| Topic Name: |
Strategist role |
| Message Name: |
re: |
| Date Posted: |
08/01/2003 |
| In Reply To: |
Some Wall Street firms seem to have a "Strategist" role. On the Equity side, Rich Bernstein of Merrill is an example. Basically, the group publishes high level research that recommend sector/asset allocations, and makes macroeconomic forecasts that lead to investment decisions.
There are equivalent positions on the FI side which make interest rate calls and recommend (sometimes quite exotic) trades which take advantage of particular moves of the yield curve.
Difference between these "strategist" roles and regular equity/fi research seems to be a macro vs. a micro focus.
--- after that long intro! My question is:
- Are there equivalent roles on the buy-side with separate career paths? Effectively, the PM plays his "strategist" role and the career path to a PM is being a research analyst. But do buy-side firms have a separate group of people who play this distinct strategist role? Maybe an "economics" group? How about in pension funds and insurance firms rather than mutual fund type asset managers?
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| Message: |
buy-side firms employ investment strategists as well as research analysts, just like the sell-side. The difference is that the research in the sell-side is for the clients, while research in the buy side is in-house. For instance, the Frank Russell Company has their Investment Management & Research Division (IMR) which employs manager research analysts as well as capital markets research analysts and investment strategists.
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