JPMorgan Global Real Assets - Asset Management

Roughly speaking - Asset Management is seen as an entry into the real estate group, although Junius RE Partners (PE fund) is a completely different part of the bank/recruiting world. The Acquisitions team prefers to pull analysts from the AM group unless outside applicants have substantial experience doing deals, reason being is that as an internal applicant, you're a known commodity, and you know the firm's process. You're really the Argus number cruncher and investment memo writer for Acquisitions, but you will see every deal and underwrite 1 in 10.

At Analyst level in asset management, you are strictly supporting the AM. The role of analyst is ambiguous in that it's a measured transition from analyst to associate unless there's an abrupt departure and you're deemed capable and thrown into a promotion. If you're not invited to stay after 2 years as analyst, you will not be going into an associate role. At Associate level you will be the 100% go to person for negotiating leases and recommending disposition timing to the portfolio manager. You are responsible for the business plan and make the recommendation for the disposition. go out and get BOV bids, award listing agreement, manage all aspects of disposition through closing. So you may be given a few assets in the range of $20-50 million your first year as associate and "asset manager" label, but you will also continue to be the analyst to a VP/EVP of a $500M - $2.0B asset. As the AM on your smaller assets, you'll need to seek guidance from senior managers in lease negotiations and dispositions. The Valuations team will keep you in check from striking a gross or net value too outside a believable value.