GS Securities Investing or GSAM?

The Securities division used to have prop trading businesses such as Principle Strategies and SSG. But since Goldman disbanded its Principle Strategies group, is there still any prop trading in Securities (what happened to SSG?)? Should I still apply to the Investing subdivision within Securities (where PS and SSG were housed I suppose) if the group is mostly gone?

On the other hand, GSAM houses Goldman's internal hedge funds. Actually half of the principle strategies group were transferred to GSAM a few years ago. But do they actually recruit from college/B-school? With 1.5 Ys experience in a hedge fund + MFE, do I have a chance of landing an associate position?

Securities division's prop desk and GSAM's internal hedge funds look very similar. I guess the only difference is one manages internal capital and the other manages client money?

If I want to work as a portfolio manager in a hedge fund in the future, which one should I apply to? Which one is more competitive (I guess Securities would hire more people than GSAM?)? Any info would be much appreciated.

Comments (7)

Sep 28, 2010

SSG is still there. While GSAM recruits, it's usually for risk/reporting/relationship management roles, and not often for actual analyst positions in the funds. All very tough to get into.

Sep 28, 2010

SSG is still there and resides within FICC. SSG is composed of a few groups at GS such as the Specialty Lending Group (a leveraged credit fund) and MSI (Multi-Strategy Investing). MSI invests in public debt and public equity for 3 to 18 month time horizons.

Sep 28, 2010

i think there are still a couple of desks left, SSG, high-yield distressed, bank-loan distressed, and to a smaller extent the principal technology group (forget what they're called but they have a small portfolio of tech investments). for GSAM you're not going to get into GSIP as GSIP does separate recruiting.

Sep 28, 2010

Does SSG recruit college seniors, or do they mainly hire current analysts?

Sep 29, 2010

Thanks for the replies!

"for GSAM you're not going to get into GSIP as GSIP does separate recruiting." - how can I apply to GSIP then?

Given my experience as a trader in a hedge fund for 1.5 years + MFE, which position do you think I should apply for - Analyst or Associate? If I get in as analyst, would I be considered a 2nd or 3rd year analyst or the same as all other undergrad analyst hires?

Which one of the two is more difficult to get in?

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Sep 28, 2010

GSIP has some postings at target schools. SSG I believe is almost exclusively through their summer analyst pool; part of the Securities division placed program.

Apr 25, 2011