Working under multiple PMs, nightmare
I'm a second year analyst at an event-driven HF, primarily doing credit. My first year was spent basically training and getting my sea legs, and now into my second I'm essentially 100% sourcing and pitching solo which has introduced a new set of management challenges.
We are a multi-strategy, multi-manager shop, but share a common overarching philosophy of value so everyone here is basically on the same page.
There are about 3 PMs and I'm the only analyst. I spent my time training essentially under one PM and learning his way of doing things. Now that I pitch and collaborate with the rest of the team my days have become increasingly more frustrating.
Each have their own preferred ways of having things modeled and presented. Some care about qualitative aspects before the quantitative and vise-versa. Acceptable risk-reward/IRR parameters vary across them. Etc, etc, etc.
I'm just not sure how to manage myself so that everyone is happy. We're small so working exclusively under one PM isn't really an option, and collaboration over ideas is pretty common / there is overlap in portfolios. It's just the minute detail, analyst-type shit that is driving me crazy here.
Say I work on a pitch I know PM A will like. He reviews it and says I should show PM B. PM B complains about reading the pitch because it is formatted in a way he doesn't like so I re-spread the numbers in a different format, and also says I should stop doing it that way, but it is also the way PM A prefers. PM A then says I should investigate X question, so I do, and when sharing with PM B he complains that it doesn't matter and I should spend time investigating Y question. Both PMs say not to share with PM C because he wouldn't like the idea. PM C comes to learn about the idea and gets pissed that I didn't share it because the leverage / risk / whatever was acceptable to him the whole time. I share an idea with PM C, and he is more informal so I just get a handful of tear sheet numbers and some back of the envelope stuff together before we talk about it, and he brings PM B into the room who then flips because more detailed numbers and work hasn't been put together first. I could go on.
Like, it is just driving me crazy trying to juggle different personalities and styles. I like it here and am learning a lot, but the informality and disorganization of this process is so weird. It is also making the time I have to spend just formatting / putting pitch materials together about 2-3x longer, and that is time that could better be spent researching or something more productive.
Does anyone have any advice for working with multiple PMs? It is to the point now where I day dream of greener pastures at a single manager shop.
I have tried having discussions with the three separately over how to make the process more efficient and have gotten some variation of "just do what you think is best / makes most sense to you" from the group, but nothing really changes when it comes down to reviewing investments.
Sorry I can’t help with your question but are you looking for an intern you can blame when the one of the PMs is pissed off about your pitch?
-semi serious :p
I feel your pain man. Some bull sheet huh
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