Having trouble on deciding between sticking with current firm or jumping ship. Interested in hearing feedback from people who have had to make similar choices
2-3 yrs long only Asset Management experience as a equity research associate straight out of university
Ideally would want to become a PM in the medium/longer term however no rush, want to develope very strong security selection skills first before managing money so as to generate maximum alpha
Existing job: Small no name traditional asset manager with very strong track record and sticky retail money. Currently managing low single digit billions in AUM and growing AUM 30%+ p.a organically.~1/10 type fee structure.
Pros of current job:
High autonomy and flexibility, work on my own ideas at my own pace, so long as I can deliver alpha, focus on meritocracy
Good corporate culture, very low employee churns, very high employee satisfaction in surveys, little company politics
Fast tracked career progression, may begin to be managing money soon
Extremely profitable business model (for now atleast), resulting in good historical bonuses
Cons of current job:
Non ideal location, want to be living in a larger city in the medium term
Weak personal development platform/opportunity, difficult to improve my existing skillsets due to low company focus on employee personal development. Feel like my investment skills are plateauing quickly.
Existing coverage sectors are not that interesting, would prefer coverage sector in new opportunity, currently little ability to transition coverage universe in the short to medium term
New job opportunity:
Large well known traditional active global asset manager with couple hundred billion dollars under management, business probably has seen the better days behind it due to global trend of shifting AUM towards passively managed products
Pros of opportunity:
More desirable coverage universe, ability to rotate across different sectors and work in different countries overtime which is something I'm interested in. Want to have the opportunity to work in a different country for a short while
Greater focus on investing in human capital due to large platform, business has reputation of building talent within firm as opposed to hiring externally
More desirable working location, large city that I wouldn't mind settling down in over the longer term
More long term deep value investment philosophy, which marginally better suits my own investment style
Institutionalised company, everything takes a long time to happen, performance possibly not based on meritocracy and more office politics involved (my guess)
Probabily will take twice as long (if not longer) to make PM
Likely longer working hours (70 hrs vs 50 at current firm)
Compensation wise new opportunity is marginally better although gut feeling is existing firm will have better near term compensation growth opportunity as its still in a phase of increasing operating leverage (albeit leverage is a double edged sword) due to AUM growth (assuming markets don't fall off a cliff in the near future). However longer term the new opportunity may be better positioned to allow me to generate stronger alpha when I do end up becoming a portfolio manager due to stronger company focus on employee development
Obviously not an easy decision to make and interested in hearing others opinions on this subject.
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