GSAM vs hf?
How is GSAM's internal hedge fund division? Is it more of just an AM shop and you'd be managing a mutual fund portfolio or is there more of a HF-type group within GSAM?
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GSAM does a few things -- have restructured and incorporated MBD pretty recently if I recall.
The former Special Situations group, now called West Street, is the closest thing to a HF-type group within GS, mostly does hybrid equity / structured credit kind of investments these days though they used to be have a larger mandate. They do also do direct growth & PE investing, which decent seats.
Most GSAM groups (the ones that were still under GSAM before they folded MBD into GSAM) are more like AM shops -- often not even direct investing, lots of FoF / manager selection (e.g. AIMS).
So does the HF strategies group (manager selection) fall under this? Is GSAM's HF strategies group prestigious on the street?
Word of kind advice, please never ask anyone IRL if a group is prestigious.
Manager selection (AIMS) is a decent group but fairly pigeonholed. E.g., not a bad place to be a senior, but wouldn't go there as a junior unless you're fairly sure you want to work in that area, otherwise, more conventional IB at a non-GS shop is still better (e.g., for PE exits, any EB / mid tier BB > GS AIMS IMO).
I'm thinking of the quant group/ internal HF in GSAM that Asness did/ started, although that was 30 years ago and obviously doesn't hold anymore. But are these quant groups still around within GSAM and how do they compare with quant hedge funds?
And do GS prop traders only trade within S&T or do they touch base with GSAM?
Banks don't really have prop traders anymore..... Its a regulatory no-no post GFC. At least in equities and credit. I believe FX & commods may have a little more wiggle room, but they still exist primarily to execute trades for clients.
The only "good" (obviously very subjective) groups I'm aware of in GSAM where you're really taking risk/getting paid, are the groups that used to be MBD (private equity and private credit). To my knowledge the quant groups Cliff started years ago are still around, but heavily neutered.
Generally speaking, banks are banks and hedge funds are hedge funds. The crossover in business models is relatively minimal.
Disclaimer: I work in GIR not GSAM. So I don't know everything.
Ah, cool man, thanks. What about the NN acquisition, how have things worked out for that?
What's been keeping me thinking about DSol's plans to up GSAM (and the Marcus fiasco obvs), is that he's a banker not an AM expert, can we safely expect him to lead an asset manager?
GSAM basically died when David Blood left back in the day.
Within GSAM, there is a dedicated internal hedge fund division called the Alternative Investments & Manager Selection (AIMS) Group. The AIMS Group is responsible for identifying, evaluating, and investing in hedge fund managers on behalf of GSAM clients. The AIMS Group also manages several hedge fund strategies in-house, including multi-strategy, long/short equity, credit, and event-driven funds.
If you were to work in the AIMS Group, you would be working in the hedge fund-type group within GSAM. Your responsibilities would include evaluating potential hedge fund managers, monitoring existing investments, and potentially managing an in-house hedge fund strategy. However, it's important to note that the AIMS Group is just one part of GSAM, and there are also other teams focused on managing traditional long-only mutual fund portfolios.
Overall, the AIMS Group is a well-regarded and prestigious division within GSAM, and it offers a unique opportunity to work in an internal hedge fund environment.
This is very cap. Yes, semantically AIMS is a "hedge fund" division, but the work you do is not anything similar to the work you do in a hedge fund, in the same way being an NBA scout is not the same as being an NBA player.
Well-regarded and prestigious, yes, but within its own field --> there are exceptions, but it will be much harder to jump to any actual hedge fund doing investing work from AIMS vs from any GS classics IB group
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