ER at an LO AM or at BB AM?
posting for a friend who doesnt have wso- they have an internship offer for equity research at an asset manager (think fidelity/wellington) as well as an internship offer for the asset management arm of a BB (jpm/gs/etc). both roles are in london
the long only pays better, but they are wondering if the BB is better for brand name/a long term career since they want to go into am or l/s equities in the future.
Based on the most helpful WSO content, here's the breakdown:
Long-Only Asset Manager (Fidelity/Wellington):
Bulge Bracket Asset Management Arm (JPM/GS):
Key Considerations:
Recommendation:
If your friend is confident about pursuing a career in AM or L/S equities, the Long-Only Asset Manager internship is the better choice. It offers specialized experience, a strong reputation in the field, and a direct path to their desired career. However, if they value optionality or are unsure about their long-term goals, the BB AM internship provides broader brand recognition and flexibility.
Sources: Breaking into long only Asset Management, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1, Has Anyone Worked at Both a BB and EB?, https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1, BB Asset Management Arms and Asset Management Firms: how do the experiences differ?
I don’t work in the field, so take this with a grain of salt, but it seems to me like if your friend wants to go into any public markets investing role (LO or L/S), he should go for the Fidelity/Wellington type offer, as this will carry a lot more weight in that field than most any bank AM role. If he wants to go into a different field, or is at least not 100% set on public markets investing, the bank may be better due to the more generally recognized brand name and the connections across a wider range of functions (e.g. he might be able to land a role in a different field at the same bank). ER is the only field that seems like a toss up between the two, as he could lateral within the bank, but also the LO brand name would probably be valuable.
Also, “Asset Management” is a bit of a catch all term: besides LO roles, it can also refer to, for instance, asset allocation roles (think FoF) - I’ve been assuming the bank AM is LO research.
Note that this is if the LO role is a pretty prestigious one like Capital Group, Wellington, Fidelity, etc., and not some significantly lesser-known or lower-quality firm
thanks for the comment; yep to clarify the am is fidelity international - dont think thats significantly worse than fidelity investments (?). the Asset Management role in the bank is LO research
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