PNC Asset Management Thoughts?
I recently accepted an AM internship at PNC, and wondered if anyone had current opinions/thoughts about them as a company, especially their Asset and Wealth divisions. I'm pretty unfamiliar with the AM field, but go to a target for it, so I'm interested to hear about industry takes on different companies!
Hi TP019, just trying to help:
More suggestions...
I hope those threads give you a bit more insight.
Avoid PNC at all costs.
i worked as a 1st year analyst there and it was the worst experience. I only lasted a year. Matter of fact, most of the analysts quit in the 1st year.
The culture at PNC is horrid. They don’t care about the analysts at all and will not fairly compensate you. Just know you will be gaslit about getting a $1k bonus after your 1st year there and lied to that it will go higher (it will not). It will not get better. Associates/AVPs get paid $85k currently. Let that sink in.
so all in all, don’t waste your internship with them. You are better all shooting for other banks.
On the asset management side - it largely depends on the region and/or group. As I've understood it they have a centralized research/analytics team that focuses on the economic research, manager research, asset class research, fund research, etc. etc. Otherwise, say you are part of a regional group or book of business - then you'll be largely supporting clients or business development. That's a whole range of things from client reporting, to ad-hoc research requests, etc. Maybe some portfolio modeling but I'm not as sure how that works there.
Anecdotally their AM business is almost solely focused on institutional advisory - they punted their funds businesses a few years ago to Federated. Effectively what you'll find is they are either acting as an OCIO where they will manage the entire, or a portion, of a multi asset class portfolio. It's more focused on high level asset allocation, manager selection, etc. than it is "managing" money so to speak - effectively you are an allocator who picks the funds, managers, etc.
For what it's worth - that's not a bad place to be. A lot of good experience, you'll get a very solid understanding or window into how institutions, boards, etc. think about managing their investment programs - balancing their day to day of the organization with their investment demands. If you are in the asset allocation, manager research, etc. side of it - probably also good experience, but again, different than being a research analyst for a credit fund.
This is a good summary, but it should be noted that 1st years in the IAM side are not going to go into any research or do any heavy modeling. From my experience, 1st years either worked with an advisor or BDO. When I left, I remember PNC’s focus was getting all Analysts to become advisors or BDOs. Of course, it’s a rotational program, so you can choose something else in years 2.. but those other positions were few.
Your day to day as a 1st year will consist of a lot of bookmaking and portfolio shifts. There are a few ad-hoc requests as well. You may also go to a few meetings, depending on if your bdo or advisor likes you. I would go to atleast 2 a month, which was high for an analyst.
The best office to be in is either Philly or Pittsburgh. Usually those analysts get better experiences and somehow get top dibs on 2nd year rotations lol
Any comments on exit ops being that IAM first years don’t really do much in their rotation? I see they have an OCIO and liquidity management path but not sure what options someone has at a different company if that makes sense.
Honestly, you have a few options. Its all about your resume and how you are able to frame your experience. Don’t put too much stock in what people on this forum say as “exit ops”. I left, went to IB and now I’m going back into AM at a way better firm. But I had opportunities in PE and consulting but decided against it. Do what’s right for your path.
Would you say it sets you up well for doing AM stuff at other firms? Im tryna become a PM ultimately
edit: actually you already pretty much answered that by answering the other guy’s question, so let me ask a different one - how did you frame you pnc AM experience so that it got you a job in IB?
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