What Exactly Do Asset Management Analysts Do on a Day-To-Day Basis?
I'm not asking this to be condescending or douchey at all, I'm just genuinely curious, because of the way my firm is structured.
At my shop we have an acquisitions team to nail down DD and acquisitions, we have a leasing to churn out lease analyses and keep properties stabilized, a property management team to create capital plans and property-level budgets, a portfolio management team that sets the budget and analyzes our progress and one VP of "Asset Management" that as far as I can tell gets paid to look at the excel files that the rest of the teams puts together and pretend like he's overseeing the process.
I'd love to hear from some people who have worked in AM, what the job entails on a day-to-day basis and what the breakdown is of how much time they spent doing what.
I asked this question a while back with almost the exact same title. Feel free to look at my post history for some additional answers
Respect
As a fund manager, my Asset Managers are by far the my most useful analysts for actually running the fund. The acquisitions guys want to throw money at anything with a roof on it and get attached to their deals. Then once they get a deal to the finish line and we close on it, they completely stop giving a fuck.
My Asset Mangers are the people who are constantly monitoring asset-level performance and adjusting cash flow/return forecasts based upon updated CapEx projections, leasing assumptions, etc. A lot of times the analysis they do is more complicated than what the Acq guys do because, the acquisitions guys really have one goal - which is to get their deal to the finish line. They'll underwrite whatever assumptions they need into the model to try and make the deal work. Asset Managers actually have to get granular and realistic after we buy the property to realistically ascertain the risk/reward of holding versus selling versus repositioning the assets in our funds. They're also the guys that have to pick apart the Argus models the Acquisitions guys make and call bullshit or completely reframe assumptions before/after a deal doesn't go according to plan so our budgets and projections are accurate for our investors. Hell, our AM team even does a fair amount of IC pitching when they determine a huge capital investment in a building is worth it in the long run.
Granted, as a Fund Manager and not a deal guy, I'm highly biased because the AM team helps me out directly. I'm also at a fund where the AM team is really doing financial analysis. There are plenty of other firms where "Asset Management" is just a euphemism for leasing or property management. All depends on where you're at.
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