asset managers

Job Market - eFinancialCareers.com

Wed, 03 Jan 2007 13:26:45 -0500

Berkshire Hathaway Seeks Chief Investment Officer

Berkshire Hathaway is looking for a new chief investment officer. No pressure: The job only entails replacing one of the most highly regarded investors of all time.

Some Bankers Chafe at Changing Roles

It's been a good year for bonuses and lots of deals are in the air. So, why aren't investment bankers happier?

'Managing Up' is a Key to Promotion

Managing up isn’t the same as kissing up. Not by a long shot. Master it, and your career possibilities grow exponentially.

Thought You Had a Big Bonus? Think Again

While the world’s stock markets edge lower, investment banking - and particularly brokerage - stocks are heading south along with them. Suddenly bonuses don’t look quite so big after all.

Asset Managers Seek Operations Specialists

With the economy showing few signs of a hiccup and Wall Street still raking in fees, executive recruiters are having little trouble placing mid- to senior-level professionals at top asset managers, particularly if they have advanced degrees. In addition, firms need help from people who get things done: those in operations.

Fund-Raising Drives PE Salaries Higher, Report Says

Fund raising among private equity firms is driving managers' compensation higher, with partners at the largest funds earning an average salary of $568,000 and a bonus $1.93 million.

Looking Good—Experts foresee strong financial job market

If the U.S. job market is strong, the market for financial jobs is Paul Bunyan. But how long will this last? Do you update your resume every time reports indicate a drop in housing starts, or a hike in interest rates?

What Trading Managers Look For in Job Candidates

What do trading desk managers look for in new hires? Industry veteran and futures trader Larry Levin chats with eFinancialCareers about the skills needed to succeed in today's increasingly electronic trading environment.

Morgan Stanley Hires More for Latin Wealth Management

Morgan Stanley's Private Wealth Management group appointed Jon Mallon as Regional Sales Manager for Latin America and hired a team of five investment professionals from Lehman Brothers to serve high-net-worth Brazilian clients and institutions in Latin America.

More Layoffs on NYSE Floor

Bank of America let go 43 more specialists and clerks from its New York Stock Exchange floor staff, and warned remaining employees that more layoffs are expected.

Pockets of Hiring for Researchers

Finding a research job on Wall Street nowadays is no walk in the park.

JPMorgan Adds Executive Director Title

JPMorgan has inserted executive directors between its vice presidents and managing directors. Is it good news or bad news for people who work there?

Recruiter Skirmishes

Independent headhunters and investment bank HR staffers say they can't find good candidates fast enough. So, you'd think recruiters would be pointedly charming in their efforts to woo financial professionals. An episode from across the pond suggests this isn't always the case.

Infrastructure Deals Need Managers

Ever since the Australian bank Macquarie proved there were profits to be made in public infrastructure projects - toll roads, power plants, airports and the like - U.S. and European investment banks have waded into the sector, launching funds and hiring senior bankers to manage them.

Merrill Lynch and Hedge Fund Recruitment

Are hedge funds so desperate for staff that they need the help of investment banks to find them? Or are banks so keen to win lucrative prime brokerage mandates that they’re stepping on recruiters’ toes?

Balance Programs Make Inroads

You work a 100 hours a week. Minimum. You have kids at home, or are thinking about having one. Yet everyone you know who got to that managing director's office…

Profile: Head of Global Transactional Client Services

Brian Urkowitz, Head of Merrill Lynch's Global Transactional Client Services: "We rely on our junior team members to critically analyze processes, and recommend improvements, or to engage senior managers to make necessary changes to increase our level of quality."

CVC Capital Partners Adds U.S. Office

Private equity firm CVC Capital Partners is opening its first U.S. office in New York. Christopher Stadler, until recently the head of InvestCorp's private equity business in North America, has joined CVC as a managing partner to run the office.

Uncertain Hiring in Global Custody

For global custodians 2006 was a year to celebrate. Assets grew across the board: JPMorgan's were up 25 percent, Citigroup's rose 20 percent, and Bank of New York, State Street, Mellon and Northern Trust grew their assets under custody, as well. However, take note: The gains may not translate into a hiring bonanza during 2007.

Citigroup: Cuts or No Cuts?

Citigroup is expected to take the axe to jobs in an attempt to reduce costs. But will there be any chopping in the corporate and investment bank?

Bulge Brackets Seek More Algorithmic Skills

The increasing use of algorithmic trading will benefit those with the right combination of IT skills, trading knowledge and expertise with quantitative trading strategies.

Alvarez & Marsal Plans San Francisco Office

Advisory firm Alvarez & Marsal added a number of staffers to its national practice, which serves private equity firms, hedge funds and corporate acquirers. Among the new hires is Deloitte & Touche alumni Alexander Chan, who was named director and will set up a new office in San Francisco.

Financial Temps Have Their Place on Wall Street

Even investment banks and hedge funds use temporary financial professionals when their workloads demand it.

Credit Suisse Overhauls Bonuses

Credit Suisse has overhauled its group share-based bonus approach in an attempt to incent and retain staff earning more than $100,000 a year. The Swiss bank is applying the plan to bonuses paid for last year, which will be announced in the next few weeks.

Wall Street's HR Staffs Focus on Advisory Role

Human resources professionals on Wall Street will continue to hone their workplace advisory skills during 2007.

Blackstone Will Open Hong Kong Office

Blackstone plans to open a Hong Kong office later this year, and has named former Hong Kong Financial Secretary Antony Leung and Ben Jenkins as its co-heads. Jenkins will relocate to from Blackstone's New York office, taking a team with him.

You Want Accountability With That?

What's it say about hedge funds when Amaranth Advisors chief Nicholas Maounis looks to get back in the game a mere four months after the biggest flameout in the sector's history? Or when many of his subordinates have already been picked up by other investment firms?

How Do I Discuss Work-Life Balance? Ask the Expert

While investment banks love to talk about work-life balance, few work environments are as intense as Wall Street. So, conversations about creating a balanced life are delicate. If you're going to start one, you'd best be prepared.

The big bailout gravy train

Jim Kim — Mon, 22 Sep 2008 09:35:00 -0400

The big bailout will likely mean big bucks to a few lucky asset managers, all of whom are jockeying for their piece of the pie. The $700 billion bailout is looking more and more like a gravy train. Institutions of all stripes want to offload their assets. Which has the likes of Pimco, BlackRock, Morgan Stanley, JPMorgan Chase, Bank of New York Mellon and others at least intrigued. The New York Times says that $1 billion in fees are at stake. There may well be multiple managers for multiple asset classes. All in all, there are lots of details that must still be worked out. But clearly there is an opportunity here. Some have already discerned some lobbying going on. For example, the industry wants more than just mortgage eligible for bailout funds.

For more:
- here's the New York Times article

Merrill Lynch's ace up its sleeve

Jim Kim — Wed, 23 Jul 2008 13:35:02 -0400

KBW has put a value on Merrill Lynch's 49 percent stake in asset manager BlackRock: $30 to $35 billion, reports MarketWatch. This qualifies as a crown jewel in the Merrill portfolio of assets. If it had to sell half--we assume that BlackRock isn't going to tank; it's held up fairly well in this crisis--it could raise more than $15 billion. That's a significant amount of capital. We can only hope that Merrill Lynch will not have to fall back on that option. Recall that Merrill Lynch CEO John Thain and BlackRock CEO Larry Fink held extensive discussions about such a deal recently. On a related note, Merrill and BlackRock have amended their shareholder and distribution agreements. Merrill Lynch picks up more latitude to "form or acquire asset managers substantially all of the business of which is devoted to nontraditional investment management strategies such as short selling, leverage, arbitrage, specialty finance and quantitatively-driven structured trades," according to a filing. Not that Merrill ought to be jumping into these areas right now.

For more:
- here's the MarketWatch article

Surprise! Hedge funds report often

Jim Kim — Wed, 18 Jun 2008 07:35:23 -0400

There are a lot of myths when it comes hedge funds. The most common is that they are secretive and opaque. That's true to some extent. They do not want to give away their proprietary strategies or tools. But in one respect, hedge funds are a lot more open than they get credit for. As reported by AllAboutAlpha.com, a new PwC survey has found that hedge funds actually report to clients more than private equity, real estate, and infrastructure funds. Hedge funds report more to clients than these other alternative asset managers when looked at daily, weekly, monthly, quarterly. Only commodity funds report more--by a pretty decent margin.

For more:
- here's the article from AllAboutAlpha.com

Pimco sees hiring opportunity in Wall Street crunch

Thu, 01 May 2008 06:59:57 -0400

Pimco is making it known on Wall Street that it is hiring. It has apparently approached between five and 10 top banks, presumably via HR, and asked them to inform pink-slipped employees of openings at the big California fund manager, according to the Financial Times. Clearly, there are a lot of talented people who are out a job right now. A big mutual fund company may be the perfect spot to start over. Pimco plans to increase its workforce, currently 1,100, by more than a quarter as it expands, the article notes. It has conducted nearly 500 interviews, so far. Given the level of layoffs, it can afford to be very picky. As asset managers go, Pimco has fared relatively well, as many of its peers suffer outflows, especially from equity funds.

For more:
- here's the Financial Times article

The case for asset managers

Thu, 23 Aug 2007 06:59:54 -0400

The best time to buy in is always when things are at their worst. According to Financial News Online, William Katz of Buckingham Research thinks that asset managers of the mutual fund variety are on sound footing: organic growth prospects are good, the demographics are favorable, pension plan reforms will work in their favor, as will global opportunities. On top of that, the industry's exposure to the subprime mess is limited. Here's the takeaway: Katz's research has the prices falling 25 percent between the peak and trough of the cycle in previous periods of risk aversion but rallied more than 200 percent from the trough to peak. So it is not a stretch to say the class may be undervalued. From the S&P 500's high of 1,553 last month, prices of asset managers have fallen on average about 10 percent.

For more:
- here's the Financial News Online article

And the top money managers are...

Sun, 22 Jul 2007 20:01:36 -0400

Drum roll please. According to Institutional Investor's ranking of the top money managers in the U.S., Barclays is once again on top. That makes three years in a row it has graced the top of the list ranked by assets. Barclays also won in subcategories, total stocks, foreign stocks, foreign bonds and non-U.S. securities. Overall, State Street Global Advisors came in second. Capital Group, third. Fidelity Investments fell a spot to fourth. And in a huge move, BlackRock moved to fifth from 16th a year earlier by dint of its deal with Merrill Lynch Investment Mangers. All in all it has been a good year for asset managers. Which explains the good fortune of some the firms that trade publicly.

For more:
- read the rankings here

BlackRock acquires fund of funds

Tue, 26 Jun 2007 20:01:38 -0400

Despite the hedge fund woes we're now seeing, it's fair to say that asset managers of all stripes are bent on getting into alternative investments. The conventional wisdom is that that is what high net worth customers want. The latest example is BlackRock's $1.7 billion deal for the "fund of funds" unit of the Quellos Group, based in Seattle. Big name asset managers, like Goldman Sachs and Morgan Stanley, are moving to offer more private equity and hedge funds to clients. The fund of funds move would allows BlackRock customers to buy exposure to high-risk, high-return investments like hedge funds and private equity in a more diversified way. The firm could also lower the minimum investment bar most likely.

For more:
- here's a New York Times article
- How high net worth customers see things. Article

So much for the fund IPO speed bump

Thu, 21 Jun 2007 20:01:37 -0400

Some people thought that all the furor over the so-called Blackstone Bill, which would boost taxes on partnerships that go public (unless you have a Blackstone-esque exemption), might dampen the party for alternative asset managers. My view was that it just might ignite a stream of offerings. An exemption can be had by others as long as they are in registration before the law takes effect (if there ever really is a law). Unsurprisingly, an acceleration of plans may be in the works. KKR will file soon. Most assume Texas Pacific and others will follow. Financial News Online reports that hedge funds are also queuing up. AQR Capital Management is expected file for an offering soon. There's a lot of talk about Citadel, Avenue Investment Management, Perry Capital and DE Shaw. That said, if the carry on partnerships were to be hit with income taxes, as a new bill proposes, then we might see a lot of companies drop plans. In any case, the attitude for now seems to be that the clock is running and the market is ripe. As many as 20 could register.

For more:
- here's the article from Financial News Online

ALSO NOTED: Asset managers turn up heat on Wal-Mart; Morgan Stanley okays Discover spinoff; and much more...

Sun, 03 Jun 2007 20:01:30 -0400

Company News:
> Morgan Stanley okays Discover spinoff. Article
> ABN seeks resolution to LaSalle mess. Article
> Bain, others wait for Outback vote. Article
> Elevation Partners to buy Palm. Article

Industry News:
> Asset managers turn up heat on Wal-Mart. Article
> Merc confident in its bid. Article

Regulatory News:
> New rules for lenders to students. Article

And Finally... How to beat the travel blues. Article