6 July , 2009
A while back a reader asked me what hedge funds would he recommend to start his hedge fund career? Now, at risk on fan boyism, I suggest any of the Tiger Cubs (of Julian Robertson fame). For those not in the know, Tiger Management Version 1.0, i.e Julian Robertson’s original hedge fund spawned a number of fantastic hedge fund managers that have racked up impressive returns. Tiger Management Version 2.0, housed at 101 Park Avenue, is a number of fund that Julian has seeded. Some are still small and some are very large. And a number of them have been VERY successful. While working at a Tiger Cub hedge fund won’t guarantee you success in the hedge fund universe, it is obviously a good start. With the help of Bloomberg, Google, and a couple of friends that have too much time on their hands, here is our attempt at recreating the Julian Robertson Tiger Cub “family tree” (Read it as such…Hedge Fund Name – Founder / Portfolio Manager)…
Tiger Management – Julian Robertson
- Blue Ridge Capital – John Griffin
- Bridger Management – Roberto Mignone
- Valinor Management – David Gallo
- Bridger Management – Roberto Mignone
- Maverick Capital – Lee Ainslie
- Highside Capital Management – Lee Hobson
- Impala Asset Management – Robert Bishop
- Viking Global Investors – Andreas Halvorsen
- Tiger Eye Capital – Benjamin Gambill
- Hoplite Capital – John Lykouretzos
- Touradji Capital – Paul Touradji
- Lone Pine Capital – Stephen Mandel
- White Elm Capital – Matthew Iorio
- Conatus Capital – David Stemerman
- Shumway Capital Partners (Chris Shumway)
- Suranya Capital Partners – Anu Murgai
- JAT Capital – John Thaler
- Toscafund – Martin Hughes
- Second Curve Capital – Tom Brown
- Coatue Capital Management – Philippe Laffont
- Ridgefield Capital Management – Robert Ellis
- Discovery Capital Management – Rob Citrone
- Longhorn Capital Partners – Kris Kristynik
- Healthcor – Arthur B Cohen
- Pantera Capital Management – Dan Morehead
- Millgate Capital – James Lyle
- Intrepid Capital Management – Steve Shapiro
- Argonaut Capital Management – David Gerstenhaber
- Elmwood Advisors – Quinn Riordan
- Deerfield Capital – Arnold Snider
- Duff Capital Advisors – Philip Duff
- North Sound Capital (Rolled into Duff Capital) – Tom McAuley
- Joho Capital – Robert Karr
- Roundrock Capital Management – Peter Vig
- Speedwell – Fuyuki Fujiwara
- Williamson McAree Investment Partners – Ed McAree & Robert Williamson
- Asian Century Quest – Brian Kelly
- Sun Valley Gold – Peter Palmedo
- Cascabel Management – Scott Sinclair
- Light Street Capital – Glen Kacher
- Sureview Capital – John Wu
Tiger Management v 2.0
- Tiger Global – Chase Coleman
- Tiger Asia – Bill Hwang
- Kylin Management – Ted Kang
- Tiger Shark Management – Tom Facciola & Michael Sears
- Tiger Consumer – Patrick McCormack
- Tiger Veda – Manish Chopra
- Torrey Pines Capital Management – Robert Jafek
- Fox Point Capital Management –Charles Anderson
- Axial Capital Management – Eliav Assouline
- Miura Global Management – Pasco Alfaro
- WRA Investment – William Araskog
- Hound Partners – Jonathan Auerback
- Goshen Investments – Christopher Burns
- Apos Capital Management – Alok Agrawal
- Centurion Global – Michael Popow
- DLH Capital Management – Rodrigo Andrade
- Eastern Advisors – Scott Booth
- Emerging Sovreign Group – J Kevin Kenny Jr
- Firemark Advisors – Michael Morrissey
- Kelusa Capital – RJ McCreary
- Lanexa Global Management – Ian Murray
- Maple Leaf Partners – Dane Andreef
- Pelagic Capital – McAndrew Rudisill
- Venesprie Capital Management – Quincy Fennebresque
- Steadfast Capital – Robert Pitts
- Marble Arch Investments – Tim Jenkins
- Japan Advisory – Edward Brogan
- Plural Investments – Matt Grossman
If anyone sees any errors to this, or can fill in missing pieces, or has an addition to the list of Tiger Cubs please leave a comment or email me.
3 July , 2009
Some of you have been sending me emails, saying: Why are you starting a blog about hedge fund careers? Well, admittedly, I only intend to write a few posts on this blog and then whenever someone asks me how to break into the industry or how to garner hedge fund employment, I can simply point them to the blog. Plus, I like writing, there isn’t as much to do in the distressed market right now (GO GREEN SHOOTS GO!), and the more people I can help out the better.
Now, I started my hedge fund career when I was younger. I won’t specify the age, but I didn’t serve the full tenure at a banking program if that gives you an idea. What attracted me? Well a hedge fund salary (or better yet a hedge fund analyst salary) is higher than an investment banking analyst (and sometimes associate). Now did I sell out by taking the higher hedge fund pay? Of course I did. AND…I did not have to continue working 80-100 hours a week. That was the real reason I joined the buy side.
Hedge fund employment (or even hedge fund internships) are the sexy want of all investment banking and MBA students alike. Why? Maybe it is the pay. Maybe it is the allure. Maybe, like for me, it was the ability to have some semblance of work life balance. The hedge fund industry, for whatever reason, attracts some of the brighest talents and mind in the world. I once told my wife that if all hedgies had instead become scientists, we would of cured cancer, walked on Mars, eliminated poverty, etc. She completely agreed.
Now, you are more than often, going to start out as a hedge fund analyst. There are many paths to become a hedge fund analyst. Let me just list some of the previous professions that friends of mine have engaged in before become a hedge fund analyst:
- Leverage finance analyst / associate / vp … particular favorite among my distressed debt investing friends.
- Sell side publishing or desk analyst
- Generalist investment banking analyst / associate / vp / director…I actually have never met an MD that made the jump
- Newspaper / Magazine journalist (two of them to be exact)
- Medical Doctor (Michael Burry, one of my “heroes” for lack of a better term, finished med school before starting out on his own with Scion Capital…Google that one will ya!)
- A friend came from an actuarial job and is CRUSHING it
- Lawyer (all sorts of types)
- Broker salesman (Dan Loeb used to work for Jefferies as a salesman)
- Architect
- Military (actually quite a few)
- Many people from bank credit analyst jobs
- One or two accountants
I could go on like this forever. There is no tried and true formula or exact science to get you in the cross hairs of all those investment management recruitment agencies. Maybe some hedge fund headhunter will fawn over you if you spent 5 years at Goldman’s Prop Desk after spending 3 years at Lazard’s M&A; group…but if not…the door by no means is closed.
The key to the equation, like most things in life, is how much value do you bring to the table. That is it. If you can generate 25% IRR’s over the foreseeable future, 99% of hedge fund managers would hire you (assuming your prefereed method of capital generation fit into their strategy).
The problem then becomes: How do I get in front of these people, and how to I convey my message to them? None of us at an early age have a real track record to show off. So what do we have to do? We have to sell our skills, talents, and value generating abilities. And that is why I think many investment bankers can make the jump to the magical place (at least sometimes) that is hedge fund land. Why? Because investment bankers, no matter how junior, can sell. Or they have been around M.D.’s long enough that they can at least make a valiant effort at selling. Maybe I am off base here, and if so, feel free to correct me or admonish me, but investment bankers aare obviously competant, have great attention to detail, and work hard. But they are also great salesman (or saleswomen).
So, what tools do we have to sell our skills / talents / etc? Well, we have a lot. We have our resume, our interviewing skills, our network, our idea generating capability, etc. I am going to talk about each of these in details in coming posts. Pretty soon, we should have a decent game plan to get a great hedge fund job (even in this terrible economy).
30 June , 2009
One of the principles that I tell my friends when they ask me how to get a hedge fund job is thus: There are two ways to become a hedge fund analyst: 1. Get lucky or 2. Use your network. Now, you may be asking: Why would I be reading this blog if those were the only two ways to get a hedge fund job. Or better yet: Why would this nut job be writing about a topic that is effectively worthless?
First of all, I am going to show you a few ways to really work your network (no matter how small you may think it be) and two, I am going to show you how to improve your chances dramatically. We are counting cards here folks. As I have told many of you, if we posted an analyst job right now, we would receive well over 100 resumes. A day. For two weeks. No joke.
How do you distinguish yourself from the herd? Well. You are going to offer value. How? That is the point of this blog. I am going to show you exactly what you need to do and know when it comes to priming the pump that is the hiring instinct of hedge funds. Now again, I would rather not use blanket statements. There are some funds that really are the luck of the draw. That being said, none of these techniques I am going to post about will hurt you. As a matter of fact, they will help you immensely. Plus, even if you do not get the job, you will be regarded as a person that offers value. People, of all careers, like those kind of people.
In the next post, I am going to talk to the reader about how to get your foot in the door when you have no network or contacts to speak of. We will explore that concept for the next few weeks and from there expand our circle to encompass more avenues on getting hedge fund jobs.
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30 June , 2009
In response to a number of queries from my more popular blog, I have decided to start a blog on how to get a hedge fund job. Why do you ask? Well, for two reasons: 1) To maintain distinct brands (this one employment and the other blog case studies) and 2) Because I have a lot of people asking me (friends and readers a like) on the best way to break into the hedge fund industry and get a hedge fund job.
To familiarize my readers, I have worked at three distinct funds at this point in my career. Prior to that I worked in leveraged finance (all names, left unsaid). I always wanted a hedge fund job and after flaming out miserably on a number of early interviews, I decided to actually learn what it takes to succeed in the hedge fund interviewing process.
Now, I have met and know (personally and professionally) a number of hedge fund recruiters. This site, theoretically speaking, should enable the reader to avoid the hedge fund recruiter and go straight to the source. Now, as a disclaimer, and you know I love those, sometimes being the “Best in Show” of a hedge fund recruiter is a very good thing. They will show you the best opportunities, and many larger funds will only go through a recruiter. That may be so, but we are going to try to circumvent the process and get you where you need to be.
My ideas for this site: First, I want to focus on getting in the door or in other words, actually getting the hedge fund interview. Currently, given the state of financial careers, there is a signficant amount of supply versus demand for positions. Once you get your foot in the door, I want to talk about hedge fund interviewing, case studies, salary negotiations, etc.
As a caveat, and another disclaimer, in terms of hedge fund jobs, this site will focus on the front office aspect. I have a number of friends that run back and middle offices of hedge funds, and I hope to get them posting as well. In the meantime, the reader should assume that when I speak of hedge fund jobs, I am talking about front office finance jobs (trader, analyst, PM).
I am also talking anywhere from entry level hedge fund jobs to credit analyst jobs to portfolio manager jobs etc. Some of the techniques will be more suitable for certain positions. But what I hope to do is offer the best advice out there (there really is none) on how to get a hedge fund job.
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