Fund Finance (PE Secondaries) versus S&T in NYC
Hello - I know the team fields are pretty different, but potentially have the opportunity to move into one or the other in NYC. Both are front office positions. Which field do you think has a brighter outlook?
For context, the Fund Finance Group is focused on originating and structuring NAV facilities to PE Secondary Funds. The PE Secondary space has been booming, but it's such a niche area that I think once you go in there you pretty much stay there.
On the other hand S&T group is for one of the Canadian banks and would be focused primarily on repo trading and some rates trading. Pretty plain vanilla in my opinion.
Can offer some insight on the S&T position. From what it sounds like you might be joining an institutional sales team, at least at my house they trade mainly repo on IG Corps, options and interest rate swaps with FIs of both buyside and sellside. Not too clear on exit opps specifically, but there's pretty much one at every bank. Hope this helps somewhat
Thanks Larry! In your opinion, what do you believe are the most coveted groups within S&T? I think the more plain vanilla stuff is just too commoditized and much of it can eventually be automated. I think the exotic / illiquid products are where risk premiums can be charged and where it’s tougher to be replaced.
That's a really tough q cus you can see it from many angles. Vanilla asset classes like credit and equities are less complex but give exposure to new issues from IBD. Illiquidity is also not specific to any asset class, for example there are plenty of bonds which are super hard to find and if you're successful, spreads can get outrageous.
Automation-wise, equities trade both OTC and on an exchange, but credit is purely OTC at least in APAC where I am. So credit naturally has a longer way until automation, imagine the same for derivatives. It's also not that simple because automation risk depends on your role. Even in automation, client relationships rank number 1, which is the one point I imagine is consistent across all asset classes. Though the trader is needed to refine the automation. So sales or trading, that's your call.
Very helpful, thanks again!
Thanks again Larry. Also, was curious on if you have any thoughts on the S&T group within TD Securities NYC? If you have any insights with regard to its reputation and its top groups, I would really appreciate it!
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