Stay as junior PM or move to a larger place as analyst?
I have 7 years experience and work in a large regional equity fund in Asia, promoted to junior PM 3 years ago to co-run a new strategy with the lead PM. Lead PM has great track record but since it is a new, different strategy, the AUM started small. We need to raise more AUM to be a profitable operations. Performance since inception is fine but we hit a rough patch this year so momentum stalled.
Top management remains patient to us (since the lead PM has a long and great track record in his another strategy which I do not involve much. Our firm is known to be patient too), worst case is we continue to run this small strategy without much progress in AUM, not getting fired but not getting success either. I feel nothing bad towards the firm or the team except the possibility of running another couple of years and remaining stagnant.
Recently got an offer from a fairly sizeable (but not the largest giants) global LO as senior analyst. The coverage is fine
Pros:
Despite mediocre performance, they can still raise assets probably because the firm is fairly sizeable.
Comp is better than where I am
More resources and management access (my current firm is fine but this LO should be even better)
The firm is more well known so probably I may move on after a couple of years there?
Cons:
I will not have a book to run for at least 7-8 years, if ever.
Biggest concern is the PMs in the team which I will work under seem mediocre, which is sort of confirmed by the funds performance and comments from some sell side contacts. A contact who are more familiar with that firm directly said "you probably won't learn much from them"
At my current place I am really developing myself as an investor with my owned style, with the help of the lead PM. I also am gaining experience of working with analysts to develop ideas. In the new place, it may not be true as I will be kept busy answering requests from the PMs.
no brainer. stay
Bump
Forgot to mention, my goal is to be a pm running a fundamental equity strategy, not to be a career analyst
Stay
Stay. Don't make a short-term trade for a long-term regret.
Thanks a lot, could you elaborate on the point of long term regret?
Sure - based on the insight you've provided from your sell-side contacts, it seems like the LO will be a "dead end" where you will simply make more money (as the main advantage). If making more money is your sole end goal, then great, but I suspect it's not. The place where you're working now seems like it's more entrepreneurial, has more upside, and more importantly, can swing/uptick if you guys hit it down the fairway. Personally, I know that I need intellectual stimulation to be happy - and the picture you painted at the LO doesn't seem to indicate that at all, in addition to the other factors mentioned above.
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