FT recruiting during internship

What is the etiquette around sending in FT applications while you are a summer analyst? Is this viewed negatively by the places you're applying (I.e. bad character/gauche since you're currently in an internship) or is this normal. In addition, will the firm you're currently at be informed (I.e. if it's viewed in bad taste will the place you applied snitch)? Or is that not the norm.

Also, what do you put on your resume regarding your current summer analyst role?

In my case: I'm currently doing PE in a BB Asset Management division and want to recruit to a proper PE shop FT

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