AM to Portfolio management at the same firm - how to make the move without stepping on toes?
Hey y'all, I’m an Associate in AM (5 YOE) at a UMM REPE shop, just over 1 year in. Good seat, solid exposure across all the different AM functions. That said, I want to move toward a portfolio management/investments role internally. A few people at my firm have made that jump before, so it’s doable.
I’ve built up solid goodwill across the firm and have a good overall reputation, but my relationship with my direct manager is pretty lukewarm and I have a feeling he won't go out of his way to champion me for something like this (he's like diehard AM... shit-talks PM and acquisitions all the time lol). At the same time, I’m conscious of not wanting this to come across as me trying to leave or mentally check out of AM, especially since the culture here is pretty tight knit and I've heard of people getting let go for going about it the wrong way. If there was an open seat in PM I'd consider "applying" internally i.e. going to the portfolio manager and asking to be on his/her team. But there aren't right now and I want to start positioning myself ASAP
Main question is just how to navigate this cleanly:
1. How would you approach this conversation internally? (timing, framing, who to go to first)
2. Is it better to position this as “long term career interest” vs. actively pushing for a near-term move?
3. For those who’ve done this, what helped you actually get the nod?
4. Anything you’d explicitly avoid doing that could backfire politically?
Just curious how others have handled this without stepping on toes. Appreciate any perspective!!
To navigate this transition smoothly and avoid stepping on toes, here’s a strategic approach based on the most helpful WSO content:
1. Approaching the Conversation Internally
2. Positioning Your Interest
3. What Helps You Get the Nod
4. What to Avoid
By taking a measured, strategic approach, you can position yourself for a smooth transition into portfolio management while maintaining goodwill across the firm.
Sources: How To Pull Off An Internal Transfer, How To Pull Off An Internal Transfer, Routes to Buyside PM, https://www.wallstreetoasis.com/forum/private-equity/why-i-left-pe-switched-to-the-public-markets?customgpt=1, Q&A: Managing Director at Large Global Asset Manager
Just curious, why are you wanting to make the switch to PM? I am about to be a fourth year undergrad, working at a really good shop this summer in a PM role, and curious why you want to go from AM, a much more boots-on-the-ground role, into PM, often seen as a thirty thousand foot view type role with less direct exposure on individual assets.
Well AM is boots on the ground and in the weeds. It's exactly how you learn to think like a good owner, which is great. But I've since built up that experience already and would like to get out of the weeds/learn something else. Portfolio management is also much more of a decision making role - you own the portfolio/fund and whatever happens within it is your responsibility. PM's will hop on leasing calls if it requires their attention, or if they simply want to. You can lean into operations more, or acquisitions, or capital markets - all from your PM seat.
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