Catapult Capital (Millenium Pod)

Does anyone have any color on Catapult Capital. They seem to be a one of the larger long/short credit oriented pods at Millenium with multiple PMs. From meeting team members at various industry events it sound like they invest across the credit spectrum in IG/HY/Stressed bonds. I was curious if they hire at the junior level (~2 year investing experience) and what their culture / investment style is like.

 

I transitioned to a big multi-manager after a few years in banking .The way it works at the multi-managers is that you are hired to join a group that covers a specific industry. You are either on the equity side or the fixed income/credit side, not on both. Catapult is a big team at Millennium and there are various people who focus on various industries, either in equities or credit.

If there is a need for an analyst they will hire someone either on the sellside, another buyside shop or investment banking depending on the level of experience they need. From what I heard, there is not really a culture at Millennium. Every group keeps to themselves and you work directly with your PM on ideas.

Would read Life on the Buyside at a Multi-Manager HF if you wish to learn more.

 
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I don’t know specifically how Catapult manages their team, but I’m familiar with other large/named pods within Millennium.

Within Millennium, they are typically the best place to be, because from my experience Millennium will be concerned with the performance/risk/capital at the group level and will coordinate with the head of the group, without much interaction to the sector PMs or analysts. These are typically pods where the PM performed well and continued to scale up, hired/promoted analysts to run carve-outs of individual sectors for the group. Depending on how the group head handles risk/pay at the sector level, this arrangement lends to higher stability and potentially the ability for individual sector PMs to be more focused on a smaller set of names and to withstand somewhat higher volatility than if they were a standalone pod. The trade off would be that there is an extra ‘layer’ so individual sector PMs won’t be getting 20% of PnL but they can potentially have more AUM, higher concentration, somewhat longer term views and slightly loser risk limits than if they were standalone. I think that tradeoff goes a long way to offsetting the worst parts of the MM model. From my understanding these large groups really operate like a standalone hedge fund, with only one strict investor (Millennium) and all the resources of the Millennium platform. I know some of not all of the named pods are technically their own company and have the ability to take outside capital though I’m not sure that many do, because there’s plenty of capital available from Millennium if performance warrants it. The good news is that you can be fairly sure you’re not joining a subpar PM with a tiny book and ultra short leash - Millennium has plenty of pods like that and they churn at a faster rate. Another benefit to separately named pods is that Management teams may not realize they talked to 15 Millennium guys at a given conference.

 

Thanks for the color. The general vibe sounds like it is more stability at the larger named pods. Any idea on AUM for the bigger named pods, i would guess it would be around ~$1bn? and do you know about the path to pm within one of these pods, would a PM allocation within a larger multi-pm pod be a call from the head of the pod or an allocation from Millennium.

 
PeterClemenza

Thanks for the color. The general vibe sounds like it is more stability at the larger named pods. Any idea on AUM for the bigger named pods, i would guess it would be around ~$1bn? and do you know about the path to pm within one of these pods, would a PM allocation within a larger multi-pm pod be a call from the head of the pod or an allocation from Millennium.

More stability for the pm. Not the jrs. 

 

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