Head of PMs
We are debating whether to have a Head of PMs or not. Someone that is sparring partner to PMs, but also improves the risk management process and takes over other executive tasks. I suppose this function may be more common at larger MMs or potentially LOs. Has anyone been in this fairly senior seat or been a PM under it? What was it like and did the seat add enough value?
I guess the situation is “Head of PMs / CIO” an equity holder or not, if not what is the longterm goal for the equity holders and how will this role achieve that plan.
I have worked in a situation where the role was not equity holder and any PM who created a sizeable business just leapfrogged them to talk to equity holders. The role is simply was reporting line to equity holders (or the true cio) and they spilt the risk management tasks to a “head of risk”. Recruitment and budgeting assistance was that role.
While another situation, that person was an equity holder and has basically the “3 to 5 year plan in mind”. That is a huge advantage, cause PMs know they have more skin in the game than anyone and can trust their judgement/guidance. Similarly their focus is on hiring good PMs, professional traders and seeing good behaviors not being a subject expert in everything.
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