Does anyone have experience with real money Asset Management jobs (for insurance co's, f500,etc) how does these areas differ from hedge funds, or even from mutual fund firms?
Some of these companies like allstate, Msft, have huge operations, but we never hear about it as a discussed exit opo...anyone have experience?
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what do you want to know? Most of them are focused on Fixed income and since quite a few of them use to be my clients I have a general knowledge of how they operate.
^^this^^
You don't here about them as much because they aren't as sexy as hedge funds, PE, etc That is, they don't pay as much! However, the hours/stress will be a lot less.
Allstate has a huge PE portfolio. If you look at the team profile on their page, the bios are very solid. Prudential has a very large RE portfolio, but the portfolio consists of core/core-plus assets (i.e. low risk/low return properties...again, not too sexy).
thanks guys!
When you guys say low risk...how low is low? there's still discretionary trades being put on, correct? or is it some sliding scale formula for which a certain asset allocation has to be met?
Are a lot of the PM's former sell-side traders- and do these shops still do the same amount of fundamental research, (and have a need for equity/credit analysts, former bankers, etc)?
What's the turnover like? Do these places come to campuses for MBA associates?
When I said "low risk", I was referring to the type of RE investments a large institutional insurance portfolio would typically have. Specifically, they invest in "core" properties - think large office buildings in a major CBD (central business district) that has a high occupancy rate (>90%) and stable/long term leases. Having said that, they will also have portfolios higher on the risk spectrum as well (core-plus, value-added), but these are generally smaller allocations.
In general, large institutional portfolios are built from a bottoms-up long term perspective, so they are not making tactical/short-term trades. Asset allocation decisions do have a range of tolerance that changes based upon the PM's economic outlook (i.e. 20-30% of the portfolio can be in office, but due to the economic outlook for office, they are at the low end of that range and have just 21% of assets currently invested in office).
Check out the bios of the Allstate PE team and PREI. Should give you a better idea regarding background...
http://www.allstateinvestments.com/AlternativeInvestments/OurTeam.aspx?… http://www.prei.prudential.com/view/page/pimcenter/15864
Thanks Tan, SB
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