Fixed Income at Capital Group
Hi, does anyone have insights into capital group's fixed income business? Seems like it has grown significantly over the past 5 years despite capital's long-standing reputation as an equities shop. I am specifically interested in learning more about what the analyst experience is like.
Thanks.
Can't say I've ever heard Capital referred to as an equities shop, especially when they have a quarter trillion dollars of active bond funds - almost as large as PIMCO.
First part of the answer is right, last part is not...quarter trillion is ~7-8x less than at PIMCO. Is $2.50 the same as $20? If so I got a bridge to sell you in Wyoming.
Not all of PIMCO's assets are in active bond funds.
These numbers look wrong - if only looking at public vehicles like mutual funds / ETFs then it won't capture the full picture (not reflecting SMAs). Would guess Vanguard is lower and Blackrock/PIMCO both higher
Think Cap Group is solid as a credit shop
Point taken. Active AUM #s look wrong. ETFs are a very minor part of their asset base and it may not be counting alt assets and assets from Allianz
PIMCO is an active manager. Very little (if any) is passive. They had 2.2T yr end 2021. Last yr was a blood bath and they now have about 1.7T
This does not include Allianz Global Investors but it does include the 200B in RE they manage for AGI.
Their business entails a lot: MFs, ETS, Alts (CRE, HF, PE, Interval funds, Direct lending), SMAs. It's basically all actively managed.
rickle is spot on.
That’s nuts, any idea what drove their AUM down so much?
Bump to get this back on track. Any insight on the OP’s question?
Bump, would be curious if they have any HY or distressed teams
They do have HY teams. Not sure about distressed. They were involved in a few (not that many) in-court and out of court restructurings, so assuming they have a PM that has experience in the distressed space, but unlikely real built-out distressed teams.
Source: Interviewed/received offer to join as a HY research associate and spoke with one of the PM who runs a HY book.
Are there any dedicated opportunistic credit/special sits sleeves within the HY portfolio? Also what is career progression like for a Research Associate (not pre-MBA)
Don't know about the opportunistic credit/special sits part. With respect to your question on research associate roles, I think they recently changed the program where you can now become a research analyst, which is not the same as an investment analyst. My understanding is that it's basically for more senior research associates, but not sure how much of an impact the title change has on responsibilities and comp.
Hey this is a bit late to the thread but could you possibly share what the interview process was like for you? I have a interview coming up for their HY team and really want to do well on this since I've always wanted to get into a HY/credit research role so any help/advice would be really appreciated. Feel free to PM me as well, thanks man.
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