PIMCO Portfolio Associate Corporate Credit
Is this worth it? IT says Trade Support function, so looks like supporting Portfolio Managers. Does anyone have any experience with this role? If so, is if very operational?
Ya. These type of roles are very operational and NOT a track to becoming a portfolio manager. Big am shops have these type of roles to help manage the multitude of SMAs and mutual funds they may manage. It’s a bunch of reporting, trading sizing and treasury hedging stuff. I know folks who have done ok in these type of seats at other large AM (AB and BLK have similar roles) but they usually transition into a more decision making seat (research / trading) at the AM after a year or so.
This is the most accurate feedback- and the responses below are FAR too optimistic .
First- as this poster mentions, virtually none of your day-to-day will be transferable to PM/Research work. So its not like you are getting a leg up, or an inside track.
Second- PIMCO is a huge and reputable firm. Although they may hire a Portfolio Associate for a FO job every blue moon, the vast majority of roles will be filled with freshly minted MBA's or ivy league undergraduates.
Third- Everyone in those departments typically are vying for the FO's roles, so you will be essentially competing against your own team. And since its impossible to differentiate in that position, it will come down to seniority/relationships. You could be waiting for a LONG time, and the longer you wait, the more uncompetitive you become elsewhere.
I honestly would not take the role, unless you plan on getting an MBA eventually.
In undergrad, I interviewed for these type of roles at a couple of these type of seats. The feedback I got was they didn’t want to hire because I sound like I was to interested in investing/markets.
Recruiters / people in the seat try to sell these roles as being part of the investment process/portfolio management and even a track to PM. But, if you take 2 seconds to look at who the PMs are they almost all come from research or trading.
It’s not a terrible seat to get your foot in the door at a large AM. But there isn’t any real development in the seat.
Thank you for the advice. This is incredibly helpful.
You would get tremendous exposure to both the market AND the manager. It may not be a clear path to PM as I think that comes from the Credit Research area, but you could position yourself for a lateral and/or move to a PM track elsewhere. The name is as solid as it gets and you would learn a lot about fund construction and management. I think those are good skills to have, especially at a global leader, especially when the FI marketplace is as complex (to find alpha - which is what they do at PIMCO) as it is in today's interest rate environment.
I'm still a student so the 2 comments on top are probably a lot more reliable. Building on what they said though, I would agree that transitioning from this position to a track to becoming a PM is more common than you think. I interned at the NY office of a European AM shop (think ~500-600B AUM) and worked with both the PMs and Trade Support guys. From my conversations with PMs the skills you gain in the trade support role will become more useful as you rise up the ranks. While the skills you gain in a trade support role don't directly apply in research roles, it will come back and become more useful as you move up the ranks to become a PM or even CIO, because you will have to worry about many things other than the research itself. I've networked with people who made the transition to the PM track from such roles and I think it's a really good way to get your foot in the door if you really want to be in AM.
Thank you for the advice. As I need to make a decision soon, this helps.
What about a product strategy role with Pimco? How is that viewed and can that lead to a PM role down the line?
The Product Strategy role is very interesting. It's more like being a product manager at any company and/or running a business unit. It sits squarely between and frequently works with both portfolio management and distribution. Works very closely with the PMs and credit research teams to build and manage funds that are in demand for their client base. So they meet with clients to find out what they want, work with the PMs to create X, and work with distribution to get X in the right hands globally. Don't know if they have P&L responsibility but it's that type of position. It will provide a very deep dive in the active management arena AND be high level client facing. For me that would be the best of both worlds.
Does it pay well?
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