Goldman Sachs Market Solutions Group
Hey,
Has anyone got any experience on this group? Below is a brief description I found and it looks like a good group sitting within PWM
'The Market Solutions Group is a Capital Markets desk that sits within Private Wealth Management. The desk provides structured solutions and cross-asset trading opportunities to Family Offices and Private Clients. We help clients by providing top-class investment ideas and trading capabilities across all asset classes. We cover the entire spectrum of products, from cash equity and fixed income, to structured products and exotic OTC derivatives. To do this effectively, we often work closely with structuring and trading in the Securities Division (Equities, Fixed Income, FX, Credit and Commodities).'
Any info would be much appreciated!
I'll be straight with you. I don't think that's true/traditional capital markets, nor is it under the umbrella of the investment bank if it's PWM. The only question is: are you gonna be sales or are you gonna be sales support? "Providing trading capabilities" to "family offices and private clients" sounds like sales support to me. And Goldman still takes really small "private clients". They like to say you need $10m to start but it's a total lie. I know folks with net worth in the low seven digits who are handled through GS PWM. That is not a fun slice of the market to be handling, by the way.
PWM at Goldman is also something of a red-headed stepchild within the firm. There's very little mobility from PWM to any other group at Goldman besides (maaaaybe) GSAM at the analyst level. And do you know how many hundreds of PWM analysts are all elbowing and angling for a move to GSAM so that somebody someday might let them build a model that's denominated in millions rather than thousands?
I'd hold out for something better if I were you. If you have to go with this, just put "Analyst at Goldman Sachs" on your resume and try to spin it as something closer to the market than it is.
Back in '06, Goldman PWM used to claim a minimum account size of $25 million and they usually stuck to it. How times have changed.
This is probably not that helpful, because I don't know that job for sure, but my guess is that you would do a lot of single stock hedging and structured product sales. Not many people are buying structured products after the Lehman debacle in 2008 because nobody wants the credit risk.
Don't know much about the group at GS, but I know guys who work in similar groups at MS and BoA and really enjoy it. FAs at BoA and MS are under a lot of pressure to push these things on their clients, which makes the selling easy. If you are interested in sales this is a good opportunity.
Bump
...I think people should not judge on the WSO platform if they don't know what they are talking about.
MSG resides in PWM client facing arm - The client that MSG manages typically asks for quicker execution and more complex exotic derivatives product than normal PWM client. Goldman doesn't take client with less than $10 million "investable" money, with the exception of its own Private Wealth Advisers.
As far as I know, this is 2nd to the best (ISG - Investment Strategy Group) with Goldman PWM. Exit opportunity could be GSAM Portfolio Manager so I personally consider this is a very solid career choice.
BUMP. Any other more recent insights on this group? Thanks.
This is a very good group. Agree with @lincolnbjgs: people should not write about stuff they don't know anything about. This group does trading & portfolio management for hedge funds, family offices that are set up as hedge funds, and uhnw sophisticated investors. A lot of ex-prop traders are in this group and will most likely transition to the securities division if the volker rule is repealed.
How would you say this group stacks up against traditional BB S&T as a sophomore summer analyst? Would this group be considered buy-side or still sell-side? Thanks in advance.
It's both. Part of the group consists of sell-side product desks while the other offers discretionary trading solutions.
Does anyone know the difference between the Markets Solutions Group vs the Markets Coverage Group? thanks
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