Manager Research and DD

Anyone work in this area? If so, what is your long term goal, say 10 years from now? I have a possible career opportunity in it.

Are you talking about manager research at a major BD (like our previous conversation about RayJay and AMS) or at an RIA? Or, worse, a consultant?

I thought you already got some kind of job.

^Ripple is down to 0.33.

Wait, right, this is the Ripple guy. I mistook him for the rorror chick or whoever that was.

RIA, allocators of capital only, $4.2B AUM, been around for 20 or so years.

That ripple thread would be a great case study for the devastating effect overconfidence can have on a portfolio.

My unrealized G/L is still positive in the 5 figures. Truly devastating.

Not exactly sure what an RIA that’s an “allocator of capital only” is…like an RIA that doesn’t have clients of its own but builds portfolios for other RIAs and the such? Those are called TAMPs. Kind of like consultants. If it’s more of a traditional RIA then I’d say go for it. $4.2B is considered a mega-RIA so the sky’s the limit as far as upside goes.

If it’s a TAMP…$4.2B is tiny. TAMPs are basically consultants but cooler. The downside is neither make much money. Your options would be to climb the corporate ladder, put in a few years and go SS, or - least likely but still possible - buyside.

$250k profit @ $2.78

Ripple gets REKT down to $1.06… profit cut down to ~95k and you cash out

Then… you decide to “re-enter” @ $0.68 and it has since more than HALVED to $0.33…

That series of events looks pretty devastating to me… I wouldn’t give you such a hard time if you weren’t so arrogant and sure of yourself/ripple in the other thread.

They are a family office so they definitely have their own clients. Seems like they do UHNW along with pension stuff. Fee-Only. No CFA Charterholders but like 5 CBS grads, including the senior analyst I have been talking to via email about the opportunity.

It’s for a jr position so I am waiting to hear if they are going to make an exception or if I am somehow in their range for comp.

when im upset about people making fun of me about my bets on cryptos i put this baby on and instantly feel better


I’m a big fan of (multi) family offices. How many employees do they have?

Looks like around 30 employees total. Someone had previously mentioned that Fee Only firms can be bad to work for, ie lower comp via EOY bonuses being small. Is this true? What I know about RIAs is very limited. Should probably do a deep dive on them, especially if I plan on working for one.

I think HNW RIAs tend to put more on salary and less on bonus. The character of the place depends on the leadership. If they are grinding into the wee hours and on weekends you will likely be expected to do the same and it’s maybe good to get some experience if you need it but probably a bad place to stay long term. Don’t want to be working banking hours without getting paid banking dollars.

^To piggyback on brain’s comment, every RIA is different so getting to know the culture is paramount. I’ve worked with billion dollar RIAs that are run like Axe Capital and others that do more work from the golf course and bar than the office.

As for pay, kinda the same as above. It varies. One possible downside to working at an RIA is the people at the top own it (compared to working for a team at Merrill, for example) so every dollar they pay you comes directly out of their pocket. To get paid - and you can definitely get paid at an RIA - you need to demonstrate, on a regular basis, how you increase the firm’s revenue. For client acquisition guys, it’s pretty straightforward. They go out and bring in $100mm they’re going to have a very nice bonus. For analysts it’s harder to quantify so it is usually more salary based, but that’s not a bad thing. If you’re good, they’ll want to keep you and they’ll pay you well. $4.2B is no joke. They’re making a crap-ton of money.

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From my past experience, it is a very mind numbing and demanding job. When it comes to performance (unless you are talking about skill-based alts), the asset allocator will get the majority of the credit because the class exposure will drive returns,

Further, if you’re in fund due diligence, consider that active mutual funds are losing a lot of traction to ETFs and factor-based strategies.

I’d try to get onto the asset allocation side vs. due diligence if possible unless you are working with alts.

I received word back yesterday from the senior analyst that they are looking exclusively to bring on an analyst with 0-2 years experience, AKA I was out of their salary range. Oh well, sounds like it may not be the best opportunity. Thanks all for the input!

I doubt it. Not with 30 folks. Family offices, especially to UHNW, don’t charge very high fees at all. Like <0.25% if you want to compete. It’s a brutal business.

I used to do this job, this exact job, and I feel like manager DD is more luck than skill. So didn’t want to stay doing that forever, but it’s a low-stress, boring job that pays better than an accountant.

Asset allocation seemed seat of the pants where I was. IMO without fundamental security selection on a daily basis you really don’t see how sectors are reacting/pricing. Just broad brushstrokes into the hot areas. Again, just my opnion.