GS - Investment strategy group
Hi anyone know anything about the GS IMD Investment Strategy Group Tactical Asset Allocation team. Seems to be a bit of turnover but an interesting mandate
any views on comp/ culture/ work life balance appreciated
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Super sick team - most on the team are math / science types. ISG is headed by Sharmin Mossavar-Rhamani who is just an absolute killer and incredibly kind person with a great disposition. ISG is split between the Strategic and Tactical sides of the house - overall they create / adjust the model portfolios for PWM - what % of certain asset classes should be allocated (they don't tell you to buy SPY or another product, just general %).
The tactical team runs the Tactical Tilt Fund (among other things) which is kind of like a hedge fund of sorts - they put on "tactical tilts" that may stray from the long-term strategy of a portfolio - like they may say "we are long brent crude for XYZ reason" and then will hold that for a period. Kind of cool to be doing that at GS for PWM clients. They do others things, but that was most of my exposure to them when I was in the seat.
Can answer other questions if you have them.
Any insight to the GSAM fundamental equities guys? How are they seen compared to other guys on the street? What do VP level sector leads do there? Any info on culture, comp, exits, etc. would be great! Thanks!
Didn't come across the fundamental equity guys directly a ton, but we utilized their funds (in a limited capacity - if markets are down, you don't want to show all your holdings in GS being down too!), but they're a super strong team.
GS is a bit unique in the sense that you could essentially spend your career as a VP and never make MD (the titles are Analyst - Associate - VP - MD - Partner / PMD)*, so VPs can take a ton of responsibility. Unsure on their comp / exits / culture. Note that the "GS Discount" is a real thing and part of your compensation at GS is that you get the pride / privilege of working at GS.
*Note: Europe (and maybe India) has another title mixed in there of Executive Director
Thanks for the insight! Do you know how the research process would differ between tactical and strategic asset allocation teams? Is there a difference in expectations in terms of skills and experience?
Yeah - tactical is very short-term (~3 - 6 month, or shorter) investment idea to take advantage of dislocations in the market and strategic is long-term (main theme coming out of ISG and Sharmin since like 2007 has been "stay invested") and essentially proving why it's more beneficial to stay invested than sit on the sidelines (they have this sweet page about how if you miss a given number of the best days in the market [like seven?], you miss >90% of market returns).
So, very different research processes just based on the above.
Skills and experience will vary - I may have mentioned in previous comments that pretty much everyone has some sort of quant / STEM major in an advanced degree or from a very prestigious university. To that end, I had the opportunity to join to give some actual PWM experience to the team (and be able to speak to clients about strategies) because as you can imagine, none have actual PWM experience and are all rather nerdy... the lady from Iowa who sold her business for $500M doesn't want to talk to that sort of person...
Thanks! Are they hybrid? Them or PWM/GSAM in general?
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