Independent asset managers titles / hierarchy

What are the titles and hierarchy at shops like Wellington? They seem to have a flood of titles / ranks. What are the PM and senior analyst equivalents? What title comes with a total of 15 years career experience?


Comments (12)

  • Associate 3 in PE - LBOs
Oct 5, 2022 - 1:03pm

It differs by shop. At Wellington Global Industry Analyst (GIAs) and Equity Research Analyst are the 2 analyst titles to look for in equities. Both are paths to PM, with GIAs being sector focused and research analysts style specific (for ex small cap value). At Capital and T Rowe they're all called investment analysts, at Fidelity and MFS, Equity Research Analysts

Oct 5, 2022 - 4:42pm
cm45, what's your opinion? Comment below:

So analysts can have 5 or 15 years experience? That's a wide range outside PMs.

  • Intern in IB-M&A
Oct 6, 2022 - 12:29am

Maybe I'm wrong but my impression was that global industry analyst at wellington is more sought after than PM. Is that right? Is that the case elsewhere?

  • Associate 3 in PE - LBOs
Oct 6, 2022 - 7:47am

You're not thinking about correctly. You have 2 potential paths - GIA or Team Analyst. Neither path is better than the other, just depends if you want to focus on a sector or be diversified. Both are paths to PM, both are partnership tracks if you perform. GIAs start managing $ after a few years so can think of them as quasi PMs early on. Team analyst is a slower road but you can eventually inherit a huge book

Most Helpful
Oct 6, 2022 - 9:12am
marketMergerMaddie, what's your opinion? Comment below:

The below post is effectively a recap of various comments in the above, but I wanted to just put this all in one place.

Industrywide, there are basically two types of analysts at every shop, with varying titles. 

Equity Research / Investment Analysts can either:

  • Cover a set of stocks as part of a coverage group. These analysts are sector or even industry specific.
    (Consumer, Information Technology, Restaurants, may all be types of analysts)
  • Work as part of a PM / deal team covering orphan securities and other topics specifically demanded by a PM. These analysts are style specific.
    (Small Cap Value, Large Cap Growth, Mid Cap Core may all be types of analysts)

This is basically the case at every shop. Some companies are more focused on having analyst be part of PM teams (Capital being the key example here) or style specific while others focus more on the broader research platform at the firm and instead have companywide resources funneled there (T. Rowe being the key example here). 

Most Analysts at my firm carry at least the VP title as well, but at other shops may carry an MD title without running any money outside of a small seed fund. If you're a solid performer and the company or fund you work for does well, you can have incredible upside. 

Oct 6, 2022 - 2:09pm
cm45, what's your opinion? Comment below:

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