I am currently at a top AM (think Cap group, Fidelity, Wellington, D&C, etc).
I am currently an analyst in a team of 6 analysts covering one key sector in our investment management team. I have been at the firm for a long time. Further career progression is less likely, given my team head and I are similar in age and skill. Progression to senior analyst will likely take another 5-10 years if it ever happens. Occasionally, our firm promotes analysts to PM, but I havent been successful on the last two attempts.
I have been approached by an AM shop with roughly half of our AUM. So still very large, but in relative terms a bit more mid tier. This AM shop offered the role of Head of team, eventually with prospect to rising to head of group. This role would involve more travel and less time with family but otherwise broadly similar. The comp is almost double what I am being paid now.
I am in two minds, but this opportunity seems hard to pass up. What would you do in my shoes?
We need to know more about the shop where you received this offer. 1) do you believe in the investment process? 2) what’s the ownership structure and long term stability of the firm? 3) do you like the geography (are there other places you could work in this location should this job not work out longterm)?
Thanks for replying so quickly.
1) The investment process is def a bit more dynamic. More willingness to use derivatives and take bigger bets. Less conservative approach to investment than in my current firm. I am a dynamic person, so I am wondering if it would suit me better. 2) The ownership structure is similar to my current firm. Long-term stability is probably a bit worse than in my current firm, but a large chunk of the money invested with the firm is sticky. 3) They have an office in the same place as my current employer. So I wouldnt even have to necessarily move. Their main office is an hour and half away by plane. I imagine I may have to go there once a month or so for a week.
The big question I had: If I leave one of the top names in the industry for more responsbility and clear career advancement, will it be possible to come back to the top at some stage?
Yes. This is, in my view, one of the best case scenarios for you professionally. The best way to grow your career, and manage a team, is to literally manage one - this gives you that experience that you could bring back, or elsewhere, should you choose to. These types of scenarios are also how you actually realize the long term, back end, career comp we talk about on these forums - both through the immediate compensation bump, but the ability to get real equity or shares earlier on than you would at a comparable, larger firm.
You have the cachet, brand, and clearly a solid background - this is, if I'm being most cynical, the best way for you to even come back to your existing firm as the head of whatever there years down the line. Unless there's a red flag that we can help you work through, it seems like an absolutely fantastic opportunity for you all around.
Thanks for this reply. There are no major red flags as far as I can see. Although we are very far down the line in interview process I asked for more interviews to get to know them better. It also seems like a good opportunity to me, but I have never been approach about such a jump in responsibility before. Having said that, they indicated that they need one special skill that I have, which only 4-5 other people in the industry at my level have. I think that this is one of the reasons I was approached.
That's really great, and congratulations on the opportunity however it turns out. If you have the opportunity to talk to those who would be reporting to you directly (sounds like there will be), or closely working with you, that's a great sign as well culture wise. It's always odd when they are excluded from the process, and not the greatest sign.
I'll leave you with what might be confirmation bias, but this is in my view the best trade you can make - sell the brand for the opportunity and experience that let's you grow your career exponentially. It's rare to have practitioners who can also run teams, groups, etc. - even rarer if they can do that and still possess industry specific or unique skill sets as well. Should open a ton of doors down the road as well for you. And worst case, you still have the great name and experience on your resume.
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