Pimco vs. Wellington
If you got an offer from both in whatever role you wanted, which one are you taking? I am leaning towards Wellington, personally, but would love to see public opinion.
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To me this is straight forward. Asset class dependant.
Equities - Wellington
Fixed Income - PIMCO
For multi-asset or asset class agnostic? Probably Wellington.
That said you have to be pretty god tier to get FO or close to FO at either firm, so equities at PIMCO or fixed income at Wellington ain't bad either, but I think Wellington is much more established in fixed income than PIMCO is in equities.
why do you say that? i’m honestly just wondering as I’ll be recruiting at both FT with an internship at another major AM shop.
PIMCO's equities business is just far smaller than Wellington's fixed income business by a pretty large magnitude. That said, PIMCO is a league of its own when it comes to fixed income, whereas Wellington has quite a bit of competition to call it "the best" equities shop.
Some considerations are that Wellington has a research associate program (ridiculously competitive, but a role at either of these shops is going to have both a self selective and large stack of resumes) while I do not believe PIMCO does, and PIMCO emphasizes MBA to climb up. Both have great non-research MBA roles though.
Pre-mba*
You seem very knowledgeable about this, thank you very much for the detailed response. So for a junior coming out of undergrad passionate about the markets, where would you say the best places to be are, given the fact I can pretty much rule out Pimco due to their structured MBA recruiting.
Let me be clear, PIMCO is great for pre-MBA as those roles place very well to MBA programs. The thing about AM is that there is not as coherent recruiting timeline as for IB (for SA 2020 cycle earliest was BlackRock/PIMCO, starting recruiting in June or so but giving offers early fall, but some shops like TCW are late af), and each firm does things their own way. They also tend to base their hiring on business needs which means they may have only one or two seats for any given role, unless it is a rapidly growing team.
That said, it depends on what asset class you want to do and what role you want to do. For example, T Rowe and Cap Group seem much more equities focused based on LinkedIn while PIMCO, TWC, DoubleLine all seem fixed income focused.
BlackRock, Prudential, T Rowe, Fidelity, Wellington, Invesco, Cap Group, PIMCO, TCW, Dodge & Cox, Western Asset, Columbia Threadneedle, Eaton Vance, Putnam, MFS, Neuberger Berman, Nuveen, Payden & Riegel, DoubleLine are all well regarded and I believe all have entry roles out of UG, but not sure which have investing seats or not.
I advise you network with alum/FTers. I know all this because I have worked at one of the 500b+ shops and am incoming for another one of them but I still won't be able to give you as good/tailored advice as someone who is full-time on a team you are interested in :)
Culture at Wellington is great too
Echoing this. One thing I'll add is that it is very high brow, so some people may not fit that aspect - but if you do it is great.
What do you think about the futures of both directions? Some opinions I heard of: Equities: prices supported by buyback and the equity space(number of names) is shrinking. Fixed income: more robust to crisis(2008 Pimco seems to be stable)
Although PIMCO is clearly FI focused, they have an award winning equities platform that utilizes their alpha generating FI strategies to bolster equity positions (create alpha in a S/P 500 environment). Small but excellent. Also, ESG and Alts are becoming a very strategic business.
What does the compensation for these roles in research look like 1-3yrs out of UG, 3-6yrs?
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