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I spent the first 20 years of my career at the global bulgebracket banks, first in investment banking and then on the institutional equity desks, in a cross-asset and special situations role. I was there through 2015, then Bank of America, before I joined Conversant Capital in early 2021. What does your role involve?
Equity research recruiting tends to be less structured, though the bulgebracket banks and elite boutiques still run traditional processes that start over a year before summer internships. If you do IB, you can get into deal-based roles ( private equity , corporate development , venture capital , etc.),
She joined Ninety One in 2021 from Royal London AssetManagement where she had been head of dealing for three years. They’re newer in terms of access to capital but less developed in terms of how feasible it is to get into them. Gibson is a seasoned trader with an extensive career in markets.
We have seen a stabilisation of money flows in recent months, global funds are returning to the UK, while we continue to see outflows (mostly to US) of domestic assetmanagers. The UK market is still a much more capital-intensive market for most accounts. I do not see the larger assetmanagers moving away from that model at all.
Additionally, multi-manager hedge funds have continued to win the lion’s share of the new capital coming into the industry as they have been rewarded for their ability to mitigate risk while still delivering positive alpha to their investors. That’s why the money’s with them and they will probably attract even more capital.
For the right person, though, fixed income research can be even better than equity research, whether you’re at a bank, an assetmanagement firm, a hedge fund, or a credit rating agency: Table of Contents: What is Fixed Income Research? the appropriate debt vs. equity mix, and additional capital needs over the next few quarters.
The Top Firms in Wealth Management vs. Investment Banking Most people would say the top investment banks are the bulgebrackets and elite boutiques , at least for entry-level roles. It’s usually a 50-hour-per-week job , which is significantly better than the 60, 70, or 80+ hours required in IB.
We’ll return to this point later, but in finance, it’s more common to do a pre-MBA internship at a small VC/PE firm or boutique bank rather than a bulgebracket bank. However, you might be competitive for investment banking, assetmanagement, or consulting roles, and a pre-MBA internship could help with those.
Some SWFs operate like long-only assetmanagers (i.e., mutual funds ) that allocate their assets top-down and then pick specific indices, companies, and securities that meet their criteria. The firm uses passive and active strategies, often deviating from its reference portfolio based on the macro environment.
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