AM firms with good cultures? and bad cultures?
Which AM firms have a reputation for good culture? Friendly, collegial, low turnover, etc.
Which AM firms have a reputation for bad culture? High turnover, competitive, highly political, etc.
I'm ok with generalities here. Obviously team sub-culture matters too. I don't have a strict definition of culture.
not sure but from personal exp, ive worked at a smaller shop (6$bn) and they all sit and bitch about each other. PMs about Analysts, PMs about CEO, Analysts about PMs, Investor relations about Sales. Im now at a bigger shop and its more silo'd, more like a bank structure, more bureaucracy. so pros and cons to both.
These are just anecdotes I’ve heard. Obviously depends on the team and individual, so take it with a grain of salt. Also should be said that performance/flows play a big part of the culture, if it’s been a tough year or two I’ve heard things can change quickly as the blame game starts and talent jumps.
Heard good anecdotes:
MFS - Heard really great things about the culture there. I’ve heard the phrase “MFS stands for My Final Stop”, apparently people stay for a while and the culture is really cohesive. Had a lot of success recently so I imagine that plays a part, but the people I know there love it.
Putnam – They are a shell of their former selves but have heard great things about the culture, particularly on the sales desk. No idea about the investment side as my contact is in distribution but they’ve been bleeding for a while, which I'm sure hurts it.
Columbia Threadneedle – Heard good things recently about them. Things were apparently tough there for a while as they were struggling and bleeding assets, but I heard they made some changes and had a solid year which is reflected in the culture.
Fidelity – Obviously a top shop so I’m sure this plays into it but the one person I know there has always said great things, I know people at my shop would kill to get a seat here.
Heard bad anecdotes:
Wellington – Only know one person who used to work there for a few years so not sure how indicative this is, but he said it’s really high-brow, and he personally didn’t fit that culture. That being said it’s a top shop so I’m sure people will disagree here.
Invesco – Heard it hasn’t been the same since the merger, given they’ve been pretty acquisitive I’m sure people are a little on edge about their seats. I don’t know anyone there personally and have only heard a snippet about them.
Overall I’ve never heard anywhere with a glaringly bad culture, and like I said earlier I think a lot of it has to do with the underlying performance weighing on the culture more than the shop itself. Also super team dependent, especially as people move and things shift around.
Here's my intel on the big active guys
Curious if the culture differs at all at PIMCO within Alts? They sit on the same floor so imagine some of the culture at the very least bleeds over
Agree with the overall sentiment on PIMCO. That being said, I've heard from friends that it is getting slightly better (yet still terrible). Less throwing people under the buss on round tables.. but still happens from time to time. Still a miserable place to be until you make it to PM level. Disagree on Cap, best place to work on west coast IMO.
What would be the location you've seen for PIMCO since I might receive an offer from them at Compliance Team doing rule automation?
Re PIMCO - don't know if the culture is vastly different for PM path than the rest of the firm (doubtful), but I know people on the Account Teams (internals, externals) and Product Specialists who work within the Product Strategy Group and they would say the culture is great. Collegial, helpful. They do expect you to bring your best and work to provide the very best result for the client. Very smart people who are performance driven looking to help their clients but not cut throat. Actually rather team oriented.
How's the pay for account managers and product specialists?
Very good from what I understand. Mid 6-figures a few years post mba. I don't know more than that though.
The PM path is significantly different than the roles you're talking about, see my above response.
As I mentioned, I don't know the PM path, comp, culture, etc. I'm very familiar with the ones I mention as I personally work with a few of these folks and have a family member at PIMCO. Strange that the culture would be that different from the Account and Product groups , especially when PSG works very closely with the PMs and helps create the products they manage.
Anyone have any experience with Alliance Bernstein? Heard they are cheap on comp
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