to some degree. I'm curious to hear to what extent you are seeing quants move to the other side? I've had a few conversations with fundamental PMs, both at multimanagers as well as single managers regarding these types of opportunities but it seems like there is frequently misunderstanding or misaligned expectations.

 
Dec 20, 2018 - 3:29pm

We're retained by all of the mentioned. Our particular firm is rooted in quant and so we've always had long standing relationships with the large AM's and fast moving macro funds. It's a tough search for someone exclusively trying to make it in quant / HFT trading at those funds as, to your point, there is typically some sort of box left unchecked -- be it technical skills, sharpe, geographic focus, work life balance etc. I don't have any specific advice beyond asking salient questions to your recruiters before engaging

 
Dec 20, 2018 - 3:41pm

I'm not at one of the shops above but one that is pretty similar. Happy where I am but am very curious to see if the quantamental stuff is just hype or if it's truly a big alpha opportunity. If it is, I'd like to jump in since I'm pretty early in my career but I also don't want to join ex-banker bros who see quants as tech support. A stereotype but it's sometimes difficult to tell how sold a PM is on implementing systematic ideas when they don't come from that background.

 
Dec 21, 2018 - 12:11pm

Hey thank you OP for your post. Had a few quick questions for you.

Brief Background:
-non target liberal arts/econ undergrad, captain of varsity team
-4 years debt capital markets/senior fixed income analyst at bulge bracket
-1/2 years associate at ER boutique, TMT/Equities

Looking to get an MBA or a full-time non-mba masters degree from a Harvard, Stanford, Wharton/U-Penn in the upcoming year.

How difficult would it be to make a jump to a L/S Equity fund, ideally getting an internship during the graduate program and then securing a full time role after graduation? If its not an MBA but a related master's degree from one of these schools, does it make that much of a difference in terms of credibility/what the funds look for in a candidate?

Thank you for your time

 
Dec 26, 2018 - 10:40am

JFKCFJ10:

Hey thank you OP for your post. Had a few quick questions for you.

Brief Background:
-non target liberal arts/econ undergrad, captain of varsity team
-4 years debt capital markets/senior fixed income analyst at bulge bracket
-1/2 years associate at ER boutique, TMT/Equities

Looking to get an MBA or a full-time non-mba masters degree from a Harvard, Stanford, Wharton/U-Penn in the upcoming year.

How difficult would it be to make a jump to a L/S Equity fund, ideally getting an internship during the graduate program and then securing a full time role after graduation? If its not an MBA but a related master's degree from one of these schools, does it make that much of a difference in terms of credibility/what the funds look for in a candidate?

Thank you for your time

a good friend of mine was in a similar situation...i suggest going after a BB equity research role (i see openings fairly often from guys who leave those seats to goto buyside funds). So, you want to fill one of those openings...and then after 2-3 years you will be eligible for buyside recruiting yourself.

just google it...you're welcome
 
Dec 21, 2018 - 12:46pm

Hey OP - I wanted to get your thoughts/advice on how I could pivot into the HF space. My brief background:
* Econ/Finance undergrad
* Completed 3 levels of CFA
* Breaking Into Wall Street completion
* Been working at an endowment for 2.5 since graduating. Cover equities, credit, and hedge fund strategies

Do you think I need to pivot into a more technical role before I can jump into a hedge fund? Could be equity or credit oriented roles. I feel like I have a compelling background and more than capable of doing the job, but I don't have the IB training. Would love to get your advice on this!!

Thanks.

 
Jul 3, 2019 - 11:14am

I am in a very similar situation. Non-target undergrad in finance. I have been working at small, long only buy-side firm (less than $1 billion) in the midwest for 2 years as an intern then an investment analyst (generalist) doing fundamental research on global public equities. I just took level 3 of the CFA. Would love to have a talk with you about the recruiting scene, exit ops, comp expectations, etc. PM me if you get a chance.

 
Dec 21, 2018 - 3:15pm

Thanks much for the AMA and the helpful info you’ve given so far. Question - Do you look at people from non-traditional backgrounds to go into HFs? For example, working at a large private credit fund looking to transition to a special sits/distressed/deep value fund? Thanks mate!

Array
 
Dec 21, 2018 - 5:41pm

Hi - appreciate the Q&A and have enjoyed following along. I'll ask the same question I've asked on the forum before, but suspect you may have better insight than the average monkey.

How difficult do you think it is for a good long-only analyst to transition into a fundamental role at one of the bigger platform shops? Experienced hire, post-MBA with 5-7 years of coverage experience at the analyst level. Usually the first couple rounds of interviews with these firms are smooth sailing, but my experience has been that the PMs ultimately have trouble visualizing a long-only analyst being effective on the short-side, and they want someone who is more "plug and play". Idea turnover might also be a perceived weakness? Any advice for places with a reputation for looking across to wider range of backgrounds?

Thanks!

 
Dec 24, 2018 - 10:22am

Not the answer you’re likely wanting to hear but just keep taking conversations and develop competitive short case studies on your own. It’s about knowing the right funds at the right time. It’s a hard market to recruit in for even traditional transitions never mind the more opportunitic ones like yourself. Drop me a DM if you want to chat through it fund by fund. Cheers.

 
Dec 22, 2018 - 11:40am

How do corporate folk place at HF and PE, those with both Corp fin + business (marketing, sales, product, etc) experience? Does an MBA make a big difference for them?

 
Dec 22, 2018 - 12:24pm

Hey Ekoa,

Thank you so much for creating this thread.

As an undergrad who accepted a job in a BB in NYC from a non-target, but is now curious about things outside the PE / VC spaces, are there any quintessential books you'd point to for really understanding the space & roles?

Thanks!

 
Dec 22, 2018 - 4:28pm

Thanks for all the details on this topic.
Do you have any recommendations on recruiters for someone coming from a flow trading role in physical commodities trading shop (Vitol, Trafigura, Glencore type companies) to move to similar roles in some NYC hedge funds with a macro or commodities focus?

When old Mr. Partridge kept saying, “Well, you know this is a bull market!” he really meant to say that the big money wasn’t in the individual fluctuations but in the main movements, not in reading the tape but in sizing up the entire market and its trend
 
Dec 27, 2018 - 8:15pm

That would be great. I will DM you right now. Thanks.

When old Mr. Partridge kept saying, “Well, you know this is a bull market!” he really meant to say that the big money wasn’t in the individual fluctuations but in the main movements, not in reading the tape but in sizing up the entire market and its trend
 
Dec 24, 2018 - 8:50pm

Would you mind sending me a quick PM? I'm out at the moment but would love to hear your perspective on a thing or two.

"one for the money two for the better green 3 4-methylenedioxymethamphetamine" - M.F. Doom
 
Dec 26, 2018 - 2:27pm

Hi there, thanks for posting this! I recently applied to a hedge fund and they asked me to list my SAT scores (as I am sure many do). The problem is I can't for the life of me remember what they are, and I cannot find access to them via College Board or my school. I can make a guess that for sure won't be on-point with my real scores and I can't submit the application until I fill out this field. I am worried that if my guesses are inaccurate, they will request proof of scores and it will make me look bad. Will they verify them? What is the best thing I can do? Thanks again!

 
Dec 29, 2018 - 5:10am

Bit of a different question.

So, I've talked to a lot of recruiters over the years. Most have been pretty useless/ repetitive. Some I like to check up on once in a while (or if they have an opportunity listed).

Do recruiters get annoyed when they sense you're using other recruiters? Is there buzz if your resume is showing up in different places from different people?

I get the feeling most recruiters are treating our relationship as completely transactional anyways, but every once in a while I shoot someone an email, don't get a response, and wonder if they decided they hate me for some reason.

 
Jan 7, 2019 - 2:53pm

Greatly appreciate the insight of this QA and your willingness to take the time to answer our questions. I'm out of PMs, so if you could PM to connect I'd greatly appreciate it.

ps - Not looking to use your connection for a job right now, just a connection for the future. Thanks!

Don't @ me
 
Jan 18, 2019 - 11:48am

Hi Ekoa I am about to graduate with an MEng in BioProcess Engineering, and I have one year of experience in engineering consulting for the Pharmaceutical / Biotech Industry. I have thought myself python to a reasonable level, and over the past year, I have used both it and VBA to generate complex models.

I am hoping to change career and try to break into the finance industry. To aid this, I have undertaken a short diploma in trading to give myself a basic understanding of how the markets function.

With this background is there any way I could pivot myself into a trading/equity research role? I am hoping to avoid enrolling in a second master program!

Any guidance would be much appreciated!

 
Jan 28, 2019 - 3:01am

Thank you so much for taking the time to make this post!

I'm passionate about investing, and really working at a HF or PE fund is a secondary goal for me, with my primary goal being to develop my abilities as an investor and read as much as possible about markets, primarily for enjoyment but this of course also builds a body of knowledge.

That said, I would be grateful to hear your insight regarding a good path for me into equity-focused or distressed HF roles.

My brief background:

  • T20 LAC undergrad (non-target)

  • internship at PE firm (~$1bn fund size, $2-3bn AUM)

  • summer analyst in IBD at MM IB

  • have accepted full-time offer at aforementioned MM IB

I am currently thinking my next move will be to lateral to a BB or EB. I feel better about going into the lateral recruitment process knowing now what the job of a banking analyst actually entails.

Thank you so much for any insight you can provide and for taking the time in general.

 
Mar 1, 2019 - 5:08pm

Hey! How feasible is it to move from AM to HF provided you work at an established large fund with more than 300bln in AUM? Also, which track is it best to take in AM given one's ambition to eventually join a HF, should one go for the PM track or the buy-side equity research track?

 
Mar 2, 2019 - 7:43am

Hi OP,

Thanks for taking the time to answering the posts. I've read through these and it's been really helpful so far.

I know I have a pretty terrible background but figured I would post it here, and wanted to get your take on next steps:

-graduated non target econ undergrad
-2 years public finance banking
-6 years ops in AM
-completed 2 levels of CFA

Trying to make the transition to a growth equities HF (focused more on tech). Also on the west coast. Any suggestions for how to re-orient myself appropriately?

Thanks in advance.

 
Jul 13, 2019 - 8:48pm

Hi Ekoa, what's your outlook on Macro HFs in terms of hiring in the next 1-2 years in London?
(I am currently a macro trader at a top 3 US investment bank, been doing this for 2-3 years)

Thanks a lot!

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