Hedge Fund Scene Outside of NYC
I have been working in equity research in NYC for the past 4 years and am ready to make the jump to the buyside. While NYC has been awesome, I'm also looking for a change of scenery. The main cities I'm looking to live in are Boston, Chicago and D.C. I'm now trying to figure out which of these cities would be the easiest to find a first year hedge fund analyst position in (for what it's worth I've done tech equity research the past 4 years). Any advice on which city would be the best to focus on in terms of the most hedge funds looking for new analysts? Thank you so much for your help.
Boston and Chicago. No real presence in D.C. The dropoff in number of HFs once you leave NY/tri-state area is so large that you will likely need to focus on multiple markets. Chicago might be slightly better for hedge funds, while Boston is better for asset managers/ long onlys.
In general buyside is Tristate area > Rest of Northeast ~ Chicago >>SF >>>>LA/Dallas >>> everywhere else.
If you were moving to the US, what cities would you move to that have the most opportunities in the HF industry (Originally Posted: 02/10/2017)
Sorry for the title gore
I would love to move to the US after my universities studies, now I know New York is the biggest financial hub in the world but what other cities have the most Hedge Funds?
You're in high school can you please stop asking stupid questions.
Hedge Fund Outisde of NYC...Problem? (Originally Posted: 01/25/2013)
Was wondering if someone with industry experience could help me with this. Does working at a HF outside of NY (but still within a large US city) put one at a structural disadvantage in terms of being "out of the loop," especially early on in one's career (as the first job after working at an IB)? i.e., down the road much harder to raise one's own capital, move to a different fund, etc....I have been told I can't underestimate the extent to which the buy side is NY-London focused, and the value lost by being outside of those places, by a very intelligent person....thanks
how about all the funds in greenwich/stamford....do you consider these outside NYC? Bec there are a plethora in CT
tell that to bill gross
PIMCO isn't a typical hedgefund douche
Structural disadvantage - I don't think so.
The key advantage would be the opportunity to meet others to compare notes, trade/test ideas, and build a network for future job opportunities. But most of that can be done over phone. If you can travel to some conferences and build out your rolodex, picking up the phone will be just as good. So if you feel comfortable in your ability to network from afar, I don't think it's a structural disadvantage.
Conferences and management access are much easier in NYC, but again, nothing that picking up the phone can't overcome.
The biggest structural challenge might be around moving to another firm. Harder to interview / meet with recruiters when you are in another city.
Lastly, I would point out that some think being outside of NYC helps you develop your own views / be more contrarian which makes you a better investor.
Agree on all these points.
As far as events and such.. if you're investor facing, the HF will probably be sending you to conferences in NYC/Chicago/Cayman depending regardless.
This guy named Warren Buffet seemed to do all right from a town in Nebraska.
In all seriousness it might be better to be out of NYC. Clear, independent thinking is better than constantly being surrounded who talk about their ideas, positions etc. Even if you try to drown it out you are immersed in it.
buddy of mine and i talk about this a lot. i'm going to assume that when you say "nyc", that includes greenwich, because that's technically nyc area and is the hf capital of the world. the answer is absolutely not. he argues that working at a place out of the loop puts you at an advantage in terms of not letting your mind get consumed group think. tons of insanely smart managers (buffett, berkowitz, included) who explicitly say they want to get away from the city for that reason. they're "doing all right." also, the smart hf guys who peace nyc to places w/ no taxes like (lampert moved away from greenwich and got this island down there now) and tx.
There's a couple guys who do ok outside of NYC. And by a couple I mean a ton.
I understand most of the intelligent points made here, thanks for sharing. Does nobody think one would be selling a certain optionality by leaving the city? what does one's exit (if need be) look like at a respectable hedge fund in boston versus nyc (other than needing more creative interview excuses)? Would it affect comp at the junior level?
NYC is conducive to turnover - lots of people jump around frequently (for good and bad reasons). If you want to be able to hop to another fund quickly, being in NYC is helpful. But I think in general, moving from NYC to another city tends to be more difficult than vice versa because funds elsewhere tend to want someone with ties to the location so they are more likely to stay. I've very rarely heard the same concern from an NYC-based fund.
I don't think you lose too much optionality, controlling for quality of your fund/experience. People (especially younger people) bounce around between coasts and cities. That said, I have seen people settle for roles that are a "step down" from what they were doing before in order to stay where they had put down roots. This is more common for older folks with families.
To the extent it does impact compensation, it will likely be more than offset by cost of living. Again controlling for caliber of fund, the talent market is fairly efficient and people make well-informed decisions with consideration given to quality of life.
Regional cities and hedge fund interviews (Originally Posted: 01/06/2013)
I work in a regional city at bulge bank and want to start interviewing for hedge funds and private equity in New York but I am worried about how I will get to the interviews and what I will say to my bosses if i am gone on random days. Can you ask for weekend interviews or skype them or something or does anyone have any stories they could share about how they did the whole process from a regional city to a big firm?
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