AllianceBernstein Buyside Research (Mutual Funds)
I have an opportunity to interview with AllianceBernstein for one of their mutual fund teams as a junior buyside research analyst. Does anyone know anything about these guys other than what is readily available? Ie, prestige, career trajectory, et al. Things obviously depend on the group, but how do they compare to other long only funds in general. Any thoughts would be appreciated.
I talked to a guy there a few months ago. Pay's a bit below average for AM, but are good on work-life balance. They apparently promote more from within than Pimco/Capital/Wellington, and are a bit more lenient on getting a MBA. The guy I talked to said rewards and compensation were pretty political, but that could just be him.
Prestige shouldn't dictate your decision, but it is probably top 10 in AM? It sits just behind Blackrock/Pimco/Fido/Wellington. I'd put them on par with T.Rowe and Franklin Templeton.
Seriously, buyside research is a great gig. The best way to move to another buyside shop is to already be working, and doing well, at a buyside shop.
Thanks- very helpful. I guess I meant prestige as in, if things don't work out there (know they've seen a drop in funds lately) what would be the other options I would be left with. Which it seems like I shouldn't worry about I guess, as you addressed it as simply having a job helps.
One of the top places to work for on the buy-side in NYC. Great experience, the place is in a state of flux - new CEO, asset outflow, restructuring but at the end of the day they are still a top 5 long only place globally. The pay on the Bernstein (value) side has been below average but the people were truly amazing. Alliance side used to pay better - but they are changing the structure right now.
Thanks for the input, and that all sounds like good news. I obviously am still well beyond thinking about comp, as I am looking at an initial meeting with them, but since you both brought it up, how big is the pay differential? I would be meeting with the Bernstein side- are we talking 70-80% of average pay, or lower?
Well historically Bernstein had more assets and a lot fewer people - Alliance I think used to have 2x the number of the people with a lot less assets. They hired this guy Peter Krause from GS by the way of ML and he is trying to fix this. The story is that Alliance bought Bernstein 10 years ago at the peak of the internet bubble, Alliance was a growth shop, Bernstein was a value shop - obviously back then growth was in vogue. But then the internet bubble crashed and Alliance's performance went into the toilet, at the same time Bernstein with their value approach had a monster decade in terms of asset gathering so the Bernstein people ended up taking over the combined organization. However by 07/08 Bernstein quant screens were telling them to buy financial stocks (as dis every quant model on the street) so they got massively overweight financials at the wrong time - so now the Bernstein side of the biz blew up. I would not be concerned with pay at this point - I think they are trying to get the pay system aligned between the two businesses. Bernstein is as blue chip as it gets on the long only buyside - you go there you can pick your next employer if you are good. Their interviews are pretty tough - it is all Harvard/Stanford/Wharton MBAs and a lot of exMcKinsey people... good luck
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