BB Asset Management Arms and Asset Management Firms: how do the experiences differ?

Question

How do internship/first-year ft roles differ between BB asset management arms and large scale asset management firms, assuming similar or near equivalent roles? Do you think it's better for recent graduates to begin in either over the other if they decide to stay in the path they pick up through their internship?

I know this inquiry is awfully broad, but any direction would be greatly appreciated. My goal is to get a better understand of what an excellent start to one's career would look like in terms of different companies.

BronxBound4Train · Accepted Answer

I'll bite. As you've mentioned this is a very broad question you are asking and the responses will be subjective. As a disclaimer, I have only have experience at a BB AM group interning over two summers, so that is the perspective I can give you. In hindsight, I personally would rather be at an individual AM company rather than a BB AM arm. One thing I've learned is that I believe it's better to be in the bread and butter business of a company rather than an extra revenue generating business that is not necessarily the focus of the firm.

BronxBound4Train · Answer

For sure.. So I came from a private / principal investing role. so the transition to IBD wasn't really that steep because the work I did over the summer was very transferable. I interviewed FT with IBD at my bank and with a hand full of other BB's. The bank supported my lateral to IBD because I did well over the summer so I was able to interview with the group I wanted. So internally will def be possible assuming you do a great job and get the offer first. I would caution against trying to lateral before you secure an offer cus that might kill everything.

rickle · Answer

Very astute take on recognizing the issues with not being the primary focus of the bank. That's a culture (and economic) issue. The challenge will always be getting the appropriate resources, recognition, etc. Those are finite and usually go to the core functions of the firm.

Ran into this a lot when my team was providing wealth mgmt services for retail community banks (yes a different animal but essentially the same situation).

Cracked99 · Answer

Thanks for providing some insight. I’ll be joining a GSAM / JPAM / MSIM this summer in a fixed-income investing role and was wondering if you could give some information on what your full-time IB recruitment process was like coming from AM. Did you stay with the same firm or did you lateral? When/how did you start networking and how did you approach making the move? What were you reasons for deciding to move to the sell-side coming from a sought after buy-side role?

I’ve been planning on trying to make a similar move and would really appreciate your feedback. Thanks!

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BB Asset Management Arms and Asset Management Firms: how do the experiences differ?

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