Credit Suisse Credit Investments Group vs Blackstone, Octogan, CIFC, etc?
Currently looking at debt roles on the buyside and leaning towards liquid credit over private due to personal preferences.
Does anyone on this sub know anything about the credit investments group at credit suisse? I see they market themselves as one of the largest CLO managers but haven’t heard much about them and mainly hear about blackstone, octogan, cifc and etc
Curious on how an AM arm of a bank compares to some of the bigger names. Any insights on reputation, pay, or whatever else about the group would be greatly appreciated
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Have heard really good things about CSAM, but only really about the CLO platform. Definitely a top tier CLO manager if that is what you are interested in pursuing, largest in the US and have pretty decent scale across the rest of HY/Loans. Can't comment on their process/culture, but I'd wager its a good place to be. Probably a more structured environment vs a boutique/CLO-focused shop, but from a junior perspective I wouldn't think the experience would be too different. I'd imagine the difference is more nuanced as it relates to career development/titles vs at a smaller shop getting in at the junior level is a career-type seat where you can take on some more responsibility.
Very helpful, thanks!
CLO’s aren’t even that liquid unless your talking the underlying collateral in the CLO?
Referring to the underlying assets yes, looking for a role investing in the LL
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The credit group is the flagship business of the AM arm, a seasoned manager in bank loans. ~50% of the assets in liquid credit strategies (loans, HY, multi, etc) and the other half in CLOs. I believe research analysts spend their entire career in one industry. Also, recently launched a private credit platform as well.
What kind of professional backgrounds (Corp Banking?) are accepted for these sorts of roles?
Usually it’s 70% LevFin (maybe few IBers from coverage), 20% guys from credit research/trading and 10% from other backgrounds (most often started in credit investing post UG/MBA). You also see some ex PE / PC guys that want to chill but these would often have done LevFin before anyways.
Note that these seats pay decently well and offer little if any stress and little career risk - you gotta deploy your CLO and the day the market turns you say sorry guys look at the market its not us. So a lot of people out there keep their seat for a very long time and its hard to move up, there is usually 1PM for the CLO strategy and he has maybe 10-20 analysts (depending on size of the CLO and analyst seniority) covering each industry.
Not in the space obviously but have a few friends in CLO AM at megafunds, all of them were ex BB lev fin. Currently in lev fin myself
top notch group. being part of CS has been a drag on fundraising of late but know lots of lifers there.
forgot to mention and answer the last part of your question. without a doubt, the worst part of the group is being a part of CS. there is so much unnecessary bureaucracy, negative headlines/noise that puts some strain on comp (especially deferred comp, clawbacks). these are things you do not find at an independent asset manager.
Have been trying to learn about Bank AM vs independent buyside shops so that's very helpful, thank you! from what i am gathering it still seems like an upper echelon group, even though it belongs to CS
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