Best Multi-Asset Team

Hi everyone,

I am a first year Economics student from the UK and quite interested in research and macro driven investing. When looking for potential internships, I recently came across multi-asset investing which seems to fit my interests quite well. From what I understand, the job entails asset allocation and top down portfolio construction, but I was wondering how the big players like Fidelity, BlackRock, Schroders, Amundi etc actually differ in their approach regarding Multi-Asset investing and which AM company has the strongest Multi-Asset Team in general (especially in Europe)?

Also, would you recommend doing an internship in the multi-asset space when my goal is to hopefully become a macro PM in the future or would an internship in Fixed Income research make more sense?

 

Schroders, Wellington, TRP, Fidelity, Ruffer (though performance has been not as great in recent years and a botique), Fulcrum. Hard to find non insurance owned players in the EU. Amundi is far too passive. 

 

Also MA -> Macro HF is tough (though not impossible, know a guy that ended up at MLP after being at an insurance owned AM for 10 years), I am trying to do it myself and sit on quite an active desk. You’re likely better off trying to go down S&T route. That said I think FI and MA comes down to the strategies your eventual team run. FI can be plain index +\- a few years and MA  can be very much the same. Look for active managers that are not benchmark huggers (each of the shops above have some strategies where they are more active), but I would say it’s still tough.

 

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