Getting to a good SM from SS ER?

I'll add a slightly different perspective from someone based in London as the market seems to me to be quite different from the US, and it's people's experience of the US that seems to be what informs most of the advice given on here. In London I don't think you will have any problems moving to a HF from SS ER, and for some types of fund it'll probably be easier to do so from ER rather than IB as there's much more overlap between the ER skillset and what HFs are looking for.

Look at the background of partners / senior analysts at some of the better HFs in London - I'm thinking places like AKO, Egerton, Lansdowne, Capeview, Kuvari etc that are closest in style to how a US 'Tiger Cub' operates (high AUM $ / investment professional; generalist or very broad sector coverage model; fundamental equity L/S and long-only strategies; longer holding period than a MM platform). You won't even need to do too much Linkedin stalking on this as at least AKO / Egerton / Lansdown have all this on their websites.

You'll see that the vast majority of people started out in SS ER and moved directly to HFs from there, or went via long-only asset managers (many of whom will also run some L/S strategies that you'd be exposed to as an analyst). It's most obvious with the network of ex Cazenove ER analysts that are all over the London HF market, but there are plenty of other examples. 

If you're interested in funds with more of an activist / event-driven angle - e.g. TCI or Cevian - then yes, you'll probably find they have more of a preference for people with an IBD background. But that is definitely not true for your 'vanilla' equity l/s fund in London. 

The key things to focus on in your 2-3 years in SS ER before you try to make the jump across (2-3 years or 10+ years seem to be the sweet spots to make the move) would be:

1) Getting some exposure to thoughtful HF clients so you get used to pitching and defending an investment thesis.

2) Trying to get some stock coverage of your own - in London this is very achievable in your first 2-3 years, unlike the US.

3) Being able to quickly and accurately put together a 3 statement model, as you'll inevitably have to do this for case study interviews. I'm always shocked at the number of candidates I interview with 2-3 years of experience who can't do this, I expect because all they've done is update their senior analyst's existing models rather than build anything from scratch.

4) Understand what makes 'value-add' research that will drive a differentiated investment thesis and give you an 'edge'. "I've spent more time on my model than anyone else and forecast the quarter in way more detail" is not value-add research.

5) When you start interviewing, being able to pitch a stock that is outside of the sector you cover. If you're applying for a generalist position and can't do this, you'll get dinged instantly.

All of these things (which are pretty crucial to be able to do to get a decent HF seat) will be much easier to do in a SS ER role than an IBD role, with the possible exception of number 3.