Real estate AM salary - london
Hi, I’ve been invited to interview at one of the large cap funds (blackstone, Brookfield, Starwood etc..) for an analyst position in their real estate asset management team in London. I originally applied for an associate role given I’m a senior IBD analyst but they rejected and said they would reconsider me for a senior analyst position with intention to promote to associate after 12 months if performance is good.
HR have asked what salary I would expect for the role. Given my current base salary as a 3rd year IBD analyst is GBP60,000. What should I say? There’s not much info online for these type of roles in London. Given first year associates are on GBP90k in London I was thinking of saying something in between like GBP75k?
Also what bonus could I expect in a real estate asset management role for one of these funds in London? Most info online only relates to the acquisitions/investments team rather than the asset management team.
Thanks
They will know that your base is £60k - it is standard across all big IBs. I would just tell them that for now. And if they give you an offer, let them know that you would be on £90k shortly if you stay. Why the interest in AM over acquisitions?
From a negotiation perspective, I think that the best tactic is to start high & then negotiate downwards, especially if you are at a BB bank in London. Start at £80k & then work your way down to £75k.
Sure - from a negotiation standpoint. But not when letting them know what he's/she's on. There is a high probability they will know if it is a lie.
Thanks for the comments.
Any thoughts on what bonuses could be like for this type of role/how it compares to acquisition? Not much info out there for the AM teams
http://www.pbr-re.com/docs/PBR-Real-Estate-Compensation-Report-2019.pdf
This is great thank you! Pay appears a lot lower than acquisitions, do you know how the hours compare?
This is very accurate, thanks for posting
I'm at a top PERE MF. All in comp: Analyst £78k Associate £145k Senior Associate £220k
Thank you very much, what were your hours like at the various levels (analyst, associate and senior associate) ? and how does it compare to the acquisitions team?
Comp is the same as acquisition. Acquisition 60h per week average and will usually jump to 100+ during bids/closing with week ends. AM weeks are probably 9-7/8 (excluding EOQ reporting) out at 5-6 on Friday, rarely work during the week end. Unless you really want to originate deals and get that extra promote once you reach MD, AM feels like the best choice if you enjoy life and having a family.
Not sure how this works at your fund, but at what level do you get to invest in deals via carry/equivalent, if at all?
You can invest in the funds when SVP. Carry starts at Associate.
So the comp is actually not higher than IBD? E.g Analyst, base 50k, bonus 35-40k.
Yeah well the hours in REPE AM are pretty decent. I would say 55/wk average excluding reporting cycles. Even during reporting... if you took some time to automate your models the quarter ends can be pain free. I'll take better hours (and more interesting work imo) before that extra IBD gravy any day
That's fire. Do you know if this is similar to US comp? Ik for IB that there's a difference between london/nyc, so curious.
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