Strategy to asset allocation
Hi all,
I’m currently in an allocator / FoF investment analyst seat at a smaller investment firm, focused on manager research, portfolio monitoring, and investment due diligence.
I’m considering moving to a much larger traditional asset manager in an investment analyst role tied to a specific strategy/platform. The role is not a pure research analyst seat, but it seems highly portfolio-focused: understanding strategy positioning, performance drivers, attribution, macro/market impacts on the book, and working with investment directors / PM teams to explain the portfolio to clients and internal stakeholders.
There may be some RFP / product-related work, but from the interview process, the role sounded much more analytical and portfolio-facing than commercial. The more senior path may eventually involve more client/business development exposure.
My question: would this kind of move make it harder to return to an allocator / manager selection / investment diligence seat later, or is the experience still viewed as relevant? I’m trying to understand whether this is seen as staying within the investment track, or as moving too far into product/investment specialist territory.
Any perspective from people who have moved between allocator seats and asset manager investment/product roles would be helpful.
Thanks.
Same boat
Seems like a few people were in a similar situation. Did you end up making the move?
Bump
Did you get your current seat out of college or networked your way into a seat. Currently at a startup but I did manager research for a year and half, then did equity research for two and have had zero luck trying to get back into manager research
Why would you want to leave ER for a fund of hedge fund
Is your long term goal to stay at an allocator, doing manager research and/or asset allocation work, to eventually move toward CIO, CPM type job, or to an asset owner as part of their team? Maybe to a large consultant?
The role you are looking at is a gray area in my view - the best case is that the 'relevant' experience you get is either deeper asset class experience, from the manager perspective, that you'd bring back to a manager research/allocation role that covers that asset class. You may also be better equipped - say it's fixed income related - to move back into an allocator role, where you can more readily make decisions on allocations to, and within, the fixed income sleeve of a portfolio.
Long post short - it's more of a detour that probably doesn't exclude you, but doesn't really help you much if you are set on the allocator career path long term.
Thanks a lot, this is helpful.
I agree with you that it is a bit of a gray area. To give more context, the move is less about wanting to leave manager research as a function, and more about the specific platform and team I am currently in.
I actually like the allocator seat. I enjoy the macro, market, and manager discussions, and I could see myself doing this longer term. The concern is more that my current seat is at a smaller, no name boutique fund of hedge fund, mainly focused on LO boutiques, with an emerging markets angle. The team I work with has a pretty qualitative process, for lack of a better word, and it generally feels less technical / formative than I would have expected. It also seems like the firm itself does not have much brand value if I want to move to a more institutional allocator, E&F, asset owner, or consultant later on. I have tried recruiting toward some of those seats, and it did not seem like they were very receptive.
So I guess I’m trying to assess what doors this move would open or close. One of those doors is manager selection. I’m trying to think through whether moving to a much larger asset manager, in a role that seems more focused on portfolio positioning, performance, attribution, market/macro drivers, and working with PM/investment teams, could still keep the allocator route open later, even if the role is technically closer to an investment/product specialist seat.
Appreciate the perspective. I know it’s a bit messy, but that’s the trade-off I’m trying to underwrite.
Got it - that's really helpful context. My bias, and it's the optimistic one, would be that you are earlier in your career, and the networking effects + larger asset manager brand/platform + experience in what I personally think is a really interesting/exciting role to be in - creates more options for you than where you are. If you get into a firm that is supportive, cultivates talent, and has a variety of businesses/strategies - that could be a good path for you.
It doesn't kick open a manager research door - but like I said, it doesn't slam it shut. If that AM has an OCIO business - you could angle yourself toward that, as you now have manager research (from the Hedge FOF) + asset class/direct investing strategy experience + all the other items. I've seen colleagues and friends move from that type of role, to a plan sponsor directly (i.e. pension fund or endowment fund) in a variety of roles like you described.
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