BB S&T vs AM for SA
Some banks have AM strategies that I find super interesting. In this case, it is super easy choosing AM over S&T for a summer internship. Similarly, if a bank is strong in an S&T area I’m interested in, it’s a no brainer.
However, there are a lot of banks that I simply don’t know a lot about. In this case, should I apply for S&T or AM? How does this change if I’m using the internship for future optionality (e.g. how will each be perceived for IB or Consulting)?
Furthermore, in general, what strategies do BB AMs use?
Have heard it’s primarily:
- PE/HF secondaries
- Long-only equity investing
- Fixed income (why FI in AM over S&T?)
With the latter two being split into fundamental and quantitative.
Thank you!
For some reason, post was automatically moved from Job Search to S&T - sorry!
In my experience, a lot of the BB “asset management” internships are more operations roles and/or sales roles than they are actual investment-focused roles. If you are truly interested in AM I might try to pursue something at an individual AM company rather than an investment bank. AM is really just an additional revenue stream for these banks, and their main focus will be housed in the investment bank (IBD, S&T). Because of this, BB AM roles are often considered less reputable/selective than S&T/IBD; however, they will often have much better hours. If you are interested in strategy, I might recommend looking into some of the strategy or research roles within S&T (Equity/Credit Research, Structuring, Strategy desks) These will be much more investment focused and will help build the hard skills you are looking for in an internship.
Thank you. IIRC, when applying for AM internships you can select your division. With the information you have presented in mind, is there any selection on the specific role within that function (i.e. if choosing PE secondaries can you choose between an investment decision function or a sales function)?
I am not completely sure, but if given the options between those two definitely choose the investments division if that is what you’re interested in. If/when you interview for the role, you should also be able to feel out from your interviewer if they are doing FO investment work, if they are doing more middle office risk management, or if they are doing back office operations/compliance work. For example, almost anything in GS SLC/Dallas is back office, so you may want to avoid those positions if you want a more investment focused role. Some companies will also have a group placement process for interns within AM, which would be good for you as you could network your way onto a strategy focused role. But if I could give any general advice, I would aim for FO roles at a traditional AM firm or go for S&T if you want BB. You can just do one of your rotations or get placed on a strategy or structuring desk if you do S&T, which I think will be a better learning experience than BB AM.
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