Exit opportunities from PWM

In rare cases I have seen PWM analysts get into pe as well. http://www.omerscapital.com/index.cfm?PID=16271&PIDList=16043,16271

I know a West coast PWM Analyst who joined a HF, and a UK PWM Analyst who joined BX.

1) Use appropriate forums
2) You should have took the prop trading gig from FNYS.

"Oh - the ladies ever tell you that you look like a fucking optical illusion?"

A guy from PWM joining the sacred Blackstone?? I am pretty excited by that piece of information...people here make PWM seem like a dead-end job. I have read first-hand top wealth managers can make over $3 million per year (Vault), and now apparently exit opportunities to top private equity and some hedge funds are there.

I don't agree at all trade4size. I'd rather have the name of a top BB employer, guaranteed very solid compensation, and better chances for top B-school admission rather than some firm that most average joes have never heard of and the risk of having my compensation be crap because my pay is based purely on P&L. Not to mention, I don't think First New York will have nearly the same effect as this particular BB for top MBA programs and I have heard of good internal mobility for top PWM analysts from this BB to other divisions such as IBD or S&T.

I have evidence now that exit opportunities from PWM from this particular BB to hedge funds and private equity do exist. Sure, it might be harder, but coming from my undergrad school I wasn't even supposed to have the opportunity I have now.

Do you think it depends on the size of the portfolios as well? As in, wealth management vs. Private banking (10-25mm)?

The guy that joined BX didn't join their PE group, btw, rather one of their public equity groups - still none too shabby.

BTW it would be nice if you PMed with the info I was after.

Trade4size is just winding you up - he loves his trading.

I still believe you made the right decision for the long-term. It will give you a top shot at Bschool.

newbie2banking, I would like to offer assistance and I understand that getting any contact information or leads helps greatly when trying to break into the field. Unfortunately, I don't have any contact information that I can give you.

Good luck though.

Wealth Management is more like a brokerage from what I understand. If you have a lot of clients and Assets Under Management, I don't see why a hedge fund wouldn't want to hire you.

PWM/Private Banking actually consists of a few distinct divisions and it differs from firm to firm. Some firms breaks down the key function into relationship management, investment consulting, structured products sales, investment strategy/research and other general treasury functions like FX sales and dealing. Some BBs combine the relationship management role together with the investment consulting role while others separate them. If you are in one the 'analytics' role like investment consulting, structured products sales or investment research and other treasury functions, you will certainly have the chance to move on to the sellside since you are already coming from the buyside. For instance, people doing structured products sales or FX-related stuff can switch to similar roles in investment banks (but coming from the sellside of the picture) while those in investment research roles or investment consulting roles can switch to asset management or hedge funds. I would think that PE will be more difficult in this respect since the skillset is pretty different.

In Asia, PWM FAs from BB do move on to other solid jobs in S&T, hedge funds or asset management. I think this is partly because there are far fewer BBs positions available in Asia as compared to elsewhere. Hence having a BB brandname in Asia opens alot of doors even if you come from PWM. I am not surprised that hedge funds in Asia hires from BB PWM because as a FA, you are exposed to all asset classes and multiple regional markets. Such skill sets are very useful in the hedge fund context. Besides, being able to squeeze into a markets-related role (PWM analytics roles inclusive) at a BB in Asia speaks volumes of your ability and therefore I wouldn't be surprised that Asian hedge funds will hire you even if your experience is not fully related.

Just my thoughts and hope you find it useful.

The good news is at my bank they separate the client relationship (client analyst) from the portfolio management/ investment research/product allocation etc.(financial analyst). I will fortunately be on the latter side so I should gain some solid technical experience.