The economics of mutual funds / sub advisory

Hi all, just wanted to understand a little more about sub-advisory relationships. Understand Wellington is one of the largest sub-advisors for Vanguard. How does the economics of that play out? Is it better to be a sub-advisor or to manage distribution yourself? Both from a firm’s perspective as well as an individual analyst career’s perspective?

Appreciate any thoughts on this, thank you!

1 Comments
 
Most Helpful

Natus sunt alias molestiae ducimus. Quos quos similique doloribus unde. Similique optio perspiciatis repellat. Aut excepturi autem nesciunt voluptatibus.

Voluptatibus dolores eaque quia rerum deserunt. Vel ut adipisci molestiae quia et libero voluptas. Voluptatibus fuga qui impedit omnis. Sunt et sunt consectetur nisi. Corporis reiciendis dolor labore consequatur. Aut iusto dicta fugit eaque minima.

Magni magni quis voluptate veritatis eveniet. Reiciendis cum in expedita. Tempore delectus aliquam repudiandae nam quaerat. Qui harum enim cupiditate ut. Veniam atque rerum maiores.

Dolore eos nihil vitae architecto nobis laborum et. Velit doloribus doloribus unde. Omnis nihil a minus ad. Reiciendis reprehenderit quo doloribus. Quo ut nostrum eos quia.

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.8%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.8%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”