I'm currently in an investment banking analyst program and am thinking about going over to work at a Fund of Funds. What do Fund of Funds Senior Analysts get paid? Any idea?
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No clue but the lifestyle is pretty chill.
usual non-nyc/chicago/la areas tend to pay between 50-55K + 5-10K bonus.
nyc pays anywhere from 65 and up. the highest i've seen so far has been 90K base + 10K bonus for a guy one year out of his banking program. these are all circa 2007 numbers
hours are OK - sometime they work til 11pm, hardly any weekends.
also depends on a few other things such as the size of the fund, returns, and if they have a co-investment team.
there's a difference between working for alpinvest/capital z in nyc and some small FoF in buffalo.
I'm making it up as I go along.
I have been working at a $13bn+ Fund of Hedge Fund for about 2 years now so I have a good idea of what comp is like.
It depends on your seniority. Jr analysts make between 80k - 170k all in on average. These guys have between 1-5 yrs experience. VPs are making about $100k-130k salary + 50-100% of base as a bonus. All in its around 150k - 300k. MDs prolly bank around $500k. PMs about $800k and Big Swinging D**ks about $1m. This is further confirmed by Institutional Investors Salary survey. This mostly refers to major urban areas in the US.
Life is CHILL....hours are way better than banking i would say between 50-60 on average. Obviously there are 80 hour Hell Weeks. There are way more parties and social events. You get to travel internationally and to conferences in sunny places like Boca Raton....overall not a bad lifestyle when you also consider the pay.
You arent gonna make millions in this job, unless you run the fund. But you are gonna have a chill life and make more money than 95% of other people.
Euroboyrob,
Are you figures both for Hedge FOF and PE FoF ? The all-in figure for Junior Analysts seems a little high in my estimation.
Hedge FoF. I think a lot depends on the size and structure of the fund Is it 10bn+ in AUM? Is it owned by a big bank or other institution or privatly owned? If it is owned by some other firm, a lot of the revenue generated could have to go to some other firm and not to the investment team.
I have gotten calls from head hunters for other Hedge FoF positions and the range base salary was 60-80k for 2-5 yrs expereince. Bonuses can vary by firm but making 30-100% in bonus isnt that crazy. The snr analyst comp is pretty accurate, I once talked with a VP who said $190k was bad pay for a VP position.
I pasted the 2009 II HF comp survey results. The Median all in pay for a jr Hedge FoF analyst is 95k. The 2008 report had the median at 160k. The difference comming from really sh*tty bonuses last year.
http://www.iimagazine.com/Rankings/RankingsCompHFGlobal08.aspx?src=http…
hope this helps....
Euroboyrob,
Thanks a lot for those numbers, I've been talking to a HFoF and didn't really have any base figures to go off of. Do you have any comparison figures for HFoFs smaller than a Billion ?
I do know one $500m FoF, I dont think the jr ppl i know dont make that much but I met a snr analyst there , he used to work for a pretty well known HF and decided to work at the smaller FoF. I dont know what his reasons were but I cant imagine the guy would take a job with a 2hr 1-way commute if the pay was crappy. My guess is a sub billion fund should still be paying around 70k all in for a jr guy. Its hard to say because bonuses have been crappy. Is the fund through their high water mark? That would have a lot to do with bonus potential
Well, the base pay has def. got to be above $70K, because they asked me what my current salary is, and I told them its above that. I doubt they'd continue the process if they were going to offer me less.
Thanks guys.
bump
40bn in AUM? Thats huge. Where are you working at, BlackRock? You have me curious what PE FoF your looking at.
The largest FoHF I know of is the one at UBS with about $35bn in Assets.
EuroboyRob, let me clarify some of the numbers. The entire firm has ~$40bn in AUM, but one of their divisions (which is the one I am looking at), manages about $10bn+ in AUM which they are responsible for raising/allocating. Sorry for the confusion.
would like an update for this if possible?
Update would be great. Anyone in PE FoF?
Bump - would also like an update on this if anyone has one - specific to HFOF.
Bump.
No clue but they have a prevailed lifestyle.. ;)
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