I just landed an Internship with Ayco in their Investment Services group. Is any familiar with this company? GS bought them a few years ago so I get to put "A Goldman Sachs Company" on my resume but other than that is it just going to be as helpful as any other PWM internship for break into IB ?
Also they have 32B AUM just out of curiousity what kind of fee's does a PWM company pull down off of that kind of money?
Will likely have the same effect as any other PWM internship.
I have a friend who worked there and he appends the "A Goldman Sachs Company" blurb in his Facebook work history. I personally think it makes him look like a tool. He even joined a Goldman Sachs network on Facebook. Other IBD analysts screening your resume will probably think you're trying too hard, so leave the GS mention out.
^ Yeah, a very douche-y move.
Agreed that it's a bit toolish to over-emphasize the "Goldman Sachs" aspect. Ayco is actually a private equity asset of Goldman Sachs Capital Partners, and is NOT a part of their core business. From Wikipedia, GS Capital Partners assets include:
The Ayco Company, L.P. (Financial Advisory) Hawker Beechcraft (Aerospace) Cogentrix Energy (Energy) American Casino & Entertainment Properties (Casinos) CH James Restaurant Holdings (Quick Service Restaurant) Coffeyville Resources LLC (Oil Refinery) USI Holdings Corporation (Insurance & Finance) East Coast Power LLC (Energy) Queens Moat Houses (Hotels) Sequoia Credit Consolidation (Finance) Shineway Industrial Group (Meat Processing) Equity Inns, Inc. (Hotels) Arcandor (former KarstadtQuelle property group – Retailer) Medfinders Inc. (formerly Nursefinders Inc. – Healthcare) Latin Force Group, LLC (Media) Constellation Energy Group Archon Hospitality Japan (Hotels) CMC Markets (Financial trading)
I wonder if employees of Equity Inns also put "Goldman Sachs" on their resumes LOL.
^Hahaha, this is great. I never bothered to investigate. I just thought it was a subsidiary of GS. I definitely questioned the legitimacy of the Goldman branding when I read some testimonials of Ayco employees. Their pedigrees just don't seem very... Goldman-esque.
Anyway, OP, not trying to clown you. At the end of the day, it's a legit PWM internship and it should set you up for IBD summer analyst recruiting next year.
^^ WORD.
yea no hard feelings OP. i applied for a FT position here when i was a senior in college, but unlike you they never called be back ahahaha.
The company runs with the slogan themselves it is actually on the sign to for their building but I can see where it sounds toolish.
Are there any aspects of PWM that lend themselves to ib experience mre than others? They put me on their fidelity mutual fund platform for now.
A PWM internship is a PWM internship. It's a sales-y gig that entails database maintenance, cold-calling and reading the news and industry research. There's no added wow factor in a particular platform of PWM. I know a candidate will try to sell his PWM internship as intensely analytical and as an excellent training ground for IBD, but it's not. If anything, it's a "hygienic factor." We check the box because we see that you have at least proven your interest in finance with the internship.
resume:
Floor worker at Shineway Industrial Group (Meat Processing), a Goldman Sachs Co.
Dude that's like saying Employee at TXU, a Blackstone company.
no it isn't
Dunder Mifflin Paper Company, Inc. - A Division of Sabre
My buddy forwarded me this thread and normally I wouldn't bother commenting, but you people have no clue what you're talking about and are giving this kid poor advice. Ownership structure here, and at many shops is irrelevant. Are you going to fault an analyst at Sankaty Advisors for adding that Sankaty is the credit affiliate of Bain Capital on his resume? Absolutely not. Sankaty, while a fine entity in an of itself, isn't as well-known in some parts. I could go on with plenty of examples but my point is made.
Having mentored a guy who used to work at Ayco 4+ years ago and having several close friends in (traditional) PWM at GS, I've grown fairly familiar with how the shop works. Ever wonder why GS bought Ayco in the first place? For years Ayco has had a massive client base of Fortune 500 executives - acquiring Ayco and then establishing GS' investment platform as part of the Ayco client investment menu would mean $ for GS. And outside of some lower-end clients, that's primarily what Ayco advisors offer - the GS open architecture platform. So really the primary difference is Ayco's target market and the fact they do much more in terms of financial planning than standard GS PWM or most other PWM shops for that matter. GS, like many other major asset managers, has been allocating greater resources to it's PWM arm in recent years so as to capitalize on the shifting investor landscape and massive potential for asset growth in this market. Ayco is a part of GS PWM, so yes, it is a part of GS' core business.
To the intern: some PWM firms will know the Ayco name but it still is relatively unknown, especially in IB; keep the GS name on your resume and don't think twice about it.
Per GS excerpt from press release: Ayco will operate as part of the Private Wealth Management business. After the transaction is completed, management teams from the two firms will work closely to leverage their complementary platforms and continue to deliver objective advice within an extended suite of products and services. For example, Ayco's counseling group will have access to the global investment resources of Goldman Sachs, and Goldman Sachs' Private Wealth Management group will be able to offer Ayco's extensive portfolio of financial planning capabilities, including tax, estate and charitable planning services.
Yes, I'm a year late…better late than never.
Put "The Goldman Sachs (Ayco)" on your resume to avoid any douchebaggery. The Ayco part should be white font just to make sure.
Make sure you use eggshell with Romanian type.
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