Analyst — PGIM vs Bellwether
Any thoughts on these two. PGIM seems like a solid long term option with good hours while Bellwether seems like higher pay and hours but maybe less brand name.
Curious how you guys would think about this.
I mean, what's the role and do you have offers from both, considering the job market? PGIM is massive - you could be doing anything from servicing to being on one of their SMAs to anything in between.
Offer from PGIM and pending bellwether but pretty sure.
Yes, PGIM analyst Asset Management for a real estate group. Bellwether for either debt or equity management
What's the type of Portfolio you'd be covering for PGIM and Bellwether? Wholly owned assets? LP Stakes? Asset Types?
Despite that, I'd lean into PGIM personally. Can't beat their reputation + ability to work with both top tier operators and assets.
PGIM AM, Multifamily. Bellwether equity or debt not sure details yet.
Mostly whole assets at PGIM as well as some of the mentioned. Bellwether not sure
PGIM
Bellwether you will be a generalist covering multiple asset classes. You’ll have structured training and a mentor. I think comp is still 100k + 20% bonus but they might have raised it. Hours are on the higher end but not like IB. Company is changing a lot though.
Honestly my two main worries:
1. Bellwether will have worse exit ops than PGIM.
2. PGIM is a little sleepy so worse actual learning (3 days in office).
Don't think PGIM being "sleepy" would hurt your learning - if anything, they may want to help you out more since they're much chiller. Just my 2 cents.
Bellwether, from my understanding, has an elite training program and often has exits to other sides of CRE (PM, Acquisitions / originations, and obv AM) as companies understand the rigor and learning experience that comes from working there. PGIM, on the other hand, definitely has more of a name brand if you are looking to exit somewhere outside of LA. AM there will likely be sleepier as it’s LifeCo vs the heavily opportunistic / distressed deals you’d be covering at BW. Comp is also better at BW (100 +20% y1), but that shouldn’t be a big factor at this stage. Best of luck!
Thank you much! Really appreciate the info and glad to hear that BW has a good reputation in LA. Agree with your analysis
Without a doubt, choose Bellwether. Insanely underrated shop with fantastic learning experience and elite exit opps. On par with top shops, highly recommend if you can somehow secure a job there.
Wicked smart folks who work there. Hire a ton from Wharton and other insane Ivy Leagues.
Insane advice. Not knocking BWE but they’re no better than an other brokerage.
Ask yourself this, is it harder to get a job at PGIM or BWE. The answer is obvious
Op is referring to Bellwether Asset Management (Oaktree affiliate), not Bellwether Enterprise Real Estate Capital (BWE), in which case my point about Bellwether being better still stands for sure. Every point I stated is accurate.
I can definitely vouch for Bellwether as I have spoken to many of the analysts. The way bellwether is set up is so unique and quiet amazing. Bellwether has over 10+ clients. Main ones are Torchlight, Alliance Bernstein and Oaktree with many other small ones as well. Analysts are set up three different ways, either only looking at the Debt AM, Equity AM or both Debt/Equity AM. As an analyst, you are required to basically do a lot of modeling and really just managing one of the client books. For example, you are given 20 deals to manage, it will just be you and your associate or a VP managing that one deal. Which means you are basically going to be doing all the modeling, reading the loan docs and chatting with the sponsors, property managers, etc.
Now here is the fun part: At bellwether, the culture is like a growing startup. They have been growing the company like crazy so they have been adding a ton of new people, primarily analysts because they want to build them from ground up. At Bellwether, there is so much training its actually really nice. You will touch every asset. You will work on every situation, REO, modifications, lease ups, name it, you will learn it. The few people I spoke to at Bellwether, one of them was on the debt side. The client had few shitty loans and a few good loans, so you bet, you are going to be relaxed one day, the next day you have the most distressed asset you have ever seen.
But wait. There is more. Bellwether is one of the few companies that really has picked up AI, like I am talking AI with in excel, like using claude, open AI, building internal AI tools and so much more.
I interviewed but didn't get selected. Insane talent at bellwether without a doubt. You will learn so much more at a smaller company like bellwether than PGIM.
Second this. Bellwether is an incredible platform to work for. They work on pretty sick deals and, from an analyst perspective, it's like drinking from a firehose. Very smart folks / strong culture and, other than megafund REPE, wouldn't recommended any other firm if you can manage to get offer from them.
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