Q&A: Fixed Income Strategy & Research @ large NY based (global) firm

Question

Equity Research (TMT) -> Fixed Income Strategy & Research.

AMA about: Career/ networking tips, opportunities in the space, AM trends, etc.

@AndyLouis @WallStreetOasis

Carl Van Loon · Accepted Answer

Investment strategy, at least at an asset manager, generally involves generating and presenting on views, either on an asset class or agreggate of asset classes. Relationship managers are then mobilized to market products on the back of strategy's views. You might interact directly with large or strategically important clients that request market commentary from view and are interested in what you have to say about whatever you cover. RM's will also involve you in conversations that get deep into a product and its asset class.

Carl Van Loon · Answer

The switch was not too difficult as I worked with a team tasked with structuring both equity and fixed income products in between the switch. The products we structured were marketed towards a cleitn segment and geography that had a historic bias towards fixed income so I had some exposure to the asset class in the context of investing and managing bond portfolios through a wrapper.

Carl Van Loon · Answer

Ah... the more time goes by, the more some things make less sense to me. Comp being one. Thoughts on this, though...

The TMT group I worked with roled up under the firm's Economic Research team. From what I understood, the group's comp was a function of the broader economic research group's placing on different league tables like how accurate we were on our projections and comments around different economic events. The amount of research we managed to in the hands of clients was also something else the firm cared about. There more things like these which the firm measured when defining comp.

Carl Van Loon · Answer

You could look at this from multiple angles and there are surely flaws in my logic but...

My reasoning was mainly around the fact that I thought FI as an asset class had a much longer way to go than Equities in terms of automation and fee compression. The structural inefficiencies (inefficiencies in the eyes of the end client - economic opportunities for intermediaries like ourselves. intermediares = exposure providers) plaguing FI could lead to more fruitful career opportunities (in my eyes) if I eventually wanted to transition to more of a direct risk taking role.

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Q&A: Fixed Income Strategy & Research @ large NY based (global) firm

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Q&A: Fixed Income Strategy & Research @ large NY based (global) firm

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