Work at a small equity l/s fund and the PM went on some rant today about BB AMs not being "real AMs," which I dismissed as such typical HF arrogance.
Then I thought "I'm sure PMs at BB AMs are pulling in compensation that beat quite a few small HF PMs."
Thought I'd open up the question to WSO - how much a year do you think your average PM at GSAM, JPMAM, etc is making?
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Why would a BB AM arm not be a real AM? Both GSAM and JPMAM compete directly with Pimco, BlackRock, Vanguard, etc. They both have their own Mutual Funds, FoF's, some internal l/s funds, Research Analysts, etc. What is a "real (or fake) AM" even supposed to mean lol.
As for comp, I'm still in school so I have no idea, but I've read on another thread that PM's at BB AMs usually are more senior guys with years of experience, comp probably $1-2mm+ Similar to that of an MD.
But I'm sure a lot may depend on AUM, performance, comp structure. CS AM only manages ~350b, UBS AM ~650b, vs GSAM & JPMAM are both over 1t, so I think it'd be safe to assume you'd make more at the latter
Lol because prestige whoring is a bad habit to shake. He'd consider "real AMs" to be Pimco, BlackRock, Vanguard, Putnam, Fidelity, MFS, etc...
Yeah, $1mm in comp in a year is cool.
yeah true. Do you think the PM comp structure is much different at traditional AM's? I figured that your avg BlackRock PM isn't making that much more than your average GSAM PM but I could be very wrong. On the other hand, I've read that Pimco PM's make an absurd ($10mm+) amount lol.
In my opinion BB AM's are solid if you're coming out of college onto an investments/research team. Offers a great path to move up towards PM, or the possibility to lateral into a similar role at a traditional AM, and move up towards PM, and maybe even HF depending on your team/product. I also wouldn't want to live in Malvern Pennsylvania (Vanguard) right out of college lol, not that they take many college grads anyways.
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