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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. What has your journey to the trading desk been like? There’s been a reopening in capital markets. It’s been busy.
While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? Also, it can be quantitative or fundamental – or both! –
The active investment manager specialises in emerging and frontier markets trading across fixed income, credit and specialist equities. At the helm of the team is global head of trading Cathy Gibson who oversees trading across the assetmanager’s offices in London, the US, Asia Pacific and South Africa.
Brexit clearly did not help, nor help the perception of UK equities. 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. I do not see the larger assetmanagers moving away from that model at all.
Sovereign Wealth Fund Strategies Sovereign wealth funds can invest in almost anything, from equities to fixed income to real estate, infrastructure, private equity, hedge funds, and more. Some SWFs operate like long-only assetmanagers (i.e., Some SWFs operate like long-only assetmanagers (i.e.,
Some of these client differences relate to the distinction between private wealth management and private banking; for more on that, you should review the the private banking article. By contrast, investment banking is more about advising companies on transactions such as M&A deals , equity and debt deals , and restructuring.
Meanwhile, with regards to equities, revenue deriving from prime brokerage compared to trading shifted from a 30% versus 70% ratio a decade ago, to 40% to 60% in 2023. Dominic Rieb-Smith, managing director, international head, prime services sales, JP Morgan, refers to the past year as “a standout”. billion in 2023.
Diversity, Equity & Inclusion (DEI) Events – These are like the “programs” above but provide underrepresented minorities (URM) with the chance to get fast-tracked for initial interviews. However, you might be competitive for investment banking, assetmanagement, or consulting roles, and a pre-MBA internship could help with those.
All the large investment banks – bulgebrackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates. But you could use the experience to aim for other finance roles, especially ones like equity research or corporate banking with less structured recruiting.
We sometimes get questions about why we dont offer an equity research course. People are convinced that financial modeling in equity research is vastly different from investment banking and that research requires different or more specialized skills. IB is all about deals , while ER is all about coverage.
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