Industry Chat: Investment Management...Discovery Capital Management . Elliott Advisors . Elliott...
Transcript of Industry Chat: Investment Management...Discovery Capital Management . Elliott Advisors . Elliott...
Industry Chat: Investment Management September 2016
Jessica Katz Jamie Hendel Senior Associate Director Recruiting Relationship Manager MBA Career Management MBA Career Management
Agenda • Working with MBACM
• IM and HF Industry ─ Trends
─ Introductory Overview
─ Company Relationships
─ Functions, Roles and Internships
─ Career Pathways
─ Is IM industry for you?
• Hiring Data ─ Recruiting and Summer Outreach
─ Offers, Compensation and Sponsorship
─ Career Switching
• IM at Wharton ─ Recruiting Strategy and Timeline
─ Wharton & MBACM Resources – Clubs, Treks, Conferences
─ Next Steps
• Q & A
MBA Career Management
Ryan Anderson, WG17 Undergraduate Institution: Loyola University of Chicago Pre-Wharton: United States Navy
• Career Switcher • Industry Diligence • Modeling and Pitch Prep • MBACM Partnership • IM Club leadership • Diverse IM interest
MBA Career Management
Case Example: How Can We Help?
MBA Career Management IM Team
Career Advice
• Self-assessment & decision making
• Networking
• Industry Insight
• Resumes, Cover Letter & Interview Prep
Corporate Relationships
• Develop employer outreach strategy with RRM
Programming
• Develop programs for students interested in IM
JESSICA KATZ SENIOR ASSOCIATE DIRECTOR
Corporate Relationships
• Strategize best recruiting approach for variety of employers
• Co-manage employer relationships with Career Advisor
• Manage recruiting events
Student Support
• Assist students with logistics of on-campus interview process, job board postings, etc.
JAMIE HENDEL RECRUITING RELATIONSHIP MANAGER
Collaborate with professional clubs including, IM and WRDI clubs
MBA Career Management
Industry Overview
IM/HF Internship Recruiting – Fast Facts
6
12% YOY increase in IM internships posted on CareerPath
100+ Internship offers reported so far in the IM/HF space 9
interviews in one day by an IM student during FRP (the most of any industry)
33 “Fireside Chats” hosted by 2nd Year students prior to FRP.
of the companies who participated in FRP were from the IM/HF space
29 IM/HF Employer Info Sessions held on campus – up from 24 in 2014-15.
44 funds visited on treks in 7 cities across 3 countries.
27%
10% of the Class of 2017 accepted offers in the IM/HF space
MBA Career Management
7
• Hedge Funds
• Mutual Funds
Institutional Asset
Managers
• Fund of Funds
• Family Office
• Insurance Companies
• Pensions
• Endowments
• Public company Treasury Departments
Asset Allocation
Advisory Client
Services
Wharton MBA Career Management
Investment Management Subsectors
• Private Wealth Management
• Fund Consultants
• Investment Banks
Key Company Relationships
MBA Career Management
Funds Do Differ
Fund
• Investing Style • Asset Type • Specialization • Range of Products • Assets Under Management (AUM) • Clientele
Culture / Development
• Work-life balance • Autonomous vs. collaborative • Exposure to leadership/mentorship • Organizational structure • Approach to career development
MBA Career Management
Attribute Potential Differences
Roles in Investment Management
Buy-side Analyst
Sell-side Analyst
Private Wealth Management
Associate
Analyzes financial information as well as relevant company and industry information in order to provide recommendations to fund managers
Evaluates companies for future earnings, growth and other investment criteria and place recommendations on stocks or other securities which are made available to the brokerage firm’s clients
Works closely with high net worth clients to create an overall financial strategy that encompasses investments, estate planning, taxes, real estate holdings
Fund of Fund Analyst
Analyzes hedge fund managers and strategies, identify issues and trends within industry. Present recommendations to investment committee
MBA Career Management
Roles in Investment Management (continued)
Investor Relations
Strategy
Investment Consultant
Leadership Development
Programs
Analyze, create and communicate information about fund to financial community and investors. Typically work directly with CIO/CFO
Lead and support the development and advancement of the key strategic initiatives for different business lines. Work closely with business leadership
Assist clients with investment objectives, asset allocation structures, investment manager selection and evaluation and performance monitoring
High profile, fast track MBA programs designed to develop future leaders of company
MBA Career Management
Sample IM Internships
MBA Career Management
MBA Intern, Business Development and Operations Worked with CFO and COO to assess use of data/technology tools and quantitative analysis in current investment process. Overhauled sell-side broker process and interactions tracking
MBA Summer Equity Analyst Analyzed the Asian security services industry. Performed primary research and visited management teams in Korea and Japan. Presented industry findings and investment recommendations to Capital Group investors in Asia, the U.S. and Europe
Investment Analyst Evaluated investment opportunities in both rates and credit globally and presented recommendations to founder. Created model that successfully predicted Brexit before 5% of results had been published; story made BBG news.
Blue Ridge Capital
Discovery Capital
Young Alumni Roles in Investment Management
Mutual Funds
MBA Career Management
Hedge Funds
- Kathryn Hagy, Fixed Income Analyst (London)
- Mandela Toyo, High Yield Analyst
- Alejandro Luciano, Fixed Income Analyst - Stephen Campfield, Equity Analyst
- Paul Cho, Equity Investment Analyst
- Adam Pieczonka, Analyst
- Aidan Ryan, Analyst
- Zach Dauber, Analyst
- Sara Carter, Investment Analyst
Young Alumni Roles in Investment Management
Sell-Side Research
Endowments & Foundations
Private Wealth
MBA Career Management
- Bebe Zhao, Sr. Research Associate - Dan Melum, Sr. Research Associate
- Kwaku Abrokawah, High Yield Credit Research Associate
- Brandon Hoffman, Associate
- Kate Powell, Associate
- Karen Eifler, Director
- Lauren Castillo, Private Banker
- George Dutile, Private Wealth Advisor Summer Associate
- Wen Tang, Relationship Manager
Career Pathways BUY SIDE ANALYST ANALYST PM SELL SIDE BUY SIDE
Josh Lynn WG12
Caspian Capital 2012 - present
Mahmoud Sharaf, WG07
Fidelity Investments
Portfolio Manager 2010- present
Equity Analyst 2007-present
Avery Sheffield WG08
Brandywine Global
Sr. Equity Analyst 2011-present
AB Bernstein (formerly Sanford Bernstein)
Sr. Research Associate 2008-2011
MBA Career Management
Is IM for YOU?
• Varies by fund type and role
• Quantitative / Analytic Skills
• Modeling / Valuation • Company/Sector
analysis • Prior investing
experience – professionally and personally
• Sector / Geographic exposure
• Financial acumen • Current market
intelligence • 2+2 background
common
TECHNICAL SKILLS AND EXPERIENCE
• Demonstrated passion for investing / markets
• Communication skills • Interpersonal skills • Persuasion • High conviction • Intellectual Curiosity • Creative thinking • Consistency and
attention to detail • Humble; okay with
being wrong • High risk profile to go
after offer, and to make bets
• Self-starter
SOFT SKILLS
• Varies by fund type and size
• Collaborative vs. autonomous
• Structured vs. entrepreneurial
• Market driven • Work life can be great,
although summers are tough
CULTURE AND LIFE
MBA Career Management
Hiring Data
• Established employer relationships • Annual, steady demand • Extend multiple offers/yield multiple
students • Understand MBA recruiting value
prop
MATURE
• Developing employer relationships • Inconsistent demand year-to-year • Just-in-time hiring • Less clear on MBA recruiting value
prop
ENTERPRISE
Consulting, Banking, Sales & Trading, CPG Private Equity, Venture Capital, Media, Retail Social Impact, Start-Ups
Healthcare, Technology, Energy, Hedge Funds, Real Estate
Recruiting Strategy/Timing
Wharton Strategy
Student Strategy
• Employer Info Sessions, Employer Networking Night, Sponsorships, On Campus Recruiting
• Heavy Fall/Winter Recruiting
• Postings, resume book, networking • Throughout year; late in year/summer offers
Wharton Strategy
• Differentiate vs. other schools • Build market share • Find new ways for company engagement
• Develop compelling Wharton value prop • Expand/maintain vibrant Wharton network • Manage outreach with clubs/partners
• Prepare for EIS, Interviews, how to decide between firms, etc
• Networking-intensive • Alumni-intensive
Student Strategy
MBA Career Management
Mature & Enterprise Recruiting
• Established employer relationships • Annual, steady demand • Extend multiple offers/yield multiple
students • Understand MBA recruiting value
prop
MATURE
• Developing employer relationships • Inconsistent demand year-to-year • Just-in-time hiring • Less clear on MBA recruiting value
prop
ENTERPRISE
MBA Career Management
Mature & Enterprise Recruiting in IM
Two Strategies; One Search
Mature
• Employer Information Sessions
• Networking Expo • Coffee Chats • On-Campus Interviews
Enterprise
• Networking Connections • Job Postings • Wharton Community/Alumni • Informational Meetings • Treks, NYC and SF Expos • Digital Brand
Conduct a well-prioritized and balanced search to ensure recruiting success
MBA Career Management
Representative Outreach List: Summer 2016
MBACM has over 800 company relationships with asset managers and have conducted outreach with over 80 funds this summer to reveal hiring needs / trends
Funds returning in 2016-17:
MBA Career Management
Key Take-Aways from Summer Outreach
• Wharton students continues to rank highest among investment managers
• IM feedback on student performance:
- Team Collaboration
- Passion for investing – personal and professional
- Prepared
- Competitive and confident
- Polished
- Quantitative Rigor
- Personality / Adaptability
• Applying theory into practice
MBA Career Management
Accepted Internship Offers Investment Management/Hedge Funds *Preliminary data as of 7/2/16
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
2008 2009 2010 2011 2012 2013 2014 2015 2016
% of all accepted offers
MBA Career Management
Timing of IM/HF Internship Offers: Class of 2017 *Preliminary data as of 7/6/16
0
5
10
15
20
25
30
35
MBA Career Management
Timing of IM/HF Full-Time Offers: Class of 2016 *Preliminary data as of 7/1/2016
0
1
2
3
4
5
6
7
MBA Career Management
Companies That Made Internship Offers in 2016 *Preliminary Data as of 7/1/16
Hedge Funds ADM Capital
Altrinsic Global Advisors Alyeska Investment Group
Arbiter Partners Axar Capital Management
Balyasny Asset Management Blue Ridge Capital
Calixto Global Investors Carlson Capital
Caro-Kann Capital Cartica Capital
Caspian Capital China Asset Management
Circle Road Citadel - Global Equities
Citadel – Surveyor Davidson Kempner
Discovery Capital Management Elliott Advisors
Elliott Management Corporation Knighthead Capital Management
Latimer Light Capital Limiar Capital Management
Mile 26 Capital Newbrook Capital Nishkama Capital
Owl Creek Asset Management QVT Financial LP
Susquehanna International Group Suvretta Capital Management
Tourbillon Capital Partners Viking Global Investors
Investment Management AB Bernstein
Akre Capital Management American Century Investments
BlackRock, Inc. Brandes Investment Partners
Brookfield Investment Management Eaton Vance
Fidelity International Fidelity Investments
Fidelity Worldwide Services Fir Tree Partners
Franklin Templeton Investments Fred Alger Management
Fuller & Thaler Asset Management Dodge & Cox
INVESCO KAUST Investment Management
MetLife Investments
MFS Investment Management Parnassus Investments
PIMCO Robeco Group
T. Rowe Price. Group TCW
The Capital Group Thornburg Investment Management WEDGE Capital Management L.L.P.
Wellington Management Company, LLP
MBA Career Management
• Distressed Credit & Special Situations
• Equity Research
• External Portfolio Management/Co-Investments
• Special Situations Credit
• TPG Public Equity Partners
• Trading
• Investment Management • Private Wealth Management
• Equity Research (JPM Asia Pacific)
• Equity Research • Sales & Trading • Capital Markets
IM Internship Offers at Banks & PE Shops in 2016
MBA Career Management
IM Companies That Sponsored Students in 2016 *Preliminary Data as of 7/1/16
MBA Career Management
IM Companies – Full Time
Capital Group PIMCO
AllianceBernstein (Bernsein Value Equities)
Brandywine Global Yulan Capital Management
IM Companies – Internship AB Bernstein Dodge & Cox
KAUST
Brandes Investment Partners Wellington Management
MetLife Investments MFS Investment Management
Fidelity Investments PIMCO
Capital Group
Hedge Funds – Full Time QVT Financial PAAMCO Citadel – Global Equities
Hedge Funds – Internship Balyasny Asset Management Calixto Global Cartica Capital
Circle Road
Citadel - Global Equities Citadel - Surveyor Davidson Kempner
Discovery Capital Management
Latimer Light Capital, L.P. Newbrook Capital
Tourbillon Capital Partners Viking Global Investors LP
Source of IM Internship Offers: Class of 2017 *Preliminary data as of 7/2/16
68%
13%
2%
13%
2% 2%
Wharton Job - On Campus Recruiting
Wharton Job - Job Posting
Other
Personal Networking Connections
Wharton Alumni Contact
Return to Previous Employer
MBA Career Management
Source of HF Internship Offers: Class of 2017 *Preliminary data as of 7/2/16
57%
9%
4%
14%
5%
11%
Wharton Job - On Campus Recruiting
Wharton Job - Job Posting
Other
Personal Networking Connections
Trek Networking
Wharton Alumni Connection
MBA Career Management
Private Equity 28%
Investment Management 21%
Diversified Financial Services
15%
Investment Banking/ Brokerage
12%
Tech 9%
Venture Capital 6%
Social Impact 6%
Hedge Funds / Other Investments
3%
Pre-MBA Experience: Investment Management - Intern
MBA Career Management
Pre-MBA Experience: Hedge Funds/Other Investments - Intern
Private Equity 41%
Investment Banking/ Brokerage
16%
Hedge Funds / Other Investments
16%
Social Impact 12%
IM 12%
Real Estate 3%
MBA Career Management
Career Switching
94% 94%
85%
63%
46%
71%
48%
65% 60%
86%
63%
80% 87%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% Intern Accepted Offers – Reported “Industry Change”
MBA Career Management
Internship Salary Breakdown: Class of 2017 *Preliminary Data as of 7/1/16
Investment Management Hedge Funds
Number Accepted 32 33 Number Accepted (with salary data) 32 32
% of Accepted 4.86% 5.02% Monthly Salary Range $3,520-$12,500 $2,000-$20,800
25% Monthly Salary $8,800 $8,000
Median Monthly Salary $9,600 $10,416
75% Monthly Salary $10,417 $11,266
Number with Sign-On Bonus 2 0
Median Sign-On Bonus $373 NA
MBA Career Management
FT Salary Breakdown: Class of 2016 *Preliminary Data as of 8/15/16
Investment Management Hedge Funds
Number Accepted 24 20 Number Accepted (with salary data) 21 20
% of Accepted 4.08% 3.4% Annual Salary Range $120,000-$250,000 $100,000-175,000
25% Annual Salary $125,000 $125,000
Median Annual Salary $135,000 $145,000
75% Annual Salary $150,000 $150,000
Number with Sign-On Bonus 17 12
Median Sign-On Bonus $40,000 $25,000
MBA Career Management
Wharton MBA Alumni Survey 2014 - Total Compensation Median (25th percentile/75th percentile)
2010-2014 2005-2009
Investment Management n=205
$203,500 ($176,250/$269,000)
VP 32
$360,000 ($250,000/$620,000)
VP 41
Hedge fund n=69
$226,250 ($167,500/$261,250)
IC 14
$500,000 ($270,000/$775,000)
VP/D 23
MBA Career Management
IM Job Search at Wharton
August September October November December January
Work on your Resume
MBACM
Resume Book 9/18
(feedback)
EISs begin Oct. 24
Treks
EISs continue
Treks
Networking Expo: Nov. 7
FRP apps. due
IM Conference
IPS
Treks
IM Fireside Chats
FRP: Jan.
19-27
Treks
February March April May June July-Sept.
WRDI Conf.
Interviews
Receive
Offer
Interviews
Receive Offer
Interviews
Receive Offer
Interviews/
offers
Report your offers
Start
Internship
Intern
Invest, Pitch and Network
Invest, Pitch and Network MBA Career Management
IM/HF Recruiting: Timing of Key Events
Wharton IM and WRDI Clubs
IM Club: • NY Credit • NY Equity • Boston • Baltimore • West Coast • London • Hong Kong WRDI: • NY Distressed • NY Restructuring Advisory • NY Turnaround Consulting • West Coast Distressed • London Distressed • Hong Kong Distressed
CAREER TREKS
IM Club: • Stock Pitch Basics • Stock Pitch Critiques • Career Switcher Session • Lunch & Learn – Topical
Investment Issues • Career and Alumni Panels • Alumni pitch competition • Fireside Chats • Preparing for your Summer
Internship WRDI: • Small Group Dinners • Credit Pitch 101 • How to do Distressed Pitch • Case Studies
WORKSHOPS
IM Club: • IM Conference • Regional stock pitch
competitions WRDI: • Restructuring & Distressed
Investing Conference • Restructuring case
competition • Credit pitch competition • High Income pitch
competition
CONFERENCE
Fast Facts: • WRDI kickoff / happy hour Sept 12; +50 current members • IM club kickoff on Sept 13; +100 current members • Lead or Participate in a Trek • Pitch to Wharton Investment Management Fund
MBA Career Management
Tips for Recruiting in IM • All Job Seekers:
- Network within IM - Utilize the MBACM advising, tools & workshops - Determine where you fit - Take initiative and dive in - Follow up and be persistent
• Career Switchers: - Take the time up front to self assess and be confident IM is really right for you
before putting in all the work - Signal interest, passion and competence in space via CFA, pitch competitions,
WIMF, leadership roles, personal investing, modeling workshops, reading investing books etc.
- Go to IM Club info session for career switchers
• International Students/Global Job Seekers: - Local experience/expertise is highly valued so focus on roles/regions where
you can leverage that expertise.
MBA Career Management
Recommended Readings
• Value Walk - covers breaking financial news with an emphasis on value investing, hedge funds, large asset managers, Tech news, and Business news.
• Trusted Insight – the global network of institutional investors to conduct due diligence, explore career opportunities, find investor matches, and find talent.
• Hedge Fund Observer - a ‘talent dashboard’ for the hedge fund community including Who’s Hiring, Recent Hires, Company Directories, Hedge Fund Launches, and News & Insights. Use discount code WHARTONHFO for 20% discount!
• Adam Zoia with Aaron Finkel, Getting a Job in Hedge Funds, A Glocap Guide • Gillian D. Elcock, How to get an Equity Research Analyst Job • Ben Graham, The Intelligent Investor • Joel Greenblatt, You Can be a Stock Market Genius • Keith Moore, Risk Arbitrage: An Investors Guide • Seth Klarman, Margin of Safety • More on IM Research page!
MBA Career Management
MBACM Site Research Tools Research by Industry Investment Management
IM Industry Page
MBA Career Management
Next Steps and Resources • Online
─ Set up your CP profile
─ Begin your company list
─ Create CP job saved searches
─ Use offer directory and talk to 2Ys
─ Use SPIKE + LinkedIn to identify, but not yet reach out to Alumni
─ Use the IM Industry Page to start your research
• Workshops
─ Resume Book Training
─ Developing Your Pitch
─ IM Club events and stock pitch prep including kickoff on Sept. 13th
─ WRDI Club events including kickoff on Sept. 12th
• One on one advising
─ Set up an appointment with Jessica via MBACM website
MBA Career Management
Contact Information
Wharton MBA Career Management 50 McNeil Building, 3718 Locust Walk, 215-898-4383
Website: http://mbacareers.wharton.upenn.edu/student General Email Inquires: [email protected]
MBACM Contact Info:
Jessica Katz, Career Advisor [email protected] Jamie Hendel, Recruiting Relationship Manager [email protected]
Club Leadership Contact Info:
IM: John Chun [email protected] IM: Lisa Yang [email protected]
WRDI: Mark Saleme [email protected] WRDI: Fei Sun [email protected]
MBA Career Management
Questions?
Advice from the successful 2nd years
• PREPARE, and PREPARE EARLY! There is SO much that can be done before process kicks off
• Know thyself, reach out early to companies of interest and narrow down targets over time. Remain flexible but focused on interests. Think strategically – select opportunities that make sense both short and long term
• Start working on pitches early and practice
• Network inside and outside Wharton OCR
• Have focused story and be able to clearly articulate how it fits in with firm X
• Take a targeted approach so you don’t overextend yourself
• Cast a wide net – go on all office visits – talk to as many alumni as possible
• Be persistent and prepare multiple stock/credit pitches
MBA Career Management
Follow MBA Career Management:
@WhartonMBACM
WhartonMBACM
Career Switching
82% 79%
67%
20%
40%
54% 53%
18%
56% 57%
67%
83% 79%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
% FT Accepted Offers – Reported “Industry Change”
MBA Career Management
Investment Banking/ Brokerage
27%
Private Equity 23% Hedge Funds / Other
Investments 14%
Diversified Financial Services
9%
Retail 9%
Investment Management 9%
Consulting 4%
Other 5%
Pre-MBA Experience: Investment Management - FT
Private Equity 47%
Investment Banking/ Brokerage
16%
Consulting 11%
Hedge Funds / Other Investments
11%
Social Impact 5%
IM 5%
CPG 5%
Pre-MBA Experience: Hedge Funds/Other Investments - FT
Timing of Internship Offers: Class of 2017
0
50
100
150
200
250
300
350
Timing of Full-Time Offers: Class of 2016
0
50
100
150
200
250
300
350
400
MBACM and IM/WRDI Clubs IM Club MBA Career Management
Employer Relationships • Strong, deep industry relationships and
firm knowledge • Working to bring opportunities to students
and match employers with student population
Skill Development • Education workshops developed to
increase job search skills (resumes, cover letters, interviews, networking, research and online resources, etc.)
• Resume review process
Advising • Partner with you on self assessment,
setting priorities, job search planning, career education and matching, coaching, etc.
Skill Development • Education events via alumni speakers
(“A Day in the Life”, case studies, stock pitches, due diligence)
Career related • Regional treks to meet employers • Alumni mentoring • Mock interviews, club resume review
Other resources • Networking events • Speaker series • Student mentoring, coffee chats • International opportunities
MBA Career Management
Industry change from 1st to 2nd place of employment 2nd Place of Employment
1st place of Employment
Consulting and professional services n=463
Consumer goods/Retail n=282
Finance n=822
Government, Education, and Nonprofit n=176
Health, Biomedical, and Pharmaceuticals n=188
Manufacturing, Energy, and Construction n=233
Technology, Media and Telecoms n=399
Other n=370
Consulting and professional services n=752
221 (29%)
68 (9%)
130 (17%)
43 (6%)
54 (7%)
61 (8%)
111 (15%)
64 (9%)
Consumer goods/Retail n=252
36 (14%)
127 (50%)
17 (7%)
8 (3%)
6 (2%)
13 (5%)
25 (10%)
20 (8%)
Finance n=835
67 (8%)
26 (3%)
570 (68%)
21 (3%)
19 (2%)
31 (4%)
36 (4%)
65 (8%)
Government, Education, and Nonprofit n=95
15 (16%)
0 (0%)
11 (12%)
54 (57%)
1 (1%)
3 (3%)
5 (5%)
6 (6%)
Health, Biomedical, and Pharmaceuticals n=152
24 (16%)
2 (1%)
6 (4%)
9 (6%)
85 (56%)
7 (5%)
10 (7%)
9 (6%)
Manufacturing, Energy, and Construction n=236
28 (12%)
18 (8%)
35 (15%)
12 (5%)
9 (4%)
89 (38%)
21 (9%)
24 (10%)
Technology, Media and Telecoms n=306
40 (13%)
23 (8%)
17 (6%)
13 (4%)
5 (2%)
10 (3%)
178 (58%)
20 (7%)
Other n=305
32 (11%)
18 (6%)
36 (12%)
16 (5%)
9 (3%)
19 (6%)
13 (4%)
162 (53%)
Wharton MBA Alumni Survey 2014 – Industry Changes
MBA Career Management
Source of Internship Offers: Class of 2017 *Preliminary data as of 7/2/16
55%
16%
5%
17%
4% 1% 1% 1%
Wharton Job - On Campus Recruiting
Wharton Job - Job Posting
Other
Personal Networking Connections
Wharton Alumni Contact
Career Fair
Trek Networking
MBA Career Management Contact
MBA Career Management
IM Around the Globe
MBA Career Management
Baltimore
Boston
Hong Kong
London
New York Credit
New York Equity
San Francisco
Southern California
57
• Hedge Funds
• Mutual Funds
Institutional Asset
Managers
Wharton MBA Career Management
Investment Management Subsectors
Hedge Funds
Mutual Funds
Privately managed investment vehicle that has the ability to invest in a wide variety of securities using advanced investment strategies (ex. selling short)
Investments made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments. (ex. long only)