Hello Monkeys,
Hope everyone had a great New Year. I wanted to post about SitusAMC and its contracted teams at NYC banks' CMBS underwriting divisions. I'm currently in the running for a FT associate position at such a bank, and I'm wondering if anyone had any insight into work experience as it relates to the bank's regular culture (Time at desk, collegial environment, etc.) and exit opps: the opportunity would involve underwriting CMBS across the spectrum of asset types and would involve larger transactions for platinum sponsors (Bx, Blackstone, etc.)
If anyone has any insight into Situs, their presence in the NYC banks, and the exit opps out of such a role, it would be much appreciated!
Situs runs talent for all of the EUR based banks I believe. Have a classmate who recently took an CMBS U/W position at one such bank, got it through Situs, but works for "Bank X". I believe he's on here, so maybe he'll post his perspective if he sees this thread. Personally, I recently worked for Situs directly, and my take is that they are growing, and could be a great place to work, but all that growth is inorganic and everything seems fractured. I observed cultural issues across my vertical, and the inability or unwillingness to challenge entrenched staff at businesses that had been acquired. They're also owned by Stone Point (PE firm) and so the "lean" culture runs deep. I believe Situs' CEO is a PE guy, so interpret that as you will. Just my two cents.
Thank you for your input!
Bump, also interested
There are two ways which a person could work for a particular bank/lender. 1) you could be a Situs employee that works on a specific team covering one or two lender. Would work in Situs offices or home. All salary and benefits are paid by Situs. While you get exposure to the lender you are working from the “Outside”. You can always leverage those contacts and exposure when looking to move. The better option is 2) Dedicated Staffing. This is when the lender has contracted to have a team created for their specific needs. You work on lenders site with both a lender email and situs email. You are a Situs employee with Salary and benefits paid by Situs, but the lender is covering that cost through their contract with Situs. Promotions, merit increases and bonus’s are signed off by lender. Pay and bonus may not be as good as if actual employee. But you will have One on one exposure with lending team, so you will know and work directly with originators, asset managers, borrowers and others up the ladder. Many may not even know your not an official lender employee. On resume you can leverage both lender and Situs name as well as your contacts you make in the office. Usually you won’t become be able to convert to a full time employee of lender, but might be able to leverage an outside offer to make them hire you directly.
Situs works with many of the top lenders so you could target a specific lender as a general underwriter or asset manager (#1 above) or get in the door in general then look to network on to a specific team.
Sounds as you would fall under a dedicated team (#2 above) Culture would be that of the lender shop you are at. Exit ops are how you leverage your experience at said bank.
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