Anyone has any info or thoughts on associate positions at long-onlys vs hedge funds?
IAny ideas on prestige or exit opps would be welcome.
Would you choose an associate position at a long only or an investment analyst position at a small unknown fund (where becoming a pm is likely).
Thanks!
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The Capital Group is a well known fund. I guess it depends on whether you are more corporate o entrepreneurial type: the former go associate, the latter go fast lane...
Capital is good but perhaps not as much as it used to be. No-name fund can make you a millionaire but is more likely going bust in 2 weeks.
Get into ETFs or bank regulation instead. :P
Is this the TAP program? It's iffy - I wouldn't do it if you want a career in investing. Most the rotations are back office. The Capital Group believes that they can best determine where you should work within the company (it goes back to the founder) - and that is reflected in the TAP program. That said, it isn't a bad job by any means.
When you say no-name fund, how no-name are we talking? Under $1b AUM?
Thanks rainmaker. This is for an associate position at Capital where you support 3 investment analysts (so the job is well defined). The fund is relatively new and has around 600m now, although it's growing progressively.
So basically a research assistant at capital vs. a 600m fund (and this is a long only asset manager, right?)?
I would take Capital Group without a question then. Even if they have fallen a bit, they are still top tier in equity along with T. Rowe and Wellington.
May be a bit side topic, but are there hedge funds out there with a value style such as Capital and Wellington mentioned above? If so, what's the difference between them? As a "value style" you can't really go all levered up or short on stocks, I imagine, so can't see the real benefit of being a hedge fund.
Most equity hedge funds would have at least some short positions (otherwise, as you said, what is the point of being a hedge fund if you are only long-equity?). But many "mutual fund" managers like Ruane, Cuniff & Goldfarb (I think) also manage private funds as well as their public mutual funds. Wellington also has internal L/S funds.
I would imagine a value hedge fund like Lansdowne and Capital would have a similar approach.
If you are getting an offer at capital chances are you are quite talented. Take a risk and go work for a hedgefunds while you are young and making mistakes is not that expensive
Capital group easily. One of the most prestigious long-only funds out there, along with dodge&cox and wellington. It will open tons of doors for you and virtually guarantee you an acceptance at hbs/stanford/wharton in a few years.
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