Asset Management Sales and Distribution - Career Progression and Compensation
Hi everyone, I recently accepted a graduate offer at a large asset manager (think BlackRock/Fidelity/abrdn) in SG/HK, within the sales and distribution part of the business. The programme involves rotations in various sales teams.
Does anyone know what one's career progression in Sales & Distribution would be like? I am new to AM and as a former IB intern, I am only familiar with the Analyst > Associate > VP > ED/Director > MD path/ranks. So far, I've seen people becoming Head of [Client/Product Group] Sales on LinkedIn after decades of experience, but I don't know what titles and responsibilities they had before that.
On top of that, what would compensation in this path eventually be like a few years into it?
I'd love to hear what anyone has to say (even if you're based in NY / London / etc. and not in Asia). Thank you for your time!
I work in LO and am somewhat aware of the distribution side of the business despite not working in it. Because of this, please take my word here with a grain of salt. I work in investments and have never spent a day working in a sales job.
I think it firstly matters what kind of distribution work you're doing, particularly who your clients will be.
If your clients are institutional:
More likely, you'll be on the Retirement Plan Services side to start:
Lastly, you could be dealing either with Individuals or Intermediaries (which are similar-ish for distribution purposes (at least that's how they're organized where I work)):
You may have noticed that there is no Analyst -- > Associate -- > VP -- > MD pathway here. That's not how this part of the business really works. There's junior staff, their managers, and their managers. Continue until you get the Head of Global Distribution, who reports to the CEO. Usually, your goal will be to get a part of the sales division that can provide considerable upside, perform really well, and then become a manager of a slightly adjacent part of your job. Say you work in Institutional Sales: if a role in Institutional Client Services opens up where you can be a manger, that would be a smart next step, and from there, you can become the Head of Institutional, and so on.
I know you are in a rotational program, so you'll likely get to see many of the areas I mention above. Pick the one where you can sell the best and where you can get the most upside personally. Happy to provide more details if you want. Good luck!
Thanks for the insight! Would you happen to have any ballpark figures for compensation?
One more thing - have you ever seen juniors move from distribution to the investing side? I'm wondering if it would be possible for me to do that 1-2 years in, and if so, how I can best position myself for such roles...
As for compensation. No clue. It seems to vary so widely that I can't even really ballpark.
It's possible to go from distribution to buy-side trading. But it's harder to get into a traditional investing role, but it's possible. Just be prepared to start in a particularly junior role when you make the move.
Sales (distribution) at AMs is quite lucrative. If you get to Head of X, even more so. Decent "Wholesalers" typically earn 500k+ once they're established. It could take several yrs to get the position and then a few more to earn that income. Institutional Reps make similar money at least at the firms I know well (large AMs). They're both coveted spots. Typically, once you're in that spot, you're not looking for exits, but rather building a long term career in distribution as client facing roles are both lucrative and impactful to the organization. Anytime you generate revenue you are an important stakeholder.
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