Prime Brokerage vs PWM?
I know they are different but how do they compare in terms of prestige, pay, career options/exit options and generally being a good place to be in a bank?
I know they are different but how do they compare in terms of prestige, pay, career options/exit options and generally being a good place to be in a bank?
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What do you mean by PWM? Private banking? Or lower net worth clients?
Yeah Private banking.
Think Prime Brokerage at a big IB or Wealth Management there. Which would you choose based on the above criteria?
They seem interesting alternatives to traditional FO jobs and just wondering how they compare based on the afore mentioned criteria.
I don't know, so take it with a grain of salt... but I would opt for the PB at a good place over the prime brokerage. PB guys are pretty redundant at the junior level, but they have a lot of pay potential. If you're into economics, product groups will be a lot of fun. If you're charismatic and a good salesman, being a banker would suit your personality. Prime brokerage always came off very middle-officeish to me, a back office for hedge funds and the like.
Thanks for the input. With regards to the last comment, the role in question is actually selling prime brokerage solutions to hedge funds rather than doing the ops stuff being sold, just to clarify.
prime brokerage is not considered middle office. pb people can make very good money. I can't guess which would make more though, probably depends on your own skillset so try to figure out what you'd do better in.
If you go to PB sales to hedge funds you might work with developing new strategies with various PB products, regulation, arranding/enhanced, and swaps. associates might make around twofifty to threefifty with the directors/mds probably making sixfifty to a million and sometimes more
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