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VAULTCAREER GUIDE INVESTMENTMANAGEMENT 2009 European Edition madepossible through generoussupport followingsponsors: Clickhere moreinformation Click here moreinformation Click here moreinformation Click here moreinformation Click here moreinformation Click here moreinformation Click here moreinformation Click here moreinformation 2009Vault.com Ltd 2009 European Edition VaultCareer Guide InvestmentManagement Copyright Vault.comLtd. All rights reserved. All information changewithout notice. Vault makes informationcontained within disclaimsall warranties. bookmay anyform anymeans, electronic anypurpose, without expresswritten permission Vault.comLtd. Vault, Vaultlogo, mosttrusted name careerinformation TM” VaultInc. informationabout permission reproduceselections from book,contact Vault.com Ltd., BadenPlace, London, SE1 1YW, +44(0)20 7357 8553. ISBN 13: 978-1-58131-676-6 ISBN 10: 1-58131-676-3 Printed UnitedKingdom ACKNOWLEDGEMENTS innumerablepeople who need guide.Thanks VaultEurope. Special thanks MarcyLerner, Thomas Nutt, Graeme Buscke, SarahUnderwood. bigthank you AdamEpstein ColinRichardson: without your diligent research hardwork guidewould havebeen possible. We especiallygrateful ourcontacts eightinvestment management firms who took time off busyschedule helpus ourresearch. Vault Europe looks forward providingyou updatededition Autumn09. Matt Thornton, Editor INTRODUCTION industrytoday Investmentmanagement vs. investment banking 14 SCOOP19 CHAPTER Buy-sidevs. sell-side 20 Jobs sell-side20 Jobs buy-side21 Compensation 26 CHAPTER Investmentstyles 28 diversification28 Types Security28 Risk characteristics investments30 Types riskprofiles 32 Alpha vs. beta exoticbeta 34 Portfolio construction 35 How myjob search? 37 CHAPTER Financialresearch breakdown 38 Research styles 38 Capital structure: equity vs. fixed income 40 Research roles: traditional vs. alternative asset managers 41 CHAPTER AssetManagers 44 Retail investors 45 Vault Career Guide InvestmentManagement CONTENTSInstitutional investors 46 High net worth individuals 47 GETTING HIRED 51 CHAPTER Targetingyour job search 52 interview53 Preparing interview54 What want63 Where do you fit? 64 CHAPTER investmentmanagement employers? 66 basicbreakdown: large generalist firms vs. specialist firms 66 closerlook: hiring process pros cons66 firmright me?71 JOB75 CHAPTER Portfoliomanagement 76 threesegments 76 Senior Portfolio Manager 77 Associate Portfolio Manager 78 Portfolio Manager Analyst 79 Portfolio Implementers 81 CHAPTER Investmentresearch 82 Senior Research Analyst 82 Investment Research Associate-Analyst 83 Investment Research Associate 84 Alternative entry points 85 CHAPTER operations88 Account productmanagers 88 Product management associates 89 Account management associates 89 Marketing specialists 89 Business Analyst 90 Risk Analyst 90 Systems Developer 91 CHAPTER 10: Days-in-the life 92 Investment Analyst BaillieGifford 92 Graduate Trainee Henderson94 Analyst BlackRock96 Systems Developer BarclaysGlobal Investors 98 Analyst J.P.MorganAsset Management 101 Marketing Specialist Schroders103 Business Analyst M&GInvestments 106 Portfolio Implementer FidelityInternational 108 APPENDIX 113 Glossary 114 Valuing company118 Ratio analysis 118 Discounted cash flow (DCF) analysis 119 About authors123 Vault Career Guide InvestmentManagement INTRODUCTIONHistory industrytoday Investment management vs. investment banking Vault Career Guide InvestmentManagement youenjoy following financialmarkets, whether reading FinancialTimes, watching Bloomberg checkingstock prices internet?Do you want earngood money? so,you may find investmentmanagement appealing. Investment management, also known assetmanagement, prettymuch what soundslike: clientgives money assetmanager, who client’sobjectives. otherwords, investment management seeks growcapital generateincome institutionalinvestors alike. potentialclients assetmanager can vary widely. While black-and-whitedistinction between where retail institutionalclients invest, asset managers who manage retail funds, example,typically manage money retailclients, while asset managers investmentbanks often invest money institutionalinvestors like companies municipalities(often moneylike pension funds). Asset managers can also work hedgefunds, which combine outside capital capitalcontributed moneyusing complex sometimesrisky techniques, receivingextraordinary gains. Asset managers buy stocks,bonds, otherfinancial products from salespeople investmentbanks, who “sell-side.”(Asset managers “buy-side.”)Because makecommissions everytrade facilitate,salespeople provide information (research, ideas) assetmanagers, assetmanagers tradethrough them. whysome salespeople often used showerasset managers perkslike sports tickets expensivedinners fancyrestaurants, hasdiminished hugely recentyears.) Investment management basically boils down analyzingpotential investments decidingwhere exactly allocatefunds. days,many investment banks investmentmanagement businesses. Why? Because investment management largelyprotected against market.Asset managers charge clients feebased given,so makemoney attractinvestment. (Asset managers generallypaid entireamount handle,whether losemoney insider’sguide provideyou appropriatelytarget your career search mostchallenging interviews. alsobreak down manydifferent career positions bothundergraduate graduatestudents. separateindustry managingmoney has been around some200 years. itsoutset, investment management relationship-based.Assignments manageassets grew out insurancecompanies already had primarilycompanies municipalorganisations employeepension funds hadfunds assetmanagers were chosen unstructuredway, assignmentsgrowing out pre-existingrelationships rather than through formalrequest biddingprocess. actualpractice investmentmanagement alsounstructured. Asset managers might simply pick 50 stocks thoughtwere good investments nowherenear muchanalysis managingrisk fundaround specificcategory style.Historically, managed assets were primarily pension funds. Traditional alternativeasset classes retailfunds, hedge funds privateequity had yet retailfund Historians cite closed-endinvestment companies launched KingWilliam during1822 firstretail funds, while others point Dutchmerchant named Adriaan van Ketwich whose investment trust created 1774may have inspired BostonPersonal Property Trust, formed firstclosed-end fund firstmodern retail fund 1924,when three Boston securities executives pooled investment,retail funds were normally used financiallysophisticated investors who paid reallycame early-to-mid1980s when retail fund investment hit new highs investorsreaped impressive returns. During timeinvestor sophistication increased modernportfolio theory investmentmanagement firms began heavily marketing retail funds smartinvestment tool, pitching individualinvestors otherbenefits retailfunds. VaultCareer Guide InvestmentManagement Traditional versus alternative asset managers early1970s, investmentmanagement industry had begun retailfunds otherasset classes gained prominence. dominanttheme over pastdecade has been alternativeasset managers. distinctionbetween traditional asset managers alternativeasset managers. Traditional asset managers, retailfunds, highlyregulated entities strictlaws FinancialServices Authority (FSA) principalgoverning body, itsrules protectinvestors limitunnecessary risk-taking. Traditional asset managers have defined investment mandates determinewhat types canpursue givenportfolio. furtherchapters. Alternative asset managers include assets classes hedgefunds, private equity, venture capital lightlyregulated investment vehicles alwayshave defined investment strategies risktolerances. assetclasses broadstock bondmarkets provide“alpha” returns economicsituations. Modern Portfolio Theory (MPT) 1952when University Chicagoeconomics student Harry Markowitz published his doctoral thesis, “Portfolio Selection,” Finance.Markowitz, who won NobelPrize hisresearch itsfar-reaching effects, provided nowknown ModernPortfolio Theory. MPT quantifies diversification,looking howinvestors create portfolios optimiseexpected returns against market risk. Assuming all investors riskaverse, Markowitz proposed whenchoosing portfolio,investors should individualsecurity has, securitycontributes overallrisk Markowitzconsidered how securities move oneanother under similar circumstances. called"correlation," which measures how much two securities fluctuate pricerelative eachother. Taking accountinvestors can create “efficient portfolios,” ones highestexpected returns givenlevel risk.Modern Portfolio Theory Hedgefunds, example,have evolved high-riskmoney managers borrowmoney stocks,bonds largeequity base borrowmore capital thereforemultiply returns through leveraging. Since alternative investments can veryrisky, lucrative,investors need deemed“accredited” networth invest.Six figures minimumbank balance anyprospective investor. termsinvestment management assetmanagement samepractice, professionalmanagement assetsthrough investment. Investment management usedmore when referring career(i.e., investmentmanager” investmentmanagement”), whereas asset management usedmore industryitself (i.e. assetmanagement industry”). Investment Management vs. Asset Management INDUSTRYTODAY What’s really going industrycontrols around $64 trillion globally (having grown roughly10 per cent annually over pastdecade) chargesclients 1.5 per cent percent privilege.Hedge funds charge percent management fees typically20 per cent performance fees. operatingmargins investmentmanagement industry morethan 40 per cent, according BostonConsulting Group. itsincumbents, marketstend riseover longrun feesincrease even though managingmoney doesn’t. Overtime, according someestimates, fund managers raise doubledigits, up around15 percent investmentmanagement industry broadlyimpact households all over world,particularly now. populationgets older coreEuropean Union countries, old-agedependency rate risefrom 21 percent now 50percent pensiondeficits have increased, more people than ever futurefinancial needs. increasinglyvisible. Investment management has become increasinglyimportant part financialservices industry Europe.London, nowone leadinginternational centres investmentmanagement. Still growing Europeassets under management grew almost400 billion UKalone now accounts globalassets under management, thirdbiggest home managedassets behind Japan.Retail fund demand has continued increase;nearly 50 million households had $24 trillion invested retailfunds June2007, up from $1 trillion 1990.Despite creditcrunch investment alternativeasset classes has also shot up. HedgeFundIntelligence said global hedge fund assets under management reached $2.65 trillion massiveincrease 27percent from sameperiod creditcrunch biteHowever, adverseeconomic conditions recenttimes have caused problems creditcrunch lowerreturns short-termbecause lessleverage available fundmanagers, globalstock markets. Many big investment banks, MerrillLynch, were already selling off wealthmanagement departments before economicdownturn. creditcrunch continues pushreturns lower, more big players could downsize investmentmanagement offerings. crunchmay also bring about regulatory changes. FederalReserve bailed out Bear Stearns because, failed,its entangled assets would have also brought down modernfinance. resultharsher regulatory regimes ensurefund managers cannot topple financialsystem hastaken centuries heathas also been turned up fundmanagers who makingexorbitant sums amid seriouslytightening economy. While more people than ever usingfood

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