How to pivot out of AM

Hey all. I'm currently a 2nd yr credit analyst at a large institutional asset manager and am looking to exit out of AM (i.e. public markets) into private credit/direct lending. Long story short I'm really regretting not starting out in banking, I just went straight for the buyside without thinking about exits. For the longest time I wanted to work at a HF, I genuinely liked following the markets and the research process. Maybe it's just my current firm, but I'm becoming jaded about the industry and I don't really feel like I'm learning anymore. Not to mention drawdowns/lack of job stability is starting to scare me...

I've been applying to private credit roles with limited success as I don't have any deal experience, and I guess my modeling skills probably aren't up to par vs bankers. Aside from getting an MBA (a last resort)- any advice? I went to a target school so I'm thinking about cold emailing alum for info chats, but even then I'm overwhelmed with where to get started.

Comments (5)

 
  • Analyst 2 in AM - Other
Jan 10, 2021 - 10:36am

Both (I'm in a super generalist role). I'm talking about job security at HFs- saturated industry, losing out to automation/passive investing, etc. When I was younger I was just less concerned about these things. nowadays it seems the unanimously better/safer opportunities are in the private markets

 
Jan 10, 2021 - 11:46am

That's interesting you say that. I have interned at a large investment consultant in portfolio construction (advise pensions, endowments, etc.) and have seen almost all shift to passive be on the equity side and none on credit.

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