Is anyone with 4-6 YOE interested in applying for a role with a VERY large and well known asset manager. Their HR reached out to me initially with a Dir level role but ended up being an AVP role so comp was too low. It is in their Finance group, working tangentially with AM and Cap Markets. You must be very good with modeling.
DM me
Comp is ~150 ish base with all in in the mid 200s.
Location is NYC (no idea about hybrid schedule)
Loan AM is horrible. Imagine being in a role where all you do is nag sponsors who have no respect for you lol.
And what do you do Mr. Anon Associate? Equity acquisitions where every deal you've done in the last 2 years is currently underwater/needed debt? Development where you need financing to get shovels in the ground?
Or imagine being in a role where you are more than half the capital stack and have the ability to fuck up the lives of equity people by sending ROR letters or calling defaults.
Imagine a role where you can get paid handsomely (I made over 7 figures last year including carry) and basically control every aspect of your business plan because you signed legally enforceable documents allowing that in return for my money.
NGL, you seem inordinately thrilled with the idea of fucking up equity people's lives - LOL rock on bro.
I just very much hate this constant dribble that debt people are lesser than.
So much of real estate is relationships and a lot of people have decided that the one with their lender isn't important, when in should be one of the most important.
See PIMCO defaulting on the Columbia Property Trust debt yesterday. That isn't going to get solved if Columbia has been assholes to GS over the last year - it will end in 500mm of equity being wiped.
Except it isn't your money.....
1. Good for you and I mean that genuinely.
2. You might be one of a handful of folks in Loan AM who have any carry at all let alone that much.
Are you in loan AM or originations?
Loan AM can get you exposure to a lot of interesting business plan executions, and opportunities to do take-out analyis/re-underwriting loans on the fly. But yes - a large component is administrative/procedural/pissing off borrowers who did not bothering reading their loan docs and have no clue what they signed up for.
haha so true
No one in Loan AM is getting any carry…can we please stop spewing data that is centered around Debt PORTFOLIO MANAGEMENT which is completely different than Loan AM?
Very common misconception on this forum between the functions..Debt PM is an awesome place to be and does include AM functions as well. Loan AM is basically Loan Managers spread across regions with their own pool of loans tracking covenants and ensuring payments are made and on time with interactions with borrowers. They are not front office or client facing with investors.
Going anon because people on this forum actually know me. But I disagree completely. Loan asset management is a hugely important function and they are the first line of defense you need to deal with. My development’s loan asset management is incredible important for making sure we don’t default and working in our corner to avoid that. The asset manager is strategizing with us and selling it to committee and the loan syndicate. Loan asset managers are highly important and it can be a very big job.
Where did I say it wasn’t an important function?
Your version of "Debt PM" is really just the mature/higher level version of "Debt AM." It is essentially having a team below you, being named the head of the group, and then getting to go to investor meetings/on road shows.
I've never though of them as completely separate career tracks because one grows into the other. Almost everyone I know in a senior spot came from a loan manager/debt AM role. A lot of us started at life cos or servicers spreading financials, fulfilling borrower requests and being those annoying people asking for quarterly certificates.
I think of the same thing as being an underwriter or an originator. One is just the advanced form of the other.
I'm going to second what Mr cheese and others have said. I've been fortunate enough to fall into debt AM in the second half of my career to work at large funds. My role has a significant AM function but has matured into an equity AM/quasi PM role as the macro environment has required us to heavily restructure a decent portion of our book. Everything we do is scrutinized by our CIO and I better have my thesis buttoned up nicely on why I'm recommending the action plan today in hopes of principal recovery and maybe even a small profit in the future. We're on equal footing with our origination team and are completely client facing.
The good borrowers always over communicate with me and get ahead of any distress, knowing we control their livelihood on that deal. Don't be a shitty borrower and you likely won't have a shitty experience with your lender.
As for comp, I'm making more than most of my peers (a touch more than half a stick last year) but not quite at Mr Cheese level. However speaking to those at the highest levels in my field, getting to 3/4 mil or maybe a mil is achievable. An associate on my team makes $250K all in. Not bad work if you can get it.
OP's role sounds like an accounting / FP&A role rather than debt AM.
But since the discussion has gravitated toward debt AM, I'm also on Mr Cheese's side. Junior VP, pulled 500k+ last year, largely doing debt AM (technically flex btw new deals and debt AM and REO AM but given the environment, 90% of time has been on debt AM/workouts). Boss who also focuses on debt AM pulled 2 bucks.
It's important to note: although both are "debt asset managers" there's a big difference between some situs/midland guy tracking covenants and chasing you for quarterly reporting making $75k, and an AM at a real firm. Trust me, when BX/BAM/STWD come to you with a restructuring proposal on a troubled asset, you're not staffing the former on the analysis/negotiations (nothing against them, just not their job)
Completely agree with that though depending on the client they're focused on, some Situs/Trimont/Berkadia people can also pull healthy salary/bonus. Usually it's because the debt fund out source their AM so they have to pay up to get what they need.
As for your junior VP and boss, that's the comp I like to hear. Keeps me motivated
I am friends with a Situs Recruiter. They are having a hard time filling true Debt AM(not PM) roles. Esp at the associate level
Yes it's an FP&A role. BUT, IF you are going to get an FP&A role, why not a Trillion Dollar asset manager.
Yup, sounds like a great opp.
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