I imagine I'm going to get lit up for this, but what exactly is Asset Management? Is it just another name for PWM? Is private banking synonymous as well? I realize that PWM can more or less be broken into by non-targets (like myself) and the selectivity (and pay) is far less than IB; is this the case in Asset Mgmt and Private Banking?
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Asset Management is a broad
Asset Management is a broad term. I will speak from the perspective of GSAM, I assume its similar elsewhere.
Investment Management at GS is split into two parts, PWM, and GSAM. PWM is fairly self explanatory.
AM is focused on institutional clients (think endowments, retirement plans, etc.). IMD groups actually makes investment decisions. Typically you'll find the firm's hedge funds, funds of funds and other investment vehicles in this division. Salaries within IMD will range very widely depending on your role. PWM and AM are very different.
I believe Private Banking is another term for PWM.
Here is some more info:
http://www2.goldmansachs.com/careers/our-firm/divisions/imd/how-were-org...
AM vs PWM
yes, private banking = PWM
additionally theres PCS or Private Client Services which is for much smaller clients than PWM. Merill Lynch's Global Private Client (GPC) falls under this category, its like a brokerage service.
question: is institutional asset management significantly more prestigious than PWM? or is there really no difference at all?
Yeah, my firm is a little
Yeah, my firm is a little different.
Asset Management
1. Private Banking
*Basic PWM. Some product groups that are worthwhile, but "banker" roles are BS.
2. Asset Management
*All of the private equity, real estate, hedge funds, and other products for the
INSTITUTIONAL side (mostly pension funds and endowments)
Excuse me --- for number 2.
Excuse me --- for number 2. it should say
"Investment Management" -- AM is the broad term for both IM and PB.
From what I understand,
From what I understand, private wealth is for high net worth clients (1-25M) while private banking is for the VERY high net worth individuals (well into the billions). I think that's how JPM distinguishes the two: Private Banking and Private Client Services.
Salaries, hours, etc
I'm also a non-target with an ok gpa/resume and thus it's looking tough to get a SA role next summer. So I'm coming to reality and was just wondering, what are the real hours for PWM and IM? Do you meet with clients after work? If so, how many days a week?
Do you consider yourself stressed out a lot? Over-worked?
-how does the hierarchy proceed upon getting hired post-graduation? (Since there doesn't seem to be "analyst and associate" roles)
-How is pay including bonuses?
-What is the turnover rate at IM and PWM? Do people wishing to move laterally or to buy-side even get a legitimate chance?
Is there a difference between the ubiquitous "Financial Advisor/Specialist" and PWM?
Sorry
Sorry, didn't realize a lot of the answers to my questions are posted in http://www.wallstreetoasis.com/forums/asset-management-career-paths
but for the other questions, can someone still help me out?