Is multi-asset a dead end or are there any other exit opps?
Recently joined a big asset manager in their multi-asset division.
My role is a bit unique in that I'm split down the middle between:
1.
- working with strategists/CIOs etc discussing portfolio construction + asset allocation for wealth clients (but we partner closely with pension/OCIO, family office teams)
- many of the funds that are managed allocate into ETFs in their top-down approach, so no security valuation/analysis
- rebalancing, cashflow management, FX hedging
- am added to all the chats and people do discuss markets/am part of the Macro chat. There's also a Diversified Strategies group, which we have some "synergies" with, that has more flexibility regarding the instruments that they use and strategies as not constrained as much by clients, as well as a Global Tactical Asset Allocation group
- I also know that there's scope to delve deeper into markets/portfolio construction/whatever I find most interesting once I settle down
I've been finding the portfolio construction part interesting to learn about as well as the rationale and it's definitely information overload in a good way.
2. management of ESG portfolios - cashflow management, looking at different ESG signals while partnering with the Research team, optimisation, Python coding involved (tbc on actual day to day stuff..)
But not everyone has Bloomberg on the team and they are stingy with it so they use
Reuters/Eikon...a bit of a change from my previous job, where I was at BB's AM business and PMs had Bloomberg. Feels like a downgrade, not going to lie
But the people and culture seem drastically better. Feels definitely slower paced in that I'm not close to a trading floor but more "chill" and fewer egos, so the firm is not an issue.
The main question is: what's the comp potential for this sort of role? I've been quoted a 25% bonus indicatively. And could one pivot into eg a Global Macro sort of hedge fund or even an AQR type? I've had some sort of light exposure to rates products in my previous role, but unfortunately didn't get to learn as much about eg swaps.
Just to add:
the strategies are mostly tactical and strategic asset allocation
As an LP, I’d be skeptical to pay fees to a manager expressing top down views purely through ETFs or smart beta. I wouldn’t think this kind of work would lead to an investment role at an AQR type fund… more likely to lead to market oriented research role.
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