Private Bank to Discretionary Macro – What’s the Path?
Hi all – I’m heading into a summer internship at JPM Private Bank (desk that does PM for HF and PE clients) but my long-term goal is a discretionary global macro seat (rates, FX, cross-asset) that isn’t purely quant.
I’d love perspective on:
- Common paths from PB to a macro HF or multi-asset AM team.
- Whether to aim first for sell-side macro strategy or jump straight to a fund.
- How to network and time recruiting for multi-manager platforms (Brevan, Citadel GFI, Millennium, Balyasny, Point72) and classic macro shops (Tudor, Caxton, Rokos, Graham, Element).
- Long-only or multi-asset teams (BlackRock, PIMCO, Wellington, Fidelity, GSAM) that could be a good stepping stone.
- Skills or projects I should focus on during the internship to make the move.
Would appreciate any advice from people who’ve made a similar transition. Thanks!
you made a mistake going to jpm over hsbc
Could you explain why?
JPM even though a bigger bank, you aren't doing what you want to do. Private banking doesnt have anything to do with macro. HSBC even if it is trash, you were trading (could have been on rates/fx desk). You could move to JPM trading after a couple years then to macro.
As harsh as this sounds, there isn't really a path of Private Banking to discretionary global macro. Discretionary global macro has very, very few seats left. The bulk of it is systematic/quantitative.
Long-only isn't going to help either. The skills are not transferrable. You're best bet would be to find a way to a rates/FX/relevant desk on the S&T side asap if that's even possible.
Doesn't matter about your background at PB (although it certainly doesn't help). We were born 10-15 years too late. These type of roles don't really exist anymore but be my guest and go down the rabbit hole. I wouldn't have gone into finance in the first place if I knew this.
Should I just stay in PB then? And manage portfolios of high net worth HF and PE GPs?
Personally, I'd do something other than finance. Can't imagine your comp is great...
Man, I hope most kids don’t listen to this kind of advice
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