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Wealth Management
Can anyone tell me what it's like working in this sector? I have the chance of going into wealth management (at a top firm) but I'm not too sure on the future of it (and hence of my job security). How do you compare it to IB and is there a lot of travelling?
Thanks
Thanks
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Not the most respected, but good hours, but the pay initally is not as strong as S+T or IBD. It can grow substantially if you're good at client relationships and can bring in big clients. My good friend was promoted to associate within 1.5 years at GS after bringing in an absolutely monster client. Exit opps are setting up your own firm and managing those relationships you've cultivated on your own and making top dollar as a result.
rboogie
Not the most respected, but good hours, but the pay initally is not as strong as S+T or IBD. It can grow substantially if you're good at client relationships and can bring in big clients. My good friend was promoted to associate within 1.5 years at GS after bringing in an absolutely monster client. Exit opps are setting up your own firm and managing those relationships you've cultivated on your own and making top dollar as a result.
When you say not as strong, do you have any ideas of rough figures for 1st year and escalation in 2nd and 3rd?
Think it helps a lot if you hang about in the 'right' places, went to the 'right' schools etc etc to catch the big clients. And I suppose being 'cultured' in high society.
Haven't met anyone in wealth management (at least at my firm) who isn't British and posh as hell. Whereas you get more Europeans and people of other nationalities in the other divisions.
shady lane
Haven't met anyone in wealth management (at least at my firm) who isn't British and posh as hell. Whereas you get more Europeans and people of other nationalities in the other divisions.
To be fair, wealth management everywhere else is pretty far from the top end of the industry which is basically dominated by UBS and Credit Suisse who each have something in the order of 3 or 4 times the assets under management of industry number 3.
shady lane
Haven't met anyone in wealth management (at least at my firm) who isn't British and posh as hell. Whereas you get more Europeans and people of other nationalities in the other divisions.
Oh really? I was unaware that such a culture exists.
Who would you rank as the largest and 'best' in WM?
You&Us.
academic
And not GS?
Hell no!
They're **** at it.
academic
Lol - I though GS was the dog's *******s at everything.
Then you're ignorant. Sorry.
That people would do some research.
We can take the specific example of Private Wealth Management.
UBS have about 4 trillion USD of private wealth in their hands. Credit Suisse have about 3.5 trillion USD of private wealther in theirs. They are clear number 1 and 2 in the industry. While many think of them as investment banks in here, in their own right, they operate more like private banks with an investment banking division on the side.
Until a couple years ago, Bloomberg's company profiles said something very similar to that about UBS back when their investment bank was barely top 15 in the world before they made a variety of acquisitions to become who they now are.
The 3rd biggest player in private wealth management is probably HSBC with around or just over 1 trillion in assets under management. Then you've got Barcap at a lower level and then I think RBS after acquiring Coutts is a bigger name in private wealth than Goldman.
Goldman really are not private wealth heavyweights. They are but small insects in the jungle that is really just dominated by two extremely fierce 800 lb gorillas in the shape of UBS and Credit Suisse who between them have well over 50% of the private wealth management business.
UBS have about 4 trillion USD of private wealth in their hands. Credit Suisse have about 3.5 trillion USD of private wealther in theirs. They are clear number 1 and 2 in the industry. While many think of them as investment banks in here, in their own right, they operate more like private banks with an investment banking division on the side.
Until a couple years ago, Bloomberg's company profiles said something very similar to that about UBS back when their investment bank was barely top 15 in the world before they made a variety of acquisitions to become who they now are.
The 3rd biggest player in private wealth management is probably HSBC with around or just over 1 trillion in assets under management. Then you've got Barcap at a lower level and then I think RBS after acquiring Coutts is a bigger name in private wealth than Goldman.
Goldman really are not private wealth heavyweights. They are but small insects in the jungle that is really just dominated by two extremely fierce 800 lb gorillas in the shape of UBS and Credit Suisse who between them have well over 50% of the private wealth management business.
Bumming around vying for third with various other like the above mentioned and Citi and JPM. But really, it is a two horse race which is in just about every and any place, won by UBS.
HSBC only manages to put itself into a probably clear 3rd for taking the lead in islamic banking and so managing to make a huge client grab in the Middle East. I don't know where their growth is going to come from and I don't know if the clients will stick around as other banks catch up.
PWM is a market where the leader is only near competitor is well defined. It is also very clearly an area where Goldman are ****.
Most would argue that for equities, UBS and Merrill are both ahead of Goldman. For credit derivs and possibly all credit, Deutsche Bank and JP Morgan are ahead of Goldman too.
Goldman earns all its prestige from two divisions. M&A where it is amazingly enough despite the size difference, still earning more than Citigroup and much more per head - although they are finding their margins squeezed.
The other in the principal management division - aka - prop desks which is where almost all the star traders who aren't in a hedge fund, are, because Goldman practically treats it like a hedge fund anyway.
HSBC only manages to put itself into a probably clear 3rd for taking the lead in islamic banking and so managing to make a huge client grab in the Middle East. I don't know where their growth is going to come from and I don't know if the clients will stick around as other banks catch up.
PWM is a market where the leader is only near competitor is well defined. It is also very clearly an area where Goldman are ****.
Most would argue that for equities, UBS and Merrill are both ahead of Goldman. For credit derivs and possibly all credit, Deutsche Bank and JP Morgan are ahead of Goldman too.
Goldman earns all its prestige from two divisions. M&A where it is amazingly enough despite the size difference, still earning more than Citigroup and much more per head - although they are finding their margins squeezed.
The other in the principal management division - aka - prop desks which is where almost all the star traders who aren't in a hedge fund, are, because Goldman practically treats it like a hedge fund anyway.
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