Top LO vs. LO in NYC
I'm planning on pursuing an MBA and will be recruiting for Long Only funds. My preference is to end up in NYC post-MBA (I live in NYC currently and having moved around for work previously, I'd like to settle down in a city I actually want to live in given I'll be 30 when I graduate). I know jobs at T Rowe and Fidelity are fantastic opportunities (and I'd be lucky to get an offer there), but I'm not super keen on living in Baltimore or Boston.
I'm wondering if there are LO firms that would make the tradeoff worth it (slightly lower quality firm, better city). I know the correct answer is probably that you take the T Rowe/Fidelity job and manage your life around the career opportunity, but curious which firms would be considered just a smidge lower in quality that are in NYC. What if I were to get an offer at ClearBridge, Artisan Partners, AllianceBernstein, etc.? Could it be worth taking over what is considered to be Top LO given what I'm looking for?
Based on the most helpful WSO content, here's what you need to know:
Top Long Only (LO) Firms: T Rowe Price and Fidelity are indeed considered top-tier LO firms, offering fantastic career opportunities. However, they are located in Baltimore and Boston, respectively.
NYC-Based LO Firms: If you prefer to stay in NYC, there are several reputable LO firms that might be slightly lower in quality compared to T Rowe and Fidelity but still offer strong career prospects. These include:
Tradeoff Considerations:
Long-Term Prospects: While top-tier firms offer excellent career growth, NYC-based firms like ClearBridge, Artisan Partners, and AllianceBernstein also provide solid opportunities and might align better with your personal and professional goals.
In summary, while T Rowe and Fidelity are top choices, NYC-based firms like ClearBridge, Artisan Partners, and AllianceBernstein are strong alternatives that could be worth considering given your preference to stay in NYC.
Sources: Why would anyone willingly choose to live in NYC / SF / CHI?, Why You Should Leave NYC After Your Analyst Stint, Why would anyone willingly choose to live in NYC / SF / CHI?, NYC worth it?, Would you move to a 'tier-2' city?
For a place like Artisan Partners, it depends on the team you get an offer from. Every team is independent so the culture and comp can vary wildly depending on the PM and the team economics. Some of the teams are on par with or better than analyst seats at Fido or TRowe when it comes to economics as well as culture.
Also worth noting that the best Artisan teams aren’t in NYC. There are three Artisan teams in NYC to my knowledge and 2/3 of them are arguably the worst at the firm. The best team in terms of AUM and economics (intl value) is in SF and Boston.
Would add that the best teams from a performance and economics perspective are international value ($46 billion AUM), global value ($30 billion), growth ( $39 billion) and credit ($11 billion). Offices are all over the country and the above poster is correct, all teams are very different.
International value including its small cap strategy (int'l explorer) is really strong
If you want to be in LO AM, I'd reconsider locations. Boston and SoCal are the major areas for LO AMshops. Boston has Fido, Wellington, MFS, Putnam, Hancock Funds, and other smaller shops. SoCal has Capital Group (American Funds, PIMCO, DCW, and others). That's where the action is.
Having recruited and landed at a LO out of MBA and seen firsthand how hard it is…. you’re getting ahead of yourself assuming you can just pick where you land. Realistically you will get an offer from 1, maybe 2 of the firms you listed if you’re a good candidate and you won’t be able to be picky about location. Cast a wide net recruiting otherwise you’re setting yourself up for failure. Few people get to be picky about firm or location, and barely anyone gets to be picky about both.
I also would double emphasize this if you’re in corp fin and not pre-MBA buy side or sell side research/IB. You are highly unlikely to even get an offer at a top LO without that background.
I'm not getting ahead of myself and I'm not expecting to be flush with offers. I even mentioned that I'd be lucky to get an offer at these places. I just understand that these are firms people spend decades at, so being in a certain city may not end up being a temporary decision. Just trying to better understand how the LOs in NYC are perceived relative to Top LOs elsewhere.
I have pre-MBA sell side research experience. I'd like to think that I have a compelling story for recruiting.
Curious if anyone has thoughts on ClearBridge or Franklin Templeton
TRowe has a NYC office, a friend is there now
Very small number of IPs work in NYC, especially for junior seats. Almost all of their openings are in their Baltimore campus. I guess your friend got lucky in this regard.
This is option available to post-MBAs. Each of the last 4 post-MBA hires at T Rowe has has 1 or 2 analysts in NYC
You need to decide how much you care about being where you want to be. Asset management jobs are fickle. Just because you worked at a fancy Boston shop is no guarantee you can later get a job somewhere else. There are relatively few openings and the personal fit, peculiar skills, and manager discretion are highly important, and may have absolutely nothing to do with merit or prestige. Being too good at your job might even be a problem because of politics. Finding a place with a good group of people that can help you excel at what you want to do is probably what's best for your career, so you can create a good resume. If it's at a fancier shop, that's probably better. But if someone is hiring an analyst or PM, I think it probably matters a lot more what she can prove she accomplished, rather than where she started out.
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