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Wealth Management Overview
Financial services provided to wealthy clients, mainly individuals and their families. More expansive than asset management Large scope of careers Large scope of securities researched, analyzed, and managed Entrepreneurial What is Wealth Management?
Financial Advisor Client Associate Operations Associate Types of Firms: National Wirehouse: o Examples: Merrill Lynch, Morgan Stanley, JP Morgan, Wells Fargo Independents (RIAs) o Example: LPL Financial, Acme Capital Banks o Examples: Citizen’s Bank, Sovereign Bank, Rockland Trust Career Options
Investment management overview Individuals, families Wealth managers Institutional investors Internal managers Internal asset allocators Portfolio consultants Fund of funds Mutual funds Hedge funds Index funds Sell side research Independent research Market research External legal counsel Arrows indicate flow of capital
Hedge Funds Overview
Investment partnerships managing relatively small pools of capital, specialized in investment style and/or asset class. (Relatively) unregulated o Flexible in ability to invest, but restricted in whose money we can manage Unique profit split and downside protection features: o 2 / 20 economics – performance oriented, volatility agnostic o Absolute performance, hurdles, high water marks Styles: specialized and concentrated o E.g. value, long/short, trading, special situations, global macro Small firms vs. big firms o Less silos - more independence o Less politics/bureaucracy - more of your voice o Less splitting of the pie o No less job security What are hedge funds?
Career options Research analyst o Reading: SEC filings, transcripts, product literature, news o Phone: Talking to management, competitors, customers o Traveling / meeting: Meeting management, site visits, shareholder meetings, conferences o Modeling: Excel, valuation, projections CFO / COO Trader Legal counsel Marketing Ancillary career options: Sell-side research o Craig-Hallum, B. Riley, Needham, Northland, Sidoti, all the major banks… Independent research: o E.g. Telsey, Zelman, Hedgeye Market research: o E.g. Gartner, Forrester, IDC
You will likely get a job through a reference Some hedge funds are continuously interviewing Resume – don’t fluff it up, keep it short, have someone in industry look it over o Don’t use pre-canned cover letters/thank you letters. Email is fine. Keep it short. o Attach a stock idea. One page. Bullet points. Know your accounting and how to read financial statements. Interviewers will look for the following in a entry-level analyst: o Integrity o Intellectual Curiosity o Loyalty o Accounting skills and familiarity with financial statements o If they can picture working with you everyday o Interest/passion for investing o Clear and concise spoken communication o Style fit o Why you picked that firm Job hunting / interviewing at hedge funds:
Mutual Fund Overview
Generally speaking, a mutual fund is a type of investment that invests in securities (typically stocks or bonds) led by a portfolio manager. Two Types: 1.Active: Actively managing with the goal of beating their benchmark. Example: Fidelity Investments 2.Passive: Index funds that match a particular index. Example: Vanguard What are Mutual Funds?
Investment Associate Junior Analyst Senior Analyst Portfolio Manager Operations Associate Information Technology Internal/External Wholesaler: Marketing/sales Examples of Companies: Fidelity, Vanguard, Capital Research & Management (American Funds), JP Morgan, Blackrock, PIMCO, Franklin Templeton, Federated, Goldman Sachs, Eaton Vance, Putnam Career Options
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