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Asset Management Summer Internships 2012

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    Hi

    I am looking for a bit of advice. Having researched my options, I would like to pursue a career in asset management. The high stress/ very long hours of Investment Banks just doesn't appeal to me, but I have a healthy interest in finance and investments.

    I am going into my 2nd year of Economics at Cambridge - I got a 1st in first year, and I am professional, well presented, and personable. I have worked before and have run my own company briefly and successfully - although I have no direct experience, I highly doubt that lacking a week at some IB would really jeopardize my chances. As such I assume that with a bit of preparation, I can reasonably expect to get an internship.

    Was wondering if anyone had any advice of websites to research asset management houses/ different divisions etc. Obviously I have been searching myself, but I would love to hear any suggestions - I probably haven't picked it up yet!

    Thanks!
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    (Original post by Alpha5)
    Have you done a spring week at any BB IB's?
    No, why?
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    some IBs have good AM divisions although I don't know how many hire interns (Maybe JPM or Lazard). most AMs don't do internships but there is Baillie Gifford, Schroders, Fidelity, Ruffer and Aberdeen Asset Management (I know there are one or two more but that is off the top of my head). there aren't any different divisions...there is investment management or operations (in some of the bigger places they may have risk).

    you won't need a spring week or anything (some places you don't necessairly need an internship) but you do need to be good..."with a bit of preparation, I can reasonably expect to get an internship"....one word: hubris. you don't know what your talking about, thats all you should know. no1 cares if you went to Cambridge, they want money. i don't mean to be rude but that is the way it is.
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    I applied to AM firms for internships last summer, so I can help you somewhat.

    The first thing that you need to realise is that they are brutally competitive. Apply to whichever company you can. A good place to find a list of asset management companies is www.trustnet.com - it also has a lot of useful information about the retail funds they provide. crcr is right, the attitude you show with the sentence "with a bit of preparation, I can reasonably expect to get an internship" is not one that is going to be successful.

    Off the top of my head, the places I applied to were: Blackrock, HSBC GAM, GSAM, MSIM, Baillie Gifford, Aberdeen AM, Schroders, Fidelity, M&G. Also, apply to all other roles that are linked, such as investment consultancy, pensions actuarial, PWM, discretionary fund management etc.

    The Cambridge name will only get you so far. Once you are into an interview, then it is down to you and you alone. If someone from a lesser university, such as the university of Birmingham (like me) comes in and performs better on the day then your university and degree means didily squat.

    If you have any more questions, feel free to quote/PM me
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    Just completed an internship at JPMAM - great firm, and they have roles on all sorts of desks - I was on Equities, and there were some other on Fixed Income, Real Estate, Investment Trusts, Ops, Risk and Finance. Applications are fairly competitive, just because there are only a few spots each year (our intern class was just 20-strong), and there are less AM internships going in the industry as a whole. I didn't have any formal experience at banks either, though I had enough other work experience (Consultancy, Law, Mathematical Research, and also working in the College Bar alongside studying) and demonstrable interest in the markets that it was alright. Definitely don't assume that you deserve anything - being smart is of course useful, but if you can't interact properly with your interviewers, or seem enthused by the role in front of you, you've got no chance.
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    Thanks guys - didn't mean to seem like I was resting on my laurels so much, just more wanted to show that I was a realistic candidate.

    Was wondering what sort of things I could look at/ do to show interest in the markets/ the job?

    Cheers!
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    (Original post by henryt)
    Just completed an internship at JPMAM - great firm, and they have roles on all sorts of desks - I was on Equities, and there were some other on Fixed Income, Real Estate, Investment Trusts, Ops, Risk and Finance. Applications are fairly competitive, just because there are only a few spots each year (our intern class was just 20-strong), and there are less AM internships going in the industry as a whole. I didn't have any formal experience at banks either, though I had enough other work experience (Consultancy, Law, Mathematical Research, and also working in the College Bar alongside studying) and demonstrable interest in the markets that it was alright. Definitely don't assume that you deserve anything - being smart is of course useful, but if you can't interact properly with your interviewers, or seem enthused by the role in front of you, you've got no chance.
    How did you apply to this position ? was it though JPM and then they places you in the AM division or was it an application direct to the AM. I was in the credit hybrids trading desk last spring and they were going to be moved to Asset Management.
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    (Original post by Buddy K)
    How did you apply to this position ? was it though JPM and then they places you in the AM division or was it an application direct to the AM. I was in the credit hybrids trading desk last spring and they were going to be moved to Asset Management.
    Direct to AM. A few of the trading desks will be moving over to AM, so they can keep the good traders on that will be affected by the implementation of the Volcker Rule.
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    (Original post by Mr. Jones)
    Thanks guys - didn't mean to seem like I was resting on my laurels so much, just more wanted to show that I was a realistic candidate.

    Was wondering what sort of things I could look at/ do to show interest in the markets/ the job?

    Cheers!
    I guess the most obvious thing would be to start your own portfolio, whether virtual or real.
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    (Original post by henryt)
    Just completed an internship at JPMAM - great firm, and they have roles on all sorts of desks - I was on Equities, and there were some other on Fixed Income, Real Estate, Investment Trusts, Ops, Risk and Finance. Applications are fairly competitive, just because there are only a few spots each year (our intern class was just 20-strong), and there are less AM internships going in the industry as a whole. I didn't have any formal experience at banks either, though I had enough other work experience (Consultancy, Law, Mathematical Research, and also working in the College Bar alongside studying) and demonstrable interest in the markets that it was alright. Definitely don't assume that you deserve anything - being smart is of course useful, but if you can't interact properly with your interviewers, or seem enthused by the role in front of you, you've got no chance.
    Do you know what the conversion rate from internship to full time was for JPM AM?
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    (Original post by Swayum)
    Do you know what the conversion rate from internship to full time was for JPM AM?
    There's no automatic pipeline - we have to reapply, but there's some 'fast-tracking' in place, from what I understand. I think that's fair enough when there are so few interns and so few grad positions going, not necessarily on the same desks on which interns were placed. Obviously, they have 8 weeks of data on us, so we have a distinct advantage if they liked us!
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    Hi thought I would try and revive this thread. Has anyone been interviewing/got offers so far?
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    Nothing yet! ... Where have you applied so far, QUB11?
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    M&G - online test invite 4 weeks after applying
    Aberdeen AM - telephone invite (deadline day application)
    Schroders - rejection (deadline day application)

    Who all did you apply to?
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    (Original post by QUB11)
    M&G - online test invite 4 weeks after applying
    Aberdeen AM - telephone invite (deadline day application)
    Schroders - rejection (deadline day application)

    Who all did you apply to?
    M&G - did verbal tests waiting reply
    Aberdeen - got rejection letter by post today :/
    Schroders - rejection about a week ago
    Baillie Gifford - waiting reply, applied beginning of Jan
    Ruffer - waiting reply, applied end of Jan just before deadline
    Santander AM - got my telephone interview last week. waiting reply
    VTB Capital - got my telephone interview last week. waiting reply
    Blackrock - portfolio analytics - waiting reply, applied beginning of Feb

    not the best outlook..

    QUB, you applied only to those 3 ? congrats on Aberdeen interview!
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    Has anyone heard/know of anyone who's heard from schroders since the tests?
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    If anyone managed to get an interview with Aberdeen AM in March, have you heard back from them yet?
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    (Original post by Mechanicalorange)
    If anyone managed to get an interview with Aberdeen AM in March, have you heard back from them yet?
    No not yet, I was advised at the time that we'd hear back in the first week of April.

    Anyone else got an interview lined up with M&G?
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    Guys, what kind of hours do people in Asset Management work?
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    (Original post by Budgie)
    Guys, what kind of hours do people in Asset Management work?
    Normally 10ish hours, 8-6/7 for UK markets.

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