Mutual Fund- PWM? PB? AM?
Hi,
I am interested in a position in the NY office of a private client division of a major mutual fund company (Fidelity/Blackrock/Neuberger/PIMCO/MFS etc.) This is not a position in retail, I would handle customized portfolio management and some client services for HNW clients. I wanted to know where this position would fall under- PWM? Private Banking? Asset Management?
In comparison to the institutional side, the private client group holds an extremely small percentage of assets (>3%). The firm has little attention of wealth management services, so does this mean it is basically Asset Management in the PC division?
Also what is the difference between these fund companies PC groups and the wealth management divisions of JPM/MS/CS?
All help is grateful!
Probably focused mostly on using the funds at the company to structure solutions for UHNW clients as opposed to using open architecture to find the best funds available. On the flip side your fund family may not charge the client a load fee (access to I or advisory shares) which may be their incentive to work with you
this sounds like Asset Management. I have no idea how these firms differ from PWM, but I'd imagine it's more pure play asset management to family offices & institutions, because as long as those companies sell their products to wealth management firms, they have a vested interest in NOT competing with MS/UBS/ML on wealth management (JPM & CS are private banks).
check out my blog series for more detail on PWM. written 3 pieces about it already, won't write more here.
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