What is middle/back office at a hedge fund like? Specifically roles that are supporting portfolio managers? I’ve been trying to move to PE Ops and came across a promising HF opportunity, so I’m looking for more insights into those projects and type of work.

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I was in a similar role before, the support project can range from building tools to backtest portfolio compliance, advise on allocation across vehicle, scenario analysis for investors. The actual day to day is second class interesting, meaning that it probably beats cash reconciliation but doesn’t match up to the front office. Your trajectory will be heavily dependent on your direct manager (as in all places), if you are lucky and hit a growth you can get promoted fast, if you joined a time of reorganization/outsourcing, you maybe siloed silently doing some grunt work. I hit the latter and left after not being able to advance after 4 years. I think it’s fine to do it for 1-2 years if that’s your best bet but you just need to keep hustling to move forward both internally or externally.

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Thanks for that recap, it was very helpful. How does the project work (level of interesting) compare to typical DD / transformation work that us M&A consultants are used to?

Same level, I was in transaction advisory for the reference.

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I get the whole second-class citizen bit…yadda yadda. Not too concerned there, but trying to understand the array of projects that are common when supporting PMs.

Also to note: this role is in the Office of the COO, reporting to the deputy COO. Any insights would be greatly appreciated.

What size fund?

13bn Aum

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