What does the AM scene in London look like?
I will graduate next year and have completed internships in IB at GS and at two large PE firms. However, I am becoming very interested in a career in AM as I want to be an investor in the long term and also realized that I don't want to spend 90-100 hours a week in the office as I did at GS. As such, I'm very curious to learn more about the AM scene in London.
Which are the most reputable asset managers in London?
What does the starting salary look like and how does it scale once you get let's say 2, 5, and 10 years of experience?
What do the hours typically look like?
How hard would it be to break into AM with a background like mine, provided that I have no ER / AM experience?
Thankful for any input!
Top AM firms (assuming LO equity) in London are pretty much the same as those in the US since most of the UK/European shops are meh. Fidelity Intl probably an exception I think.
Pay at junior levels has a pretty wide berth but junior numbers at the better shops are fairly similar to equivalent level in SS ER (I.e. less than IB). I have no idea about senior levels.
Hours are less than SS ER generally so <60-65.
https://www.wallstreetoasis.com/comment/2571501#comment-2571501
Basically not many seats. Your profile is obviously fine but that doesn't really matter because you're about to graduate which is a slight problem from a timeline perspective.
Most people I see in AM are generally ex-ER, ex-IB, or ex-B4. In roughly that order.
The comment you linked has a lot of inaccuracies - TRP, Capital, and Fidelity all have grad roles in research. Those - plus Wellington - I think would be the gold standard for AM grad roles.
I think SS ER is a good benchmark for early career earnings. £80-90k out of the gates, up to £200k after 5-7 years or so. When you get your CFA and MBA, that's when this career really begins.
TRP/Fidelity have a graduate schemes (for ER, not anything else) accessed exclusively via their summer internships, at least last time I checked (1-2 years ago). This is what was said in the comment linked.
I admit I didn't realise capital had a grad scheme until recently. I feel like it's a new thing because I didn't come across it back when I was applying.
Thanks for the input. Great to get a list of names and some info on comp. Starting salary is better than I thought it would be. Do you agree with the 60-65 hours / week range posted above?
Is it the case that you need a CFA or MBA to progress in your career? I thought that was a US thing but maybe that's not the case. If so, does your firm pay for the MBA?
Many thanks for the reply. What does the recruitment timeline typically look like for first-year positions? Will be graduating in summer 2024
I just meant if most places recruit via internships in penultimate year then being a final year about to graduate in 3 months doesn't really work.
Recruiting works the same as banking.
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