FI trading at "the private bank"??

1.21 gigawatts's picture
Rank: Baboon | banana points 155

Does anyone here know anything about fixed income trading at the 'private bank' division of a top BB?

How different would this be from a more traditional institutional trading job?

Are the private wealth advisors the 'sales-people' who would send you the trade orders?

Is this even considered an S&T job?

And most importantly, how possible would it be to later move to the institutional trading group for the same product assuming you did well? (I assume the skill sets are transferable and identical, apples to apples, right?)

Any knowledgeable person's thoughts on the subject would be appreciated.

Thanks.

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Comments (8)

May 10, 2010

Used to work for a BB PWM. All our traders were execution traders, but might differ from bank to bank.

May 10, 2010

Did they make markets? ie take risk that could result in a measureable pnl?

Also, I thought PWM was different from the private bank. Maybe not.

May 10, 2010
one point twenty-one jiggawatts:

Did they make markets? ie take risk that could result in a measureable pnl?

No, it was pure execution and more about efficiency and making sure trades that clients wanted to do got done.

May 10, 2010

whats PWM ?

May 10, 2010
ychu066:

whats PWM ?

Private Wealth Management

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May 10, 2010

private wealth management

May 10, 2010

yah i know like some shops have fa's all over the country than pwm traders execute orders with them... these guys know a lot of people in institutional sales because they usually buy securities from them to pass on to fa's. not bad since you can go out to dinners and always jump to a sales desk if they like you.

if you work on short term corporates (like commercial paper) you might also get to work with corporate clients doing short term issues and then try and pass it on to wealthy individuals looking to put there money in short terms

May 3, 2011