asset management

From the Times: https://archive.md/BRZV2 No country for white men as State Street push diversity Staff at one of the world's biggest investment companies have to get special approval to hire a white man, rather than a woman or an ethnic-minority candidate. The policy is part of a drive by State Street, which employs 2,500 people in Ireland, to improve diversity within its middle and senior management. The multinational aims to triple the number of black, Asian and other minority staff in senior roles by 2023, and executives' bonuses will be lower if they do not meet the targets. The 200-year

10 Nov 2021

It's no myth that investment management (the "buy-side") job openings are scarce and competitions are fierce. Based on interactions I had with aspiring candidates, I felt the need to lay out what doesn't work. Before I start, I will note two exceptions (that I can think of) to the rule: 1) the "idiot sons and daughters of clients / LPs" type, who can get to anywhere without conforming to my criteria below, but most of us aren't born rich, so read on 2) the type who broke in despite having fatal flaws, whom I believe will have limited longevity in the profession than the truly prepared. In my

25 Jul 2021

Hello! I am a final-year UK student (top UK uni, STEM degree) and I have two job offers, both in London, both entry-level analyst: one in S&T (likely FX, Gov't bonds, or rates trading) at a lower-tier bank (think RBC/Nomura/SocGen), and the other at a relatively small asset management firm (10-15bn AUM, mainly credit, 100-200 staff), as part of a small team. Both offer the same salary (standard London IB starting salary) and I would enjoy the work at both (perhaps the AM one a bit more, although it is less quantitative). My question is which one should I choose in terms of: a) future career

26 Nov 2021

Hi, I am currently conflicted between two offers, both are for quantitative developer. One is from an Asset Management in Bay Area and the pay is around 150k with an additional 30k-40k in bonus. The second offer I have is from a fintech startup, it's more than 5 years old with a lot of people using their services. They have offered 200k with some equity, no bonuses for now (there may be in future). The first one is on-site and second one is remote. Overall the pay for tech startup seems really good as I don't have to pay additional taxes on bonuses however there is a fear for job security

17 Nov 2021

Hey everyone, first time poster. I did horrible in the first two years of my undergrad. Mostly due to having to work full time and being out of my parents house by the age 18. Luckily by the time I was 23 I decided to go back and finish my Bachelors. I am now graduating with a 3.8 Major GPA (3.2 Overall) and a BSc in Economics with a minor in Finance from a state university in Florida. I did look for internships but the one I had lined up for summer was international and got cancelled due to covid. To add, my work experience consist of working at restaurants as management and working at a

23 Oct 2021

Hey everyone, I'm an incoming PubFin IB analyst at a BB and I'm interested in potentially transitioning to Muni AM in a few years. With that being said, there seems to be a lack of info on Munis on this forum outside of IB. I'm hoping someone could provide color on the municipal asset management space. Who are the top performers in this space? What is the background of most juniors working in Muni AM (PubFin IB?, Muni S&T? credit agency analysts? etc.) Is there a strong preference for candidates to have/be working towards their CFA/MBA? Is career progression in Muni AM similar to other areas

01 Dec 2021

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24 Nov 2021

Saw a few people asking about non-IB division recruiting for GS 2022, feel free to share in this thread.

17 Jul 2021

I was recently offered a position to work at a top Econ consulting firm which I am very grateful for. However, I was wondering what the common exit opportunities were for econ consultants. Specifically, I was wondering if anyone was able to successfully work for 1-2 years and transition into roles into hedge funds, asset management, and/or investment research. Also, what about moving into different firms such as F500 firms? Do ECs frequently move onto data science roles or finance roles there successfully? Is business school almost an implied "must" if I wanted to transition to a different

27 Oct 2021

Just wondering what you think holds for the industry, with so much money moving to indexes and ETFs? Should anyone 22 even consider starting in this industry?

09 Jan 2021

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22 Mar 2021

A head-hunter recently reached out to me about an Investment Analyst role within the Income Research team (infrastructure coverage) in one of the larger AM funds. He tells me that the base is "up to £100k" and the bonus is "minimum of 100%, with potential up to 250%)". This role is based in the UK, but NOT in London. Is it just me or is this excessively high? Is he pulling my leg here or is that bonus realistic? For background, I work in Infra / Energy Private Equity and this is my first encounter with Public Equities so I really don't know much about the comp, but given that I am only at the

21 Apr 2021

Hello AM monkeys! I am trying to settle this debate with my younger brother (senior in high school), he is set on going into JHU (econ major) and wants to get into AM out of undergrad (which is hard, I know), and transition towards an HF or PE in the later stages. He also thinks of going into an M7 MBA afterward. I let him know that it is very difficult to break into AM, even if you attend an Ivy, and I am trying to persuade him to look into GTown, Vandy, or ND. Which one of us is correct, and how should we move forward upon this? Thanks a lot in advance, I will make sure to see what other

12 Sep 2021

Hey guys, I was doing S&T in a BB before, and keep looking opportunity to switch to buyside but it's really hard under current markets environment. Buyside always wanna somebody already have buyside experience(research, or portfolio management exp for example), but if I didn't start, how can I have the exp, it's a dead loop. Now that a Chinese third tier bank asset management dept willing invite me to join as a junior fixed income PM, but pay got cuts 30% (as most Chinese shop cannot offer quite much as they are a state-owned bank). In addition the name is not that big. Not sure if can move to

15 Jun 2021

Being a sucker for regional economics history and how certain niches develop over time, especially in finance (venture capital in SF/Silicon Valley, IB in NYC, derivatives in Chicago, insurance and metals in London, reinsurance in Bermuda, etc.), I'm curious if anyone here knows why Boston has been a hub for asset management for so long, relative to other cities (other than NYC which is a hub for basically everything now), though this probably has decreased overtime since everyone has a highspeed internet connection but still. Would really appreciate if anyone happens to know the history of

22 Nov 2021

What kind of roles can someone get in PWM as a fresh grad? I'm really interested in AM but I am not interested in financial advising and being a CFP.

29 Jul 2021

Just finished a summer internship at a mid-sized asset allocator and in the process for applying to internships for next summer. While I'm mostly set on equity research of some kind, I've also considered applying to alternative AMs (GCM Grosvenor in particular) and mostly passive investors (Blackrock, Van Eck, Vanguard, etc.) with less AUM in active strategies. But to be honest, I couldn't see myself doing a hands-off, LP-style job FT after I graduate. Could anyone comment on the transferability of the skills in AM to buy-side ER if I wanted to pivot after a couple years?

06 Sep 2021

I just received a full time offer to join a large (yet slightly unknown) insurance firm's Investments team in NYC. the starting salary is on par with "high finance" in NYC and I'm not entirely sure what bonus compensation looks like, however I am a bit worried about if working for an insurance firm will have any negative consequences on my future? I go to a non-target school in Washington so even receiving an offer to join the buyside in NYC straight out of college is big for me, and I know investments and AM is what I want to pursue, but i have been recommended by a few of my peers and alum

01 Oct 2020

I have an offer from a top asset manager (Blackrock/Fidelity/Wellington) for a fixed income research associate role. I initially wanted to go into equity research although prioritized ending up on the buyside over staying in equities. I do find fixed income just as if not more interesting than equities, although am concerned that FI research might leave me with limited opportunities if I want to leave AM, especially since the role deals primarily with investment grade debt. Will it be far more difficult to exit to a HF coming from FI research as opposed to ER? Also, what funds or strategies

25 May 2021

Hi all, I'm struggling to pick between Asset management or Corporate Banking for a career. As far as I can tell, both work very similar hours. I was wondering which has better salary (people tell me that the asset management salaries get alot higher further up the ladder apparently) and also which has the better exit opportunities. Assume the corporate banking job would be part of the investment banking arm (like JPM, Citi, Scotia etc.) Would love to hear from people already in either areas of work about their experiences. Cheers.

18 Mar 2021

Hi everyone! I'm applying to summer internships next year and thought it might be useful for me and others to find out which divisions are the most difficult to get into. What do you think? The divisions (randomised) are... - Risk Management - Asset Management - Compliance - Private Banking/Wealth Management - Equity Research - Corporate Banking - Sales and Trading - Investment Banking Looking forward to your responses!

13 Mar 2021

I'm looking into Goldman's real estate groups and was wondering if anyone can explain what their different groups do. What is the difference between GSAM and GS merchant banking? What are the types of work/investing, comp, and potential exits in both? What does the real estate financing group do? Do they originate loans like other bank lenders at the asset level, do debt placements like brokers, raise corporate debt like typical bankers? Any info would be much appreciated!

27 Sep 2021

Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 10/1/12. I occasionally get PMed by people at colleges I've never heard of before, asking if they have a shot at IBD. Folks, why IBD? The finance world is broad and varied, and there are a million ways to make a buck. Why pick the one that's going to be hardest for you in your situation? There are mutual fund companies, asset management companies all over the damn place. Hedge funds. Auxiliary businesses. Those folks will look beyond the name of your institution and your GPA in the hunt for quality. Why knock on the door

20 Aug 2015

Hi everyone! :) I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in EU (UK/ Spain/ Switzerland) after graduation. I have two interesting offers for this summer and both have pros and cons, so I am not sure which one to choose, given that both want me to intern with them on July-August. The positions and characteristics are the following: 1. Dodge & Cox -

26 Jan 2021

(I am a current junior at a non target, but I got a 4.0, diversity, 2 years in financial mgmt and I am applying for 2021 Summer Analyst Positions) Yesterday I had a call w someone whose a VP at a Top Tier Asset Management company and at the end he told me to apply there and he will help me get my foot in the door. However, after I filled out the resume I can only submit it to two teams and their are like 60 possible teams to apply for and I am not sure what is considered the top in AM. I want to make sure I apply for a front office job where I can work long hours, get great experience and do

26 Sep 2020

What's up monkeys, I've got an interview coming up for a pretty well respected AM that offers some PWM and HF services as well. It's my first interview for a proper capital markets role, but I've done some interviews for other finance/business internships and I feel decently confident about my overall interview skills. I've heard of some questions this shop tends to ask and was wondering how to answer when they ask "what are your views on the market right now?". If anyone in the industry can help and maybe provide an example of an educated sounding answer without coming off like I think I know

04 Oct 2021

Hi everyone! I recently googled how many employees Point72 has and was a bit startled: they have $22b AUM and 1,500 employees (of course, not all of them are HF analysts). However, I remembered that Wellington Management, a traditional investment management firm with $1 trillion, has 2,200 employees. Of course, the premises and the clienteles of the two are very different and Wellington's AUM is much less actively managed. But how come that 1,500 employees at Point72 manage 2.2% of what the 2,200 employees at Wellington manage AND, on average, probably get paid much more. Is there anything

23 Jun 2021

This thread is for undergraduate students currently applying to the JP Morgan's 2018 Winning Women events in NYC and Chicago. Feel free to follow and/or post if you're in another division as there might be similar recruitment timelines. JP Morgan Winning Women Overview JP Morgan's Winning Women program is a one to two day program held at offices around the United States for different divisions of the firm. This program helps connect promising sophomore and junior candidates to different divisions of the firm by giving them an education and in some divisions also offers students the chance to

23 Dec 2017

Currently very interested in emerging market equity / debt AM and at the moment I am working in SS ER in EMEA equities. I was wondering if anyone had any insights into: 1. landscape of emerging market AM - do larger shops have an advantage vs boutiques? 2. If you work on developed markets SS ER (EMEA/US) can you move easily into EM roles on buyside straight away or is the journey longer? 3. Language wise apart Chinese, which languages are considered useful - I imagine Spanish for LATAM but what about MENA / India etc - would English be fine?

08 Oct 2020

Hello monkeys, I will soon be starting the Masters in Financial Analysis program at London Business School and I am looking for some advice to break into BB ssset management. I recently spoke to an MD at JPM Asset Management and he told me that "coding is the new English", he also mentioned that I should be able to use Python to do all the work that I would typically do on excel. In view of this should I study Machine learning and coding elective while pursuing my MSF? I am currently working as a Data Analyst with The Economist Group, and my role is very quantitative. I do model building and

22 Feb 2021

Hi All, I graduated from a non-target school on the west coast but I networked my ass off and was able to get an offer from MM IB in NYC (I would say mid-tier, well known bank). I'm in a P&U coverage group and I really enjoy the sector (reading about it, learning about the industry drivers etc). The deals that we do are extremely asset heavy and very repetitive (in the end it's just about generating power and basically revenue and expense lines are always the same). Due to the repetitive nature of the deals I know that at some point the work will become boring even if I switch to the buy side

02 Jul 2020

I currently have three offers for this summer, Wholesale Payments at JP Morgan, Public Finance Investment Banking at UBS, and Account Analyst (aka a general alternative investments intern) at PIMCO. My number one concern is not necessarily working in investment banking, rather I want to intern somewhere that will give me a variety of skills and leave a lot of doors left open in terms of exit opportunities. Since I am not 100% certain in what I want to do, I want to leave myself with options. Which of these three internships do you believe will allow me to do that?

22 Nov 2020

Curious to know if anyone has experience recruiting for this group at GS? Seems like they're more involved with social impact, so I am wondering whether the interview process will differ from the other groups encompassed within the Asset Management Division.

24 Feb 2021

-How is it in regards to hours/pay/exit ops? Is there travel? -I'm equally interested in debt and equity, which one is more established and has better exit ops?

03 Sep 2019

Does anyone have any questions/insight into the Hirevue questions for JPMorgan Chase SA 2019 Asset Management in NYC? I'm assuming its behavior, but since this is my first hirevue-no clue. Also, is this a first round or still an initial screening type of process (automated or does it mean something?). Thanks

25 Sep 2018

Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 10/17/12. To see all of our top content from the past, click here. Deciding to Recruit For the Buy Side Most of my friends are going into banking. Not because pitch books and road shows are their thing, of course, but it opens a lot of doors. 100 hour work weeks, camaraderie in the form of all-nighters editing PowerPoint slides and sharing Seamless meals, and having no skin in the game never really sounded appealing to me, but I guess to each his own, right? Needless to say, it turns out I'm not the only one who's not

17 Dec 2015

Hi Guys, I'm relatively new here and have been reading mixed opinions on this topic. Would really appreciate some advice. Until recently, I have wanted to go into S&T. However I have become worried about the lack of skills I would gain, and now I am looking for other options. My passion being in markets, the obvious option would be to do Equity Research, and then end up at a hedge fund. But I used up all my applications on S&T. My offers currently stand at: Big 4 Audit 2 week internship at a HF with £20bn AUM, but they do not recruit from the internship. Complete this then do a masters and

11 Feb 2021

Hello guys I'm a current Secondary Mortgage Market Analyst (2 years). I graduated from a non-target school and I am currently working on my CFA level 1. What are some exit opportunities for me outside of the mortgage industry? The job is fine but it doesn't challenge me and I do not feel like it's going to be a good long-term career path. Ultimate goal is Asset Management/Equity research. Would CFA progress designation or a MS in finance help?

14 Jul 2021

Hey, I recently verbally accepted an offer for the 2021 Summer analyst position at MS for investment management fixed income (I know this is IB but still) and was very happy since this is my dream job-going into the buy side was more preferable for me and I wanted to learn from a BB. I have also been interviewing for GS but probably will cancel interviews now that I verbally accepted, since I prefer their culture, people, etc. However I spoke to a professor at my school who's been in the industry for years and he said MS is good but only a quarter as good as GS which is in another league. He

12 Sep 2020

Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 3/24/13. So I've seen a few posts lately asking about mutual funds, Asset Management gigs, and alternatives to the sell-side out of college, and hopefully my experience taking the asset management route to hedge fund rather than banking can help people get a better idea of what the expectations will be like. Top Asset Management Firms To Work For I'll be clear early on, I worked at the type of asset management firm that's tough to classify. I like to consider this class of AM firm as a "top asset manager" or a "boutique

22 Oct 2015

So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. P.S.: Not trying to touch on things such as pay, promotion chances, job security, etc. Just arguments pro- and con- for someone that just wants to do genuine equity research. Obviously those count, but trying to leave them aside for now. sell side vs buy side ER There are numerous differences between working on the sell side and buyside of

09 Mar 2018

Hedge funds get all the glory... and now they're even going to get all the press, courtesy of the JOBS Act, and I'm more than excited to see who thinks they actually need to advertise to bring in the flows. However, while a hedge fund is structured to make one man insanely rich and a few others relatively wealthy, the Asset Management business has a much wider set of financial outcomes for its employees, and even more for its owners. The purpose of this article is to give you guys an idea of what the business itself really is when we say an Asset Manager or a Hedge Fund. I'll try to go over

08 Jan 2014

What's up everyone, first time post here. So to summarize, I currently work at a large real estate firm and work as an analyst in their multifamily department. My job mainly entails managing a large portfolio of mortgage loans and monitoring/reporting their operating statistics, as well as analyzing their cash flows, balance sheets, etc. Some site inspections and I may be getting the life co. loans in my portfolio pretty soon. But overall, pretty basic work once you get the hang of it. This is my first job out of UG and I took it because of the company's size and resources. I want to continue

09 Jul 2018

Sup guys, trying to figure out which offer is better and will set me up better for my career aspirations. I am two years in the workforce (1.5 years since I received my degree) and have been involved in the asset management function of a brokerage (JLL/CBRE) for about 20 months. Long term career goal is ideally REPE acquisitions (of course), but have no qualms about working at a debt fund or something similar. 1st: Production Analyst - boutique CRE firm (NYC), covering all asset types with bridge, conventional, and agency debt products. Good benefits, pay in the 70-85 range, overall I think

23 Aug 2019

Hi all, I am a Junior PM at a large AM based in London. Due to several causes, 4 years ago I had to move from my role as a market maker on the sell-side (spent 2 years there) and I made the transition to the buy side earlier than I wanted, hence taking a Junior PM role which I now hold for 2 years. *my background: bachelor degree in Milan, master's degree in London, 2 years as market maker in credit, 2 years as Junior PM. I was wondering whether an MBA (at LBS ?) would speed up my career to advance to PM role. Thoughts welcomed

07 Sep 2020

I'm currently an Equity Research Analyst at a small Asset Management company (USD ~1bn AUM) based in an emerging market, in a city other than the country's major financial hub. I've got into the firm straight out of undergrad (top tier non-target) to work as an Execution Trader and performed this role for 1,5 years, then switched to Equity Research (I've been doing this for 1,5 years now), covering different sectors for our long-only equity funds. Meanwhile, I managed to pass CFA's Level 2 test. The main issues with the place are: 1) Pay is very low - it pays very poorly even when compared

01 Mar 2020

Humbly requesting guidance from the experienced monkeys on this forum about a career switch from Consulting to Investing. Background: Been in T2 Strategy consulting for the past two years after graduating from a semi-target undergrad b school (not Wharton but one of the programs ranked directly below) Had been interested in markets / investing in college, but chose back then to not recruit for finance because I saw myself as a doer and a strategic thinker and not a spreadsheet cruncher... In hindsight, this thinking was ill-informed and just not that smart, lolzz In my current role, what I

28 Oct 2020

Hey everyone, Just wanted to ask people's thoughts on working on the Muni side. Currently working in a different part of Fixed Income but a spot is opening up on our Muni desk in a more desirable seat. I don't know much about it, but I think it seems interesting on the surface, there doesn't seem to be a lot of info on here about it outside of the public finance/IB side. I think infrastructure investing is really interesting, but I know that is a very niche part of it. I would assume it is a pretty safe spot but may not allow for as lucrative/as high-paying of a career. Do you think working in

27 Oct 2020

Hello everyone, I am a South American student in my final year at a target uni in London and I currently have 2 full time offers and I am stuck and do not know which one to choose. The offers are: 1) A full-time offer from an elite boutique (Lazard/Rothschild) where I would be doing a mixture of restructuring and M&A in the London office 2) A full time-offer at an asset management fund for a rotational graduate programme in PM tracks and Equity research tracks, also in the London office. The fund is large with more than €400bln in AUM and more than 16 locations worldwide. My career goal is to

16 Feb 2019

Hi, For those who were in investment banking and applied for HF/LO AM(analyst), do you include debt and equity deals in your CV? or do you just put M&A? I'm an analyst in BB if it matters. Thank you for reading.

10 Oct 2021