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The more significant equity research vs. investment banking differences relate to recruiting and careers , including points such as the compensation and exit opportunities. public markets roles ( hedge funds , assetmanagement , etc.), and areas like corporate finance or strategy at normal companies.
Some SWFs operate like long-only assetmanagers (i.e., mutual funds ) that allocate their assets top-down and then pick specific indices, companies, and securities that meet their criteria. These tend to be the funds that pay better , actively recruit new entry-level hires , and do at least some direct investing.
So, expect a lot of quarterly financial projections , quick public comps , and simple DCF models linked to specific catalysts. Do Multi-Manager Hedge Funds Deliver? Multi-manager hedge funds have been in the news because they’ve performed better and grown more quickly than the larger hedge fund universe.
And if you are interested in this strategy, should you even target hedge funds, or would a long-only assetmanagement firm be better? And if you are interested in long-only investing, should you target assetmanagement firms instead? Turnover is also high, especially at the large multi-managers.
You will very rarely get exposed to the type of financial modeling that bankers complete: 3-statement models , DCF models , M&A models , LBO models , and so on. Recruiting in Wealth Management vs. Investment Banking You should know all about IB recruiting from reading this site, but it’s insanely competitive and starts very early.
The Top Biotech Hedge Funds Recruiting for Biotech Hedge Funds Interviews, Case Studies, and Investment Pitches Careers and Exit Opportunities Recommended Resources Final Thoughts on Biotech Hedge Funds Why Do Hedge Funds Like Biotech So Much? And What Do They Do? Example Biotech Trades What Makes Biotech Hedge Funds Different?
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