Hi,
I'm currently at a Big4 in securitized credit, and interested in pursuing a career in investing or trading within the structured products space preferably with structured credit. Any color on what the difference is for the desks in MSWM Capital Markets, MSIM, and MS Global Capital Markets that deal with the trading/investing of these products? Please explain both lifestyle (daily responsibilities) and comp (salary x bonus) at an Associate 1 level in the NY area.
Thanks,
Mr. E
Hi Mr. Emeka, any of these topics helpful:
You're welcome.
bump. any insight on this is much appreciated.
Bump. Please some insight, any MS alumnae can chip in?
MS Global Capital Markets is the more prestigious...the investment bank, counterparties are hegde funds and other instutional asset managers.
WM and IM are more hand holding and less prestigious (but also less stress since HNW individuals are less demanding than professional asset managers).
Morgan Stanley is a good firm...so all are good...just depends on how sales-y your personality is.
if you are a smooth talker and would make a good con man, then PWM is the way to go.
MSWM Capital Markets- That is sales and trading coverage for MS financial advisors. You are kinda like a product expert for them on individual stocks/bonds. Also folded under this is coverage of smaller institutional accounts that the MS Global Capital Markets does not want to work with.
MSIM- That the the investment management arm of MS. The manage money on behalf of institutional accounts and have mutual funds as well. This is exactly the same as any other asset manager just happens to be owned by Morgan Stanley.
MS Global Capital Markets- Is the institutionally focused sales and trading arm working with asset managers, hedge funds and insurance companies, etc.
If you are interested in structured credit I would focus on MSIM (buy side) or MS Global Capital Markets (sell-side), you do not see too many retail clients who buy structured credit directly, generally they would use a 3rd party manager (MSIM, Blackrock, PIMCO, etc.). That being said MSWM Capital Markets is a way to get into sales and trading and if you do well there you can move to another group.
what does sales and trading coverage mean exactly? like you execute the trades for the financial advisors?
Executing trades is part of it, but you function more as a product expert and idea generator for the FAs. If a client really wants to get in the weeds about a particular asset class the sales coverage may talk the FA through some talking points.
Sales- You pitch stock, bond, option ideas to the financial advisors that you know would fit their clientele.
Trading- You are going to make markets in things that you know your sales force can get the FAs to pitch to their clients.
Muni bonds tend to be the most active for retail clients as they are generally in a high tax bracket and need tax-free income. Also retail clients tend to be most comfortable with their FAs managing munis directly for them and the FA will use 3rd party money managers for other asset classes.
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