Long-only AM - MSIM (Counterpoint Global) vs Fid/Welli/Cap

Hi guys, wanted to understand more about how a junior investor role (in equities) at Counterpoint Global (under MSIM) would compare to a similar role in traditional long-only AM like Capital, Wellington, Fidelity? I understand that Counterpoint Global runs >100bn and has only 50ish people, seems like great economics?

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Comments (4)

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Nov 5, 2021 - 9:01pm

Personally, the role seems similar to other large long-only junior roles and Counterpoint Global is doing pretty well overall. What kinds of questions do you have?

I'm guessing that you're going to do a lot of stock-picking, similar to an Associate Analyst or Junior Investor program at traditional long-only firms. So long as the firm is performing well and you are able to perform the same quality of work at both companies, I don't believe there would be much of a difference. There may be some focus on the kinds of companies Counterpoint invests in (like a focus on small-cap stocks) or a type of strategy (Growth strategies for example). This does mean you'll likely be focusing on those strategies in fundamental equities. Most of the large long-only companies do put some focus into a specific area, but with other big firms, there is some ability to invest and do research across a series of styles instead of just a single style. 

At my large long-only, we have a unified research platform across all funds, agnostic of style or strategy, with Analysts and Associate Analysts having an industry or style focus. This gives our Analysts a great sense of the area they want to perform investments in. You may not have the same scope of investments or research at this smaller long-only, but this may not be against your interests. So long as this company is aligned with what you are interested in investing in and you feel comfortable working with the people working there, it probably will work out for you. 

The economics does seem awesome with >$100bn with 42 people, but realize that compensation does not scale with AUM for all roles in long-only, just as numner of associates at a company does not scale with AUM. It probably means good things for the people at the top though. In terms of compensation, so long as it something you are happy with, I wouldn't be worried. If you're interested in the economics, I would advise you stay at the company and try to get MD there so you can get a good share of the fees generated. 

Nov 21, 2021 - 2:20am

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