Job Situation - Advice

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jdemossjr

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Ok, so about 1.5 years ago I landed what seemed like a great job, and it was, in a way. I was a portfolio manager for a convertible securities portfolio in a seperate account framework. I jumped into a sinking ship at that firm, and it was only a matter of time before the bossman couldnt afford to keep me. Performance was historically good and was stellar during my short tenure (about 1 year), but without getting into the nittygritty, it was too risky for me to stick around (i was having a baby in a couple months when I resigned).
I resigned because I was approached by another firm in town that wanted me to serve as a co-portfolio manager/analyst. The firm, by all appearances, was a super place to be, strong team, fast growth (still in its infancy, however), etc. It looked like a no-brainer. Now, 6 months into it, Im realizing it was a bad move. Again, without getting into it all, there are some issues that make it next to impossible for me to utilize my skill set. With an explanation, anyone would agree with me that it wouldnt work out. Any place I approach would certainly receive this explanation confidentially. In addition, 1 of the 2 partners would probably go to bat for me if I decide to leave, as he is aware of the situation and is very apologetic for not predicting these issues.
Both of these firms were <100MM in assets. Very small RIAs.

There is a fund of hedge funds in town recruiting an "executive assistant".. I've been aquainted with one of the partners of this >1B fund for ~2 years (he actually referred me to my first port. mgr. job, above). I explained, in summary form, my situation to him. After that he told me about this executive assistant job. He mentioned that I was really overqualified.

I guess I am looking for advice on this. I have expressed, in a letter, that I have no qualms with a temporary overqualification, if it would help get my foot in the door... though only to the extent that the plan would be for me to move up the ladder rather quickly (i coined the timeline as 3-6 months, but even 6-9 doesnt seem that bad for this kind of opportunity).

If I can assume I'll make the same going into this, what is your take on the situation? I live in a relatively small town (~ 500,000 metro population) and there arent alot of firms this size (umm, i stress that).

has anyone worked at a fund of funds before? comments, suggestions? I dont know exactly what Im looking for, other than I know I need to make a change, and I know Id like a more senior job at the FOF, but this is not necessarily that.

Oh yeah, let me add.. I sat for LIII in June and feel pretty good. Additionally, I do not yet have my bachelors degree.. Im 1 year through it, locally (night hours---doesnt infringe on work schedule)
 
is this really possible? an executive assistant position that pays as much as a PM? either you are going to be the world's highest paid assistant, or you were the world's lowest paid PM.


jdemossjr Wrote:
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> If I can assume I'll make the same going into
> this, what is your take on the situation? I live
 
from my observations, "temporary" positions are typically not that temporary. if they move you up, it will be when it works for them, not when it works for you. in the mean time, your job description will be "girl who does all the crappy stuff that no one else wants to do." so basically, they will want you to stay in that role because it's convenient for them to have someone doing all the b!tch work. call it cold, call me cynical, but i've seen this happen to others before. people just don't hire someone for a 3 month gig--most employers are thinking at least 2-3 years. why take the risk that your outlook won't align with theirs?
 
How did you sit for LIII without having a bachelor's degree completed?
 
jdemossjr have you considered finding something in the ATL? It might be worth a try.
 
no bachelor's required--pro. work experience.

asdff, the guy i spoke to TOLD me he thought this position was beneath me. i am the one thinking about selling myself into it, on the condition it is more 70/30 administrative/analytical.. and more 80-90/10-20 analytical/administrative in 6 months.

additionally, i would not take this job unless i was really upfront about my expectations... i dont think a firm with semi-intelligent people would WANT to hire someone who they knew would leave if they didnt move up the ladder...

additionally, i dont make a ton of money.. ive worked at SMALL asset managers.. they dont have much revenue to pay out.. but I wouldnt take less than would be typically considered high for a pure assistant.

i know its a less prestigous role and involves some work for which i extremely overqualified for (labels, mailing..) but most of that is stuff that at a small firm EVERYONE does anyway.. its just now I.. ok, it parts of it suck.. but if I made it quite clear to them what I expected and vice versa, and got it in writing AND was paid more than an administrative position is worth, it seems a relatively safe bet, given good performance on my part, that I would move up the ladder quickly, yeah?
 
Blastt, yes, I've considered it.. but I really want to stick around here.. thats a 1.5-2 hr drive*2 daily.. not sure I would enjoy that too much. unless there is some way around that which I am not considering.
 
oh, and when i said i was having a baby, i meant my wife. so my job description will be "guy who does all the..."

FYI
 
I meant moving permanently....driving 2 hours each way everyday will KILL you!
 
Well, you're stuck then. If it's FI, they're making maybe 40bps on 1bb AUM; that's 4mm - really squat when you have to pay everyone out. At EQ, it's 100-150bps - 10-15mm which is a lot better. As a PM; you should be making 1mm all in....As an asst; you're probably making 50-75k + 10% bonus...Where you're at, you're probably making 100k +25%....


I'd ask for guaranteed comp of 150k in year two. They'll find it advantageous to make it worth your while...
 
its primarily long short EQ. i believe a little private equity as well. its a commingled fund. I

skiloa, what are you basing those #s on? im guessing experience, but what city?? part of the situation is that im in a relatively small town where salaries dont quite match those of bigger cities.

thanks alot for the info.
 
I work in ATL.

I'm 24 miles away from the office and it takes about 1 hr each way. Good luck reaching ATL in rush hour from Tennessee under 2 hrs.

and skiloa's numbers sound about halfway right, only if the PM is also one of the senior partners. Our firm's fee structure isn't nearly as high as what skiloa claims.

Equity 100bp
Bonds 40bp

Both with declining fee structure after AUM per client reaches over 2 mil.

currently, I'm an "analyst." But I'm getting paid less than what skiloa claims assistants are getting paid. Are you in NYC?
 
from what i understand, a typical longshort FOF fee structure is 100 bp plus 10% carried interest

not sure what the fee structure is at this one, however.. will find out.. have only had 1 conversation re: this
 
I do find it strange that as a portfolio manager you would get paid the same or less than a secretary, but I'm not going to argue that point. As a fund of funds analyst, I talk to a ton of hedge funds. Among the 500 or so funds I've met with, I've heard of exactly one instance where a secretary/assistant got promoted to an analyst. So it's not impossible but highly unlikely.
 
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