Transfer: Research Analyst (IB) to Asset Management Analyst (Buyside)

I want to transfer within my bank.
I am currently a 2nd year Analyst (out of undergrad) in Research inside the Investment Banking arm of my bank. I want to transfer ASAP to either the private bank or the asset management side of the bank.

Background:
I used to intern in PWM/Asset Management (high net worth accounts and foundations) few yrs back but diff firm. Brief stint on prop trading desk but unattracted to unidimensionality of trading 1 product. Wanted a deeper understanding of analyzing equity and fixed income investments, moved to research. Gained all I wanted from research, time to move.

Various Options:
1) contact HR to transfer (Note: have been known to tell manager ur pulling a fast one)
2) solicit internal contact within the private bank of my employer re transfer
3) solicit external contact from major US private bank
4) solicit external contact from major European private bank

Any wisdom or comparable experiences shared are greatly appreciated... thanks in advance.

 

I'd consider HFs but madoff + regulation + asset class specialization = unattractive.

From prior conversations w/ ppl @ Citi PB I am seeing private bankers utilize more and more derivative product and long/short strategies to optimize portfolio mgmt. ie collars on massive long equity positions. swapping client liabilities from floating to fixed vice versa. currency options from int'l real estate sales.

plus you get to do fun stuff like lending against aircraft and hotel acquisitions. seems cool @ least prior to b school.

 
Best Response

What exactly would you like to do on the Asset Management/pwm side?

I would check your internal job listing (if it exists) for PB/PWM listings. Depending on how your bank is structured, find colleagues in research on the PWM side. Out of your options, 2 seems the most appropriate if you currently like your company and are aware of the environment in pwm.

 

I'd like to apply what I learned about investment research and analysis and risk/return of investing in equity and debt instruments working w/ equity, convert, bonds/loan/CDS, rates trading desks and buyside/HF clients to ultra high net worth portfolios. I am largely attracted to how sophisticated the private banking portfolio management process is becoming - i'd argue their risk management techniques are on par w/ institutional $ managers. The multidimensional investment process, with multi-strategy, multi-asset-class holdings: that exposure is hard to replicate in other bank roles. Also the eclectic transactions I could be involved in the financing of, doing credit analysis on real estate acquisitions, learning about diff specialty asset classes. It would be pretty interesting to learn about the success stories of the clientele and their plans to build legacies.

feel could do well also in just plain Asset Management, covering various sectors- depending on the opportunity and how close i'd be to the portfolio.

 
big unit:
I know that research is great for its diverse exit opps...wondering why you aren't considering sales or trading, but rather AM?

probably cause he wants to own and invest instead of buy and sell. if that makes sense.

We're about to enter a Great Depression. Don't you want a president who's already dressed for it?

------------ I'm making it up as I go along.
 

institutional sales prop and market making.

Sellside trading (market making): I'd be a terrible market maker because I'd want to identify an opp and express a view all the time instead of crossing bid/ask and being happy just providing liquidity. I've sat w/ some market makers and work with them daily.

Prop: the bastard step-child of a true buyside shop, filled with exceptional market makers who wanted to make the switch to running $$$, but who are not portfolio managers w/ longer horizon expertise. Plus the head of trading will always always always always shut you down when your VaR and risk parameters get too violent since he's scared you will blowup balance sheet of the franchise/market making. Why bother w/ all that --> roll to a hf or institutional PM role. At the end of the day if its a choice between canning u and ur prop book vs. keeping the mkt makers alive it'll be the mkt mkrs who live evry time because its an investment bank with clients and investment bankers: which logically indicates this is really a sellside shop masquerading as buyside.

Institutional sales: I did like it, but ultimately the lack of multiproduct focus and mission to push banker deals caught up w. me.

 

it sounds like you know exactly what you want to do and why, which is great. do you have any mentor-type figures at the firm (ie like an MD in your area who you're close to). if so, you could sit down with them and ask for advice, and they'd prob be willing to help you craft a long term strategy to get into the area you're looking to be in, and may be willing to give you some contacts

 

Ok, I follow what you're saying. Are you implying you want to work on a desk in PWM (products and services/market group) vs. being a PM? From my short experience, PM's do little of the details you described above. They are content with a macro approach or allocating across classes/assets. Yes there is some risk analysis involved, it is very basic.

My honest opinion is you are interested in more than what PWM can offer you. (Unless you are on a desk). IF you are on a desk, it is unlikely you will work with clients directly. If you work with managed accounts, you may have some opportunity to do the items you were talking about. Manager due diligence, risk/return, capture ratios etc...A lot of the work is delegation to external resources though.

 

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