S&T and Global Macro

htmar's picture
Rank: Monkey | banana points 53

Hi,

I was curious about what do people in the Global Macro HF think about sell side macro desks as preparations to becoming a PM/Junior PM in a macro HF. The majority of people I know who made the jump worked at banks before 2009 where it used to be more prop. Since we don't have that anymore I was wondering if market making especially for derivatives is still a good preparation to make the jump to HF or if PMs are more and more willing to take analysts and train them.
I am sure that for fundamental funds they favor backgrounds like IBD or LevFin since you develop a fundamental skillset. For macro however since it's more about risk management and market timing rather a perfectly crafted investment thesis, rates/FX/EM trading/MM in the sell side is more relevant for becoming a PM than being an analyst or an economist... I know the question has already been asked but I thought it may have changed compared to a few years ago.

What do you guys think?

PS: I am talking about discretionary macro like Caxton/Moore... not systematic/quants

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Comments (5)

Mar 2, 2019

Hey htmar, I'm here because nobody responded to this thread after a few days...maybe one of these resources will help you:

  • BNP FI S&T vs JEF EQ S&T decision making and making calls and I like that a lot. I enjoy macro econ, analyzing global politics, and ...
  • Global Macro HF straight from Masters with prior BB S&T Summer Internship. Feasible? doing a S&T summer internship at a top BB this summer in London where I will rotate on macro trading ... following macro trends, and I mostly did maths to future-proof myself. Ideally, I would like to find a macro ... trading (on a macro trading desk) for a few years to gain experience and try to move afterwards? I am kind ...
  • AMA: Non-target to Fixed Income S&T Analyst Landed Full-Time Fixed Income S&T role out of undergrad. I had previous internships at a global macro ...
  • How to Get Into Global Macro Hedge Fund 1) What is the path to getting into a global macro fund?- What BB S&T desks would be the best ... starting points?- Or would banking-> PE-> global macro be feasible at all? 2) Besides Moore Cap ... / Paulson & Co, what is a list of the best ones? 3) Can anyone explain what are their top global macro ...
  • UBS S&T or Small Tiger Cub? up at a global macro fund or prop desk? Not really considering the ease of getting a FT position at ...
  • Positioning oneself for Global Macro via BB- foolish? S&T, economics research, whatever) with the intention of moving to a Global Macro Hedge Fund a few ... saying that the best way to get into Global Macro funds is via S&T at a BB. How do these two ... viewpoints tie up? Is it simply that Global Macro funds are so small in number that it's so unlikely you ...
  • Global Macro HF vs BB Research posts here about Macro HF vs S&T but nothing on Research vs global macro. Thanks global macro bb ... Hey guys, I have the option to join startup macro hedge fund. I'm currently an associate in ... macro research (think commodities/fx) at BB. Pros and cons of making the move? I've seen a few ...
  • Prop-shop to BB S&T or HF? global macro focusing on FI?) so an HF position would be great, though that might be too ambitious. ...
  • More suggestions...

I hope those threads give you a bit more insight.

Mar 4, 2019

bump

Mar 4, 2019

Wondering as well. Older threads seemed to make it the idea that S&T was best for fundamental global macro funds and not IBD? Despite being fundamental, is there still a big focus on Math/CS? I was under the impression that S&T was just not a good place to get into these days and that IBD would leave more doors open in the macro space? I may very well be wrong just an UG here but there seems to be no good answer...

Mar 4, 2019

bump

Mar 4, 2019