Best AMs for Emerging Markets?

Based on the most helpful WSO content, here's what you need to know about targeting buy-side Emerging Markets (EM) roles:

1. Direct Hiring for Undergrads:

   • Most top-tier asset managers like PIMCO, Wellington, Capital Group, and T. Rowe Price tend to favor candidates with prior experience, such as sell-side equity research or summer internships, before offering full-time roles.
   • Direct hires from undergrad into EM desks are rare but not impossible. Your best bet is to secure a summer internship at these firms and convert it into a full-time offer.
   • JPMAM and other bank-affiliated asset managers may have more structured programs for undergrads, potentially offering a more accessible entry point compared to standalone AMs.

2. Firm-Specific Insights:

   • PIMCO: Known for its fixed-income focus, PIMCO may have opportunities in EM debt, but these roles often require strong technical skills and prior exposure to markets.
   • Wellington and Capital Group: These firms are highly regarded for their EM equity and debt strategies. They typically hire through internships or post-sell-side experience.
   • T. Rowe Price: Similar to Wellington and Capital Group, T. Rowe Price values candidates with a strong understanding of EM markets, often preferring those with prior experience.
   • Barings and Lord Abbett: These firms are smaller compared to the others mentioned but may offer more flexibility in hiring undergrads directly, especially if you demonstrate a strong passion for EM investing.

3. Emerging Markets at Bank-Affiliated AMs:

   • JPMAM and similar bank-affiliated AMs might provide more structured entry-level programs for undergrads. These programs can serve as a stepping stone to specialized EM desks.
   • Larger banks often have the advantage of broader resources and exposure to sovereign, local, and corporate EM opportunities, which could be beneficial for someone targeting this space.

4. Key Takeaways for FT 2027:

   • Focus on securing internships at your target firms, as this is the most realistic path to a full-time role.
   • If internships at these firms are not feasible, consider starting on the sell-side in equity research or fixed income, as this experience is highly valued by buy-side EM desks.
   • Language skills (e.g., Spanish for LATAM, Mandarin for China, or Arabic for MENA) can be a significant advantage, depending on the region you aim to specialize in.

To maximize your chances, network aggressively, tailor your applications to highlight your interest in EM, and build a strong technical foundation in both equity and fixed-income analysis.

Sources: Q&A: Emerging markets investment analyst, An old man looking for advice, Q&A: Equity Analyst at a Sovereign Wealth/Pension Fund, Breaking into long only Asset Management