Hi All,
Getting a promotion soon because I'm 2 years in. I want to make sure they aren't going to promote just for the title and there will be a fair comp associated with it. I know in the banks they do 10k raises every year, but I won't compare Asset Management to investment banking/trading.
Can you please give me some advice at what a fair comp would be for 2 years in the industry (investment management, asset management, mutual fund).
Some background:
I work for a $10B FOF mutual fund inside a top tier insurance company Located in NYC Have 2 years of experience and have been with them for 2 years. Hints from my co-workers 2 years more experienced than me points to about 110 all in
Any advice is helpful. Thanks
A few considerations:
I haven't heard of too many "fund of funds" mutual funds. Most mutual funds with subadvisors very rarely change subadvisors, since it would raise a lot of questions with clients. What exactly do you do on a day-to-day basis? Are you doing manager research for multiple mutual funds?
Putting aside the above, fund of funds generally pay less but have better hours than primary investment firms. That's true in both private and public equity.
insurance comp is generally lower than comp at an equivalent investment manager
110k sounds about right especially for a high cost of living area such as NYC. I would have estimated 90-120k.
Thank you for your comments.
You are right. Our subadvisors do not change and manager research is something I do not do. I actually do a lot more of the operational portfolio management tasks such as creating daily performance reports, trading daily cash flows, rebalancing and trading when the PMs make a tactical decision.
Besides that, I do macro research and that can range from equity to policy to absolute return startegy research.
Hours aren't too shabby, 10.5-11 hours per day, no weekends.
Personally I think you would be lucky to make 110k then. What you're describing is a midoffice type of role. I would have guessed 70-90k given the above.
Its a PM path and my colleagues came from AM in AB, Putnum, Goldman, etc so I'd consider my team to be FO, but either way, I'm glad to know comp is fair
What is your comp now? You could argue you're getting above market.
If current comp around 90k and with the raise you'll get around 110k, still consider yourself very lucky. In the early stages of AM, bonus comp typically doesn't go up much and salary increases are meager. So overall comp usually doesn't go very high in the initial stages unless you're in a group that had a fantastic year or something so they have cash to put towards the junior level.
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