How to pivot out of AM
Hey all. I'm currently a 2nd yr credit analyst at a large institutional asset manager and am looking to exit out of AM (i.e. public markets) into private credit/direct lending. Long story short I'm really regretting not starting out in banking, I just went straight for the buyside without thinking about exits. For the longest time I wanted to work at a HF, I genuinely liked following the markets and the research process. Maybe it's just my current firm, but I'm becoming jaded about the industry and I don't really feel like I'm learning anymore. Not to mention drawdowns/lack of job stability is starting to scare me...
I've been applying to private credit roles with limited success as I don't have any deal experience, and I guess my modeling skills probably aren't up to par vs bankers. Aside from getting an MBA (a last resort)- any advice? I went to a target school so I'm thinking about cold emailing alum for info chats, but even then I'm overwhelmed with where to get started.
bump
Just out of curiosity, are you in IG or HY and what makes you feel worried about job security?
Both (I'm in a super generalist role). I'm talking about job security at HFs- saturated industry, losing out to automation/passive investing, etc. When I was younger I was just less concerned about these things. nowadays it seems the unanimously better/safer opportunities are in the private markets
That's interesting you say that. I have interned at a large investment consultant in portfolio construction (advise pensions, endowments, etc.) and have seen almost all shift to passive be on the equity side and none on credit.
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