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Anyone? Any insight much appreciated
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OCIO generally means manager selection. Given that BlackRock has so many Alts teams, BlackRock OCIO may be more focused on high-level asset allocation and then farming out chunks of the portfolio to asset specialist teams at BlackRock to go invest in public equity, privates, hedge funds, etc.
Comp is probably in line with other BlackRock analyst comp that you can find here, Glassdoor, or anywhere else. I believe it’s pretty standard across the firm.
Exits are most likely internally to other BlackRock teams, to other OCIOs, to LPs, or to MBA programs in order to do a career pivot.
Thank you so much man. Much appreciated - would you say in terms of a role it’s difficult to get into GP-led roles like direct PE/credit? I understand OCIO is very much a LP-perspective. My impression is that it really creates the chilled back networky guy that knows the street and all the large managers and then makes shots on whether to advise on investing into their portfolios etc.
My biggest concern is a lack of actual exposure or giving me real skills to become a buy-side investor of some sort.
Would you echo some of these concerns or am I just deeping it as it just a summer and I can always exit internally as you say?
Soz for bombarding
Your impression is correct, particularly at BlackRock where there are specific asset teams that do the investing and would have a leg up. For example, if you want to do direct PE later on, being full time on the OCIO team puts you at a big disadvantage to the analysts on BlackRock’s PE team (who are also in a fund of funds strategy and so have to work that much harder in recruiting compared to IB analysts). That doesn’t mean I think you should pass on a summer internship doing it. Experience is experience and plenty of people re-recruit for other things full time. BlackRock is a great name to have on your resume and so that definitely counts as something helpful when you look for the full time role. But if you want to be in a direct role (PE/PC/other) later on, you’re much better served by doing IB as an analyst.
Having been at an OCIO for a very well-respected name (lateraled to AM in the same firm doing more fund of funds work), direct PE is very difficult if at all possible. I have seen plenty of people make the jump to IB as a 2nd year analyst after they do 2-3 years at OCIO and it appears to place quite well in those programs as a lateral from non IB/valuation roles.
Other options are to LP themselves like large university endowments, large foundations (for ex. Bill and Melinda Gates), sovereign wealth funds (assuming you do due diligence).
Lastly it still is quite a good job and can lead to several "prestigious career paths". For instance, David Swenson as Yales CIO is someone who was one of the greatest investment managers of all time and the pioneer of modern portfolio management. If you put in the time and lateral to a large endowment/non-profit and end up as the CIO, you are still in a position to make 3-5MMs a year.
If you are doing this as a steppingstone, just re recruit full time and don't waste time. The biggest thing I saw my seniors enjoy when I was in OCIO was that they worked market hours and still pulled 1-1.5MM a year after bonus.
Curious what comp is like in OCIO at the higher levels? not necessarily in BR but in exits as well e.g. CIO of an endowment, Portfolio manager, etc.
At my former firm, MDs/anyone who actually had their own clients had their base - usually around 200k for starter VPs-400k for the senior most MDs. Bonus is where they made the money. Bonus was a determinant of the current revenue of clients + new clients/revenue brought in as determined by the principal. So for instance, a junior VP would get his bonus on a higher basis on the total new money brought in while a very senior MD would get a healthy bonus on the fact that he has a healthy revenue share. Varies but I have seen anywhere from 750k - 2MM for the very senior MDs.
CIO endowment is a very hard seat to get. In general, would say endowments in the 1-5B range probably pay their CIOs in the 1M - 2.5M range with 5B+ paying higher (have heard as high as 10MM).
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