Asset Management Exit Opportunities: Updated
Hey y'all,
I am interested in learning more about the exit opportunities for AM. I was wondering are they typically HF or PE or neither? I know there is an existing list however, it is old as hell. Also, say you are at BB for your AM position.
Thanks!
You have to understand many of the big players i.e. your BlackRock’s, Pimco, have internal HF practices at the AM firm, so I guess internal mobility from a traditional long-only AM group to a different style investing group at the same firm is possible so from that AM->HF is possible. PE not too sure but I’m sure a Real Estate investing group to REPE is highly accessible. One thing to add is that in the AM space your much better off at an institutional investor compared to at a bank like you mentioned you’ll be looking at. Yes the pay is better at banks but exposure and operating access to the core functions is a lot better at these places than an extra revenue generating line at an investment bank. Hope this helps!
I don't think many people want to exit AM for HF or PE (and if you are, you prob shouldn't be in AM but in IB) but I'm interested in the responses. Seconded that AM is much better at an institutional player than a BB.
I noticed you asked the same question about PWM, and ideally if you can make it, these careers are for life. It's not like banking where people go into it for the exit opps.
I think you'd be naive to think that businesses trading at 10x PE will outlive your career that is likely 30+ years if you're just starting out. That's just the reality of the industry right now. There will be pockets that will continue delivering value, but it won't be the trillion-dollar index huggers. I used to work for a "top" LO, but have never invested a dime of money into a mutual fund unless mandated by my employer. I allocate my savings to a set of indices or vehicles that are not readily available to retail investors. That in itself should speak volumes about the long-term viability of the said "exit op".
Sounds like blackrock. It's true that many funds will not make it, especially if you're not delivering value like index huggers, but I do work for a fund that has outperformed the index since inception. Out of curiosity, what do you do now and what would you suggest instead?
AM is the exit opportunity.
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