Best rotation for HF recruiting Investment research track vs PM track

Hello everybody, I am currently finishing my master at a semi-target uni in London. I am very happy to have just signed to join Allianz GI Investment Management graduate programme starting in October. My ambition is to learn as much as possible and work really hard at Allianz GI but I would want to eventually leave for a Hedge Fund as my ambition is to become a HF PM. The grad programme involves two possible tracks:
1) Portfolio Management
2) Research

I am very unsure of what I should do. Since I know that I eventually want to become a PM (albeit at a hedge fund), I thought I should go for option 1 Portfolio Management. However, some classmates of mine told me that research is better for lateralling towards a hedge fund when you are junior as you get more analytical and research skills and better modelling experience. Is that the case? Is the buyside research track preferred to the PM track by HF recruiters?

If that is the case then I would probably go for research but at the same time I fear this might hinder my chances of becoming a PMwithin AM was I unseccessful in trying to lateraltowards hedge funds within the first 5 years. How difficult is it to move to the PM track for somebody who had started in the research path? Could I still become a PM within Allianz GI?

I will give you the description of the two roles they give on their site (take them with a big grain of salt, I doubt that the jobs will be as similar as they potray them):
-Portfolio Management: "Ever-changing markets require flexibility. In Portfolio Management you will learn through experience, initially as an assistant to a Portfolio Manager. You will generate your own ideas, challenge other peoples' views, and debate the rights and wrongs of a recommendation. As you grow in stature, you will be given more exposure to the markets, to clients and to the day-to-day management of their assets."
-Research: "Initially you will be mentored by a senior Analyst - observing, learning and attending meetings, to build experience across a range of industry sectors, to see how different factors affect different stocks. A mix of on-the-job experience, formal training and studying will develop your professional confidence.
Over time, you will be given a free rein to make your own recommendations from AllianzGI's primary research. After approximately two years, you will be expected to take on a new level of responsibility, and make an increasing impact on investment decisions and new business presentations."

Thank you very much in advance to you all!

Comments (2)

Mar 14, 2019

Hi London Master student, yes, I'm a bot, but I'm also good looking. Hopefully, these threads help you:

  • Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond Portfolio managers often make north of seven figures, which is why eventually running a fund is considered ... become a hedge fund analyst without experience? While working in equity research or in investment banking ... you are blasting out emails that will be noticed and looked poorly upon. Recruiting for Hedge
  • The Hedge Fund Experience- Good, Bad, Ugly HUGE. Instead of just being another analyst at a big fund, he has a track record of managing a portfolio ... Hedge Fund World? Want to land at an elite hedge fund use our HF Interview Prep Course which includes ... time. There are plenty of thoughts I have on the subject. Background of a Hedge Fund
  • Comparing Investment Banks, Hedge Funds and Private Equity from IB backgrounds are faced with the decision of which career track to recruit for- PE vs. HFs. What ... me a quick simple, basic breakdown of the differences between IB, VC, PE, and Hedge Funds? Investment ... Banking vs. Venture Capital Investment bankers are advisors that work with companies to raise capital for<
  • What I've Learned About Hedge Fund Structure and Compensation generalist roles. Pay: Roughly comparable to single manager funds. For analysts, may be slightly less on the ... elite hedge fund use our HF Interview Prep Course which includes 814 questions across 165 hedge funds ... It's a detailed answer to a question I asked two years ago:.Tiger cubs vs. hed
  • Day in the Life: Hedge Fund Associate- Investment Banking Background investments / Investment Memos: The primary focus of what you are doing at a hedge fund is researching and ... investment banking for long! hedge fund ... working as a hedge fund associate with an investment banking background. The focus here will be on job ...
  • MUST READ! What makes a good trader, fund manager, hedge fund manager, salestrader, and buy-side trader ruthlessness." What makes a good hedge fund manager? (FN) The CEO of a multi-billion dollar global macro fund ... contrarian is another quality that is highly rated in a hedge fund manager. It takes a certain type of person ... holidays. These traits mean many hedge fund managers keep going long after they have earned mo
  • the career tradeoff for a PM- commodity merchant vs hedge fund- depth vs bredth. I go to a hedge fund or a trade house? From the long term career perspective, is it better to go deep ... I would think the + on the HF side are: * Your track record is viewed as portable. * You have a broader ... permanent and can be flighty if the fund suffers a bad performance patch. * HF industry is generically in ...
  • The Iceland bet- How some hedge funds made huge money English. It's a story about some brilliant investments that made a select few hedge funds A LOT of ... Alternative Asset Management, Och-Ziff was there as well. Picture 4: Ten largest hedge fund creditors of the ... hedge fund creditors at the time of composition would sell their claims for cash at the day of ...
  • More suggestions...

I hope those threads give you a bit more insight.

Mar 18, 2019