Special Situations Equity Research Analyst - Global Multi-Strategy Hedge Fund
Location: New York City (in-office/hybrid, depending on team)
Coverage: U.S. public equities only
Experience: 8+ years required
A leading global multi-strategy hedge fund is hiring a Special Situations Equity Research Analyst to support a small, high-calibre PM group in New York. This is a research-only seat: you will produce differentiated work-product that is shared directly with 1-2 Portfolio Managers, who will ultimately express the trades and manage risk.
This opportunity is ideal for someone currently on the sell-side who sits close to Delta-One / program trading / central risk / index workflows and has deep familiarity with index rebalances, reconstitutions, and corporate action-driven flows across U.S. equities.
The Opportunity
- Join a top-tier multi-strat platform with institutional infrastructure, tight risk management, and strong capital base
- Operate in a high-impact research function feeding ideas and analytics to a small PM group
- Focus on U.S. public markets with a mandate centered on event-driven / flow-driven special situations
- Build a seat around repeatable edges tied to index events, passive flows, forced buying/selling, and market dislocations
- Work in a team where research is valued as a core input to investment decision-making (without execution responsibility)
What You'll Do (Core Responsibilities)
- Own U.S. special situations research focused on public equities, including:
- Index rebalances / reconstitutions (add/deletes, float changes, style shifts, eligibility events)
- Corporate actions and technical dislocations (spins, splits, tender offers, conversions, listings, recapitalizations)
- Flow-driven anomalies connected to passive positioning, hedging demand, and liquidity constraints
- Partner closely with Delta-One-adjacent frameworks to:
- Translate event calendars into actionable trade setups (timing, sizing inputs, liquidity/impact considerations)
- Build scenario and sensitivity analysis around expected flows and second-order effects
- Produce clear, PM-ready research outputs (short-form notes + deeper memos) with:
- Variant view, catalyst map, technicals/flow thesis, risk framing, and expected payoff distribution
- Develop and maintain repeatable research tooling (models/dashboards) to systematize event capture and monitoring
- Continuously monitor market structure dynamics and changes to index methodologies impacting U.S. equities
Candidate Profile (What We're Looking For)
Must-haves:
- 8+ years of relevant experience in sell-side settings aligned to:
- Delta-One / program trading / index / central risk / equity derivatives flow, or
- A dedicated index research / event-driven equity seat with direct desk adjacency
- Proven expertise in index rebalance mechanics and the practical realities of:
- Event calendars, announcement/implementation windows, liquidity/impact, forced flows, and positioning
- Strong ability to convert technical / structural drivers into investable, risk-defined trade recommendations
- Advanced analytical skills (modeling, data interpretation, event studies); comfort building repeatable frameworks
- Excellent written and verbal communication-able to deliver crisp conclusions to PMs under time pressure
Nice-to-haves:
- Familiarity with U.S. equity microstructure, execution constraints, and passive ecosystem behavior
- Experience collaborating with trading desks and internal stakeholders across risk, financing, and data/engineering
- Programming skills (Python preferred) to automate event pipelines and back-testing workflows
Why This Role
- High visibility: your work goes straight to the decision-makers
- Pure research mandate: no execution burden-focus on generating edge
- Platform + resources: strong infrastructure, data access, and institutional processes
- Specialized niche with real leverage: index/corporate action dislocations can be highly scalable when researched correctly
Compensation
Competitive base salary + discretionary bonus (aligned to impact and team performance).
How to Apply
If you're a sell-side specialist working closely with Delta-One and index flows and want to pivot into a research-only, PM-facing special situations seat at a top global multi-strat, please reach out for a confidential discussion.
