Ranking the top Asset Management firms
Obviously it's easy to rank AM firms in terms of their AUM which gives a glimpse into their standing, but how would you rank them in terms of their exit opportunities and overall prestige?
Obviously it's easy to rank AM firms in terms of their AUM which gives a glimpse into their standing, but how would you rank them in terms of their exit opportunities and overall prestige?
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You would have to break it down by asset class and even strategy within each asset class. There is no such thing as one firm that is #1 across the board. In fact, it is very uncommon for a firm that is strong in one asset class (i.e. public equities, fixed income, real estate, private equity, VC, etc.) to be strong in another. Even within a given asset class, there are often different strategies and areas of focus i.e. EM growth equities, U.S. small cap value, international value, on and on.
agree. for example: PIMCO and TCW, absolute creme de la creme in fixed income, but not so much on stocks. of course you have the mega shops like capital group, GSAM, JPM, Legg Mason, but it depends on the asset class and the goal.
Would you say that fixed income AM is more about credit than rates? (at least in this current environment) Rates/FX guy wondering about possible transitions
No idea how you mention those two while omitting DoubleLine.
GSAM vs JPM AM, both fixed income, who wins?
in my opinion: JPM
Would you consider either of them top tier though? Our strength is EM equity, and I view our US FI business as middling to upper middling, and never hear either name mentioned by Sales in FI conversations. (Granted, I'm in US Equity ETFs, so I'm rather removed from the conversation)
thebrofessor, completely agree with you. JPM has a great HY team based in Columbus, well not sure about that anymore since I think there was a mass exodus over the past 1-2 years due to either the MD or the head of the group leaving
What AM would you say has the best in the following strategies?
High yield special debt Funds?
Emerging Markets - Domestic Currency Small Cap Funds?
Distressed Muni Equity Situations Funds?
Large Intrinsic Value Funds?
Small Intrinsic Value Funds?
Mid-Sized Intrinsic Value funds?
Mid to Large-Sized Intrinsic Value Funds?
Pretty Big, but not THAT Big Intrinsic Value Funds?
I'm curious to know if anyone has some insight to this question as well.
As it relates to high yield / special situations - you want to go to a place with alternative roots, eg Apollo > PIMCO.
A few of your listed strategies are too specialized.
Distressed municipal would likely be rolled into a distressed firm, likely one with government debt orientation. High yield special debt likely falls in the distressed sector too, or a non-investment grade debt specialist (corporate, government, etc.)
Is it not prestigious to be the PM of a passive ETF even if its AUM is >$1bn?
If your fund is in outflows does it ruin your prestige?
yes?
Not necessarily true- if outflow is performance related then YES but if outflow is related to asset class specific performance then i would say no because asset allocation in portfolios continuously change for various macroeconomic reasons
Is anybody thought my comment was serious....it's not
You can't judge funds by prestige. They all have different investment philosophies and different objectives.
There are some brand names that deliver on their promises because they have good systems and a strong talent pipelines. However there are many superstar PMs who prefer smaller shops because they can react faster with less red tape and have more autonomy. There are also some large firms with brand names that have worse resources than most smaller firms counterintuitively.
The investment philosophy and training are key. If you love fundamental investing, a place like BlackRock might not be a good move given they are pivoting towards quant.
Sorry if I am not asking in the proper thread, I did not want to create one for juste one question.
Why don't we find Barclays in the Asset Managers ranking by AUM (Just Google IPE TOP 400 Asset Managers 2017 for instance)
I can't believe they manage less than 4 bn €
top AM firm rankings (Originally Posted: 02/20/2011)
what are your personal top 5 asset mgmt firms in terms of prestige? (includes BB, MM, boutique, HF)
Disclaimer: I only have 3 years of experience in the industry so I am not necessarily correct, plus it's all opinions. Either way, I think rankings should go by category
Traditional AM firms BlackRock, Fidelity, Wellington, T. Rowe Price, MFS, Capital Group, PIMCO These firms recruit almost exclusively at top MBA programs (and most of the time HSW + Chicago) and take a few undergrads from top schools a year.. They can afford to be VERY selective and really cherry pick because they only hire a few a year.
BB AM arms GSAM, JPMAM Relatively easier to land a job at BB AM arms because of the slightly bigger hiring needs and some comparatively less desirable positions. For instance, BBs do quite a bit more FoF work than the traditional AM firms and you might get stuck in those positions. Also, BB tend not to distinguish their AM analyst class when they are hiring. I have heard stories about being stuck in a product management/institutional sales type of role while being given the impression that they would be doing investment.
Hedge funds are a mixed bag. It is really hard to rank but you have your most prestigious ones like Paulson, DE Shaw, Citadel,Bridgewater, Tudor etc
why many people think FoF is worse than fund investing in stocks? why many can assume product management/institutional sales is less rewarding/interesting than portfolio managers?
thanks for your thoughts.
I hope i dont offend anyone. Just my honest assessment from a junior research analyst's point of view.
The prestige of the firm depends a lot on your position. At the analyst / associate level, GSAM is probably the most prestigious because of the Goldman Sachs name and the difficulty of getting a job there (in certain groups). At more senior levels, group performance factors heavily into prestige, so the rankings fluctuate pretty much with each business cycle. For instance, GSAM is overall doing pretty badly right now, so working right under the senior people there doesn't look so great. When you're at that point in your career, and if you're still in asset management, then you will know where the hot places are.
I didn't realize you included hedge funds there. Pretty much any established hedge fund is more prestigious than any other type of asset management group at the junior level. My ranking (of prestige at the junior level, not performance):
For example, top BB group would include GSIP and QIS within GSAM and Highbridge Capital within JPM (well, quasi-within).
What I find funny about those working at the traditional AM firms is that despite recruiting people with supposed smarts (i.e. out of HSW and top MBA programs) most of the mutual funds (Fidelity in particular) seem to do shit relative to their benchmark index. The supposed alpha we should see from active management other than a select few mutual funds just isn't present. Other than the Magellan fund when it was run by Peter Lynch many moons ago, I've been thoroughly disappointed in mutual funds overall. Especially when you factor in tax issues, index funds are the way to go.
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