What do you guys think about the Investment Strategy Group at the PWM group at Goldman Sachs? I am interested in Asset Management but what I read on this forum seems to suggest "stay away from PWM". The group seems to be quite legit and I believe one can acquire good skills doing this job.
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Hey I think it would be a great place to learn.. I'm not too sure what is the exact job description i but i would think you would be making the investment decisions for private wealth clients.. so you will probably do a junior fund mgr/portfolio mgr type of work
it might be part of Goldman's investment management grp as well.. so this would definitely be a yes if you want to be in AM. and of course its Goldman..
so its a yes for me
Goldman - great name
But Goldman aren't known for PWM - that's UBS territory, CS are certainly starting to catch up. That being said, UBS don't hire graduates into front office PWM, and Goldman is a great name.
The life of PWM is very different to IBD and S&T, make sure you know what path your going down if you do this. It's much easier to go from IBD to something else than the other way round, so if it's IBD you want to do, bear that in mind.
Ultimately, its your life and you have to do what you love - nobody else's opinion on here should change that.
Thank you both for the replies. It is under Investment Management in Goldman but not under GSAM. PWM and GSAM are two seperate groups. In any way, they ask for some quantitative skills (looking for an econometrics, finance major) which is why I thought it would be interesting. More information is here
The GS Investment Strategy Group sits within the Private Wealth Management. The Group seeks investment opportunities across global markets and asset classes with a view to preserving and growing clients’ wealth. The group utilizes internal and external resources of Goldman Sachs and seeks to deliver objective, strategic and tactical investment advice. The role currently available within ISG is to work on the tactical team. The tactical team focus on in-depth research and analysis of current economic and market trends to generate investment recommendations.
You won't invest directly for clients but provide them with advice on strategic / tactical asset allocation models. Although part of PWM, it's not a sales role and you will definitely be given transferable skills (could probably transition to quant HFs if lucky, since you will be doing a lot of stochastic stuff... Garch Models, Black Litterman, Mean-variance optimization).
Downside is that even though it's quant, you are still part of PWM so your bonus will be no-where near IBD/ S&T. Hours should be very manageable though (60~70hrs, no weekends).
what do you mean exactly by "tactical asset allocation" ?
tactical = short term changes to adjust to market conditions vs strategic = long term adjustments
Do they have two positions opening one in tactical and another in strategic team? Or only one position in tactical team?
The answer is outdated. This group manages a few funds and has excellent exit ops to top buy-side shops. It hires many from the buy side as well.
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