Buy-side credit research vs. Fixed Income trading (Asset Management)

Hey everyone,

I received two offers and would love to get some guidance on which would be the better long-term move for my career. This will be my first job out of undergrad, and my ultimate goal is to end up in an idea-generating portfolio management role, ideally at an asset manager, hedge fund, or another buy-side investment firm.

Trading Role: 

• Location: LCOL city
• Compensation: ~$92K base, $4.5K sign-on, 10% target bonus
• Role: More execution focused, good training, not a very big name but a legend in their niche

Credit Research

• Location: MCOL city (I really like this city, and would prefer to be here)
• Compensation: ~$80K base, unknown sign-on, 30% target bonus
• Role: Investment position at a large insurance company (think Prudential, AIG, State Farm). Focused on credit and fixed-income research. Household name and Fortune 500 company. 

My main questions are: Which role would better position me for an eventual move into portfolio management? Would the trading role pigeonhole me into execution, or could it serve as a stepping stone to an idea-generating PM role? Conversely, would the insurance investment role limit exit options to only other insurance firms?

Thanks in advance!