Jefferies HY research
Should I go for it if my end goal is research/PM role at a bigger firm (pimco, Wellington etc)???
A
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Thought Jeff just has desk analysts on the hy desk - I think that they have sent desk analysts to some of the bigger hy credit managers (both traditional and alternative) and I know others have moved into sales or trading roles at Jeff
Better to just land a HY research role at LO AM directly if you can. PIMCO, Wellington, Fidelity, TRowe all have undergrad programs so shoot for those first.
These are like INSANELY difficult to get into, if not totally impossible here in London. I'm from a semi target also. Like, just no chance
Interestingly enough, I didn't know PIMCO hired for research roles from undergrad. I know they have roles for account management, portfolio analysis and a few products strategy spots, and recently CRE in London.
Yes, I agree these are only a handful of spots for the creme of the crop. To your note about PIMCO, I thought so too but it seems like they're trying harder to develop a more structured path from analyst to PM directly to compete with other LOs and AMs. I remember back in b-school when the conference rooms would be packed because they'd only take 3-5 kids with 1-2 investment spots. See below for a recent posting for their alternative credit investing group. Best of luck!
Ahh, thanks for the input!
I know of their expansion in alts. In London they opened the spot for CRE analyst positions, but again I had no idea they promote from analyst to PM.
Anyways I'm not really trapped. I had this opportunity with Jefferies but ultimately I think I'll decline and attend a MSc in Finance next year instead. I missed PIMCO's application this year, will do my best next one. For the CRE analyst position they explicitly state they prefer experience in RE. I had experience in RE valuation so hopefully that does help.
Just a question though. Which one would be better - this or the product strategy role?
The alt credit roles are investment research roles so would definitely take over product strategy. Good choice, MSc in Finance can take you a long way. Best of luck bud.
Does T Rowe even offer junior credit roles in London? From what i've seen they only offer Junior roles in Equities. I know someone who interned at Wellington, apparently they only take like 1-3 people every couple of years and they very much favour people with PhD's. I'd say expand your horizon as if you're only targeting these 4 shops then you'll likely be in for a rude awakening come recruiting time, honestly.
This has been my point as well, it's literally impossible to even get a response from the Wellington type firms. Just curious about the Wellington intern you mentioned here, is he/she returning ft?
They run a desk analyst model, so the research is less like what you would see at a LO and more short term/tactical stuff vs. deep fundamental research. I think their stuff is okay depending on the analysy but they definitely spend a decent amount of time trying to push risky ideas, alot of which they originally underwrote as far as I can tell. I think they only have one junior so you’d probably get pretty good exposure, certainly a decent place to start if you want to be in credit.
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