UBS S&T or Small Tiger Cub?

laudrup10's picture
Rank: Baboon | 172

The hedge fund is Asian equities oriented and shares the old Tiger Management offices with a number of other firms, so pretty good networking opps. Which would you guys choose if your goal is to end up at a global macro fund or prop desk? Not really considering the ease of getting a FT position at each place. Thanks.

Comments (13)

Feb 26, 2011

Not sure to be honest. Can you describe the Tiger Cub? Size (AUM), Offices, etc. What group did you get an offer for within S&T at UBS? What's your position at the Tiger? (Research Analyst, Assistant/Junior Trader)

--
"Those who say don't know, and those who know don't say."

Feb 26, 2011

Which desk at UBS?

Feb 27, 2011

UBS S&T is a rotational program, so I don't know my assignments yet. My goal for FT would be to work at a hedge fund or a discretionary prop shop like First New York.

I'm assuming that I could get on the better desks at UBS for at least 1 or 2 out of the 3 (I think) rotations.

Feb 26, 2011

Definitely the Tiger Cub - being in that building will give you a great opp to network/learn the ins and out of a hedgefund. Assuming that you want to work at a global macro hf this will be a great intro to that. I think this is a no-brainer. If you do good work for the PM, he can always make some calls.

Feb 26, 2011

Agree. Also, the Tiger Seeds (I'm assuming it's actually a seed and not a cub) share HR iirc, so if this one isn't hiring, a solid reference should give you a good shot at the others.

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Feb 26, 2011

Aren't the Tiger cubs all equity long/short HFs though? I'm not sure how that would be relevant or help you achieve your global macro dreams. If global macro is really what you want to do, you should be looking at getting on a Rates or FX desk at UBS.

Feb 26, 2011

The Tiger cub sounds like a more valuable opportunity but if your goal is to go into global macro than you want to go to UBS and get on their FX desk as they are very dominant.

Feb 26, 2011

Sorry, Tiger seed. Messed up the terminology.

One of the problems is I don't know what the Rates/FX desk really do. I get the feeling they're trying to arbitrage things while also taking care of customer flow, not really taking directional positions. From what I read in Drobny's books, a lot of the managers have non-bank backgrounds and are all unique, such that global macro is more about how you look at the world rather than any particular work experience. For example, Hugh Hendry started off in equities. Of course you have to have technical mastery over the instruments you're using, but that's only a necessary, not sufficient condition for doing macro. It's more important at this point for me to become competent in one field, rather than try to master everything. Value and fundamentals is a good foundation. Understanding the macro picture can be a side project.

Also, I'm leaning towards the HF because if I change my mind, I feel I can get interviews with BB trading desks for full-time, whereas it'll be harder the other way around. Am I wrong?

Feb 26, 2011

You make valid points on the directional trading vs. flow argument, which is something that I have considered heavily as well. The reason that S&T is the natural progression to macro is that you learn how to manage risk. Value/fundamental equity funds manage risk by having a margin of safety and being market neutral, which is not applicable to macro products.

I believe that in the end, someone with a passion and aptitude for macro will end up where he wants to be regardless of where he starts. But it is clear that S&T is the most natural starting point.

Feb 26, 2011

Dude you should be careful with what you say on this forum. Its easy to figure out which fund it is. A good friend of mine interned there.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Feb 27, 2011

I'm also curious about what is best prep for going into global macro after. I'm going to be SA at top BB in S&T rotational, want to learn some products but not pigeonhole myself too early. Should I plan on staying in S&T for the analyst program if get offer, or is it better to go into some more analytical type of role in AM or on buyside?

Just don't want to only be an excecution trader for my whole life, want to pick and hold also.

Feb 27, 2011

Definitely go with the Tiger Seed. Buyside experience is much more highly valued at HFs than S&T.

There are some Global Macro funds with Tiger pedigrees. Two that come to mind are:
http://www.hedgetracker.com/fund/Argonaut-Capital-... http://www.hedgetracker.com/fund/Suranya-Capital-P...

Feb 27, 2011
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