QVT Financial LP interview questions and recruiting process?

7xEBITDA's picture
7xEBITDA - Certified Professional
Rank: King Kong | banana points 1,306

Hi guys, I've got an upcoming interview for an internship with QVT. Anybody know about these guys? They appear to be pretty secretive about their strategies and recruiting processes.

Also, any past experience with interviews would be extraordinarily helpful.

Comments (17)

Jan 16, 2013

Below is a link to a profile for QVT Financial - Good luck!
http://www.hedgetracker.com/fund/QVT-Financial

Jan 16, 2013
7xEBITDA:

Hi guys, I've got an upcoming interview for an internship with QVT. Anybody know about these guys? They appear to be pretty secretive about their strategies and recruiting processes.

Also, any past experience with interviews would be extraordinarily helpful.

Looks like they have close to $1.5B AUM now, up from around $1B last year (website claims $4B, but filings indicate closer to $1.5B). Holdings are interesting and quite aggressive (some biotech and smaller names).

Nearly 1/2 the portfolio is healthcare and another 1/4 is basic materials, though some of those material plays are puts (good sized bets). Very light on ETFs.

Note, this was as of 9/30

Jan 17, 2013

Thanks guys - I remember reading at some point they were managing 7 billion so they must've really messed up somewhere.

Any interview tips?

Jan 17, 2013
7xEBITDA:

Thanks guys - I remember reading at some point they were managing 7 billion so they must've really messed up somewhere.

Any interview tips?

Don't hold me to the $1.5B... that could be a single fund. I thought I searched firm-wide, but I may have only returned a single fund. Ekther way, good opp. They seem legit.

Jan 18, 2013

That $1.5 B only includes their US listed Equities. They also manage a significant portfolio of bonds and international equities, so that's where the remaining 2.5 B is likely held.

Not sure how they dropped from $7 B. Maybe the Volcker rule forced Deutsche Bank to pull away the discretionary account QVT was managing?

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Jan 18, 2013
nyhedgefunder:

That $1.5 B only includes their US listed Equities. They also manage a significant portfolio of bonds and international equities, so that's where the remaining 2.5 B is likely held.

Not sure how they dropped from $7 B. Maybe the Volcker rule forced Deutsche Bank to pull away the discretionary account QVT was managing?

Thanks ny, I misread the info I was pulling.

Feb 4, 2013

What was the interview like? I am trying to understand how hedge fund interviews work

Feb 4, 2013

Yes. They know their shit.

Feb 4, 2013

One of the toughest interviews I had in college was with QVT. Got my ass kicked with a lot of stats and probability questions.

Feb 4, 2013

They were involved in a court case in the UK in Jan '07 against Citibank who was the trustee of one of the tranches of Eurotunnel's securitised debt, which they (QVT) held a majority of.

So i guess one could say they are a bit of an activist bunch of chaps. But if you see the facts of the case they'd, quite frankly, be a bunch of pansies if they had not taken the court action.

They were trying to get a UK court to restrain Citibank from acting on the directions of the guarantor of the debt who was directing Citi to approve a restructuring plan (pre-approved by a French court) in respect of the notes whereby the notes would be swapped for a cash payment or another series of notes. Apparently the guarantor could give such a direction as per the terms of a tripartite agreement between the guarantor, trustee and original settlor of the trust/owner of the eurotunnel assets placed in a trust that were backing the notes).

The restructuring would, according to QVT, result in the new swapped notes not being as valuable due to them being backed by some assets of lower value or cash itself (apparently) which would apparently reduce the value or potential value ceiling of the holding.

Court said, hey, documentation says the guarantor could give the directions so screw you QVT, Citi does not need to listen to you.

To be fair though, QVT were holding one of the junior tranches which had no preferential rights or minimal preferential rights attached to them.

You'll prob find the above boring but if you got through it, well done :). Been a slow day so i figured i might as well post the facts for those interested.

"God takes care of old folks and fools, while the Devil takes care of makin all the rules", P.E. 1998

Feb 4, 2013

Great information. This is what this forum is for!

Thanks for being a good monkey.

Either you sling crack rock or you got a wicked jump shot

Feb 4, 2013

why thank you BSD123.

"God takes care of old folks and fools, while the Devil takes care of makin all the rules", P.E. 1998

Feb 4, 2013

very good fund, very secretive. if you have a shot at a job there, take it without looking back.

Feb 4, 2013