So I work in a BB bank as a quant in its rates modeling team which is a part of quant research group. I intend to work in the buyside a fews years down the line, with ambitions like opening my own (quant?) fund later on in my career, being inspired by folks like Jaffray Woodriff, James Simons, etc.
However I don't really understand the buy side industry well. I know only some bits and pieces, like I'm acquainted with terms like HFT, relative value, statistical arbitrage, etc. but I haven't been able to form a good picture in my mind as to what this industry does and am not able to get an idea of which sub-area I would be interested in, in the long run.
(1) Can someone provide a broad overview of what different funds do, and what kind of knowledge or subject areas are relevant for whatever they do? Or at least point me towards sources that I can read which will help me get a clearer picture?
(2) Also, I see that quant funds hire PhDs as well as MFE/MFin graduates. Is there a difference in the kind of work that PhDs and MFEs would get, like MFEs wont be working on the same level of problems that PhDs would be working on ? Or its an even ground once you get hired and there is no difference in the kind of work they get?
(3) In the prop trading world, is it that firms like Optiver, etc don't hire you for the (quant) trader role once you are above a certain age? Is that a common practice across the industry?
(4) When you work as a quant in a quant hedge fund, are you limited to a certain set of strategies? Like for example, currently I am looking into two areas (a) HFT (b) relative value arbitrage strategies that employ a mix of quant and fundamentals. So for example, are these two areas very different in terms of the kind of skills you would need, or you could have a fund which for example employs HFT for relative value arb? ( I'm not sure if that even makes sense)
(5) What are some books or resources that I should read to understand quant buy side that will also help me narrow down the kind of strategies I would want to work with?
I would also love to answer questions about my own work if anyone has any. Thanks!