Can anyone provide insights into the key differentiators between GS Asset Management and GS Merchant Banking? They both seem to have some cross-over in terms of strategies, however, the line between the two is murky. It would be helpful to learn about the difference in Analyst / Associate / VP lifestyles, comp, career progression between the two divisions at GS.
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MBD was recently moved to the Asset Management Division, which now comprises all the AM businesses of GS. When I say recently I mean weeks ago, so it's normal that you didn't know about the change.
Now the Asset Management Division is split into two parts:
In practice this change has no effect, everything stays the same. MBD still exists but under a different group. So now AMD is a heterogeneous animal, and the lifestyle, comp, and career progression can vary widely from one side to the other. Private AMD (that is, MBD) has tougher hours but better comp and career progression and is way way more difficult to get in, as it has always been for GS MBD, while Public AMD (Classic AM) has a better lifestyle, but worse comp and career progression, and it is easier to get in.
When you say tougher hours. What are we talking? How would the hours be for growth equity and/or Real Estate asset management in private AMD / GS MBD?
GSAM contains the "traditional AM" business of public markets teams managing long-only active equities, fixed income, multi-asset, etc funds.
It also contains a:
MBD is the main "private capital" arm of GS that does:
How difficult is it to switch among these?
For example could someone switch from PE coinvestments to GE?
As in AIMS PE CO-INVESTMENTS? Would assume not very likely but not impossible now that they're under the same banner of "Asset Management". Much easier to switch to another Public AMD team I suppose. Probably even still easier to switch from IBD to MBD (Private AMD) than from AIMS.
Thanks that's super helpful!
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