Hello,
I have just completed a 2 year graduate programme in a top 20 European asset manager (have worked both in fixed income and equities) and have received two separate offers-one from a reputable boutique bank in equity research and another in credit research IG, HY & Leveraged Loan Research at a top 5 European Asset Manager (not Blackrock or PIMCO-but one of the biggest names in Europe & Globally). My goal is long-term to work in a fund (still haven't made up my mind on whether mutual fund or hedge fund). I am interested both in equities due to the higher volatility and leveraged finance due to the opportunity to evaluate restructurings, M&As etc. Which of the two would you recommend-both in terms of long term compensation but also career satisfaction.
Many thanks
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I'm biased but LO credit has much lower career volatility. The average credit manager beats the indices so pressure from passive isn't nearly as strong.
thanks so much for your input!
Although you're dealing in basis points, FI is a much larger and more complex market than EQ. As another poster mentioned, active management is thriving in FI vs. the passive movement in EQ. Alts are becoming and will continue to be a big thing. Lot of Alts investing in FI via direct lending as the AMs step in to provide capital once available via the banks.
Thank you! In terms of compensation do you know if leveraged finance (HY & leveraged loans) generally offers higher salaries than equities in asset management? From the different salary surveys I have seen, that appears to be the case, but I am not sure whether that really applies.
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The issue I’m having is that I’ve basically only worked on IG credits. As a junior it’s not very modeling intensive at all and virtually wholly-driven by pure RV. You should prioritize getting exposure to HY asap.
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