2007 IMC Kickoff Presentation


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2007 IMC Kickoff Presentation

  1. 1. Investment Management Club Kickoff Meeting September 27, 2007
  2. 2. 2007-2008 Leadership Team Starting Hedge Fund Sales & Trading Hedge Fund Ed Lalanne Sirios Capital Management Investment Banking Private Equity Scott Hartman Venor Capital Management Investment Banking Private Equity Ben Hockenberg D.E. Shaw & Co. Investment Banking Private Equity James Rich Summer Internship Prior Experience Faculty Advisor: Professor Korajczyk
  3. 3. Role of the IMC <ul><li>Educating students about portfolio management and various styles of investing </li></ul><ul><li>Providing students with the resources to obtain investment management internships and full-time positions </li></ul><ul><li>Advancing the reputation of Kellogg as a top-tier investment management program </li></ul><ul><li>Facilitating the exchange of investment ideas (for interview preparation or personal interest) </li></ul>
  4. 4. Investment Management Trends <ul><li>The investment management industry has undergone substantial change in the past several years </li></ul><ul><li>The number of investment management firms has grown rapidly, driven primarily by hedge funds </li></ul><ul><li>Firms are responding to the resulting increased competition for returns by enhancing research capabilities / intellectual capital </li></ul><ul><li>Growth in assets under management has caused firms to expand beyond core strategies (debt/equity, private/public, domestic/international, real estate) </li></ul>
  5. 5. What Does This Mean For Recruiting? <ul><li>There is growing demand for MBAs in the investment management industry </li></ul><ul><li>More firms are establishing formal internship programs </li></ul><ul><li>The investment management recruiting process remains highly unstructured vis-à-vis banking or consulting </li></ul><ul><li>Plenty of opportunities exist, but you should be prepared to have a lengthy recruiting process that could last well into the spring </li></ul>
  6. 6. Recruiting Prep <ul><li>Start now! </li></ul><ul><li>Stay informed: follow the capital markets, read the Wall Street Journal, Barron’s and anything else you find useful, follow specific stocks/sectors, invest on your own… </li></ul><ul><li>Have a well thought out opinion: Why are you pitching a particular stock in an interview? Where is the market heading? Where is the price of oil heading? </li></ul><ul><li>Attend IMC Club meetings and pitch stocks </li></ul><ul><li>Take Finance and Accounting courses </li></ul><ul><li>Take advantage of everything Kellogg and the IMC has to offer: CMC library resources, resume review, mock interviews, speakers, alumni network, interactions with the Asset Management Practicum, lunch/meetings with 2 nd years… </li></ul>
  7. 7. Investment Management Firms <ul><li>Investment Banks </li></ul><ul><ul><li>Sales & Trading </li></ul></ul><ul><ul><li>Private Wealth Management </li></ul></ul><ul><ul><li>Sell-Side Equity Research </li></ul></ul><ul><ul><li>Asset Management Divisions </li></ul></ul><ul><li>Mutual Funds </li></ul><ul><li>Hedge Funds </li></ul><ul><li>Fund of Funds </li></ul><ul><li>Insurance Companies </li></ul><ul><li>Pension Funds </li></ul><ul><li>University & Non-Profit Endowments </li></ul>On-Campus Job Search Off-Campus Job Search
  8. 8. Sample Firms That Have Recruited @ Kellogg
  9. 9. Last Year’s Recruiting Environment <ul><li>~200 positions in investment management were available to Kellogg students last year </li></ul><ul><li>27 first-year students reported to the CMC that they worked in IM during the summer </li></ul>Summer Internship Acceptances by Month
  10. 10. MBA Competitions <ul><li>Cornell Stock Pitch Competition - 11/2 – 11/3 </li></ul><ul><ul><li>Sponsored by Wellington, Fidelity, Barclays, UBS, TIAA-CREF </li></ul></ul><ul><ul><li>Resume book provided to recruiters </li></ul></ul><ul><ul><li>Application to Kellogg IMC due 10/1 </li></ul></ul><ul><ul><li>More information available at www.mbastockpitch.com </li></ul></ul><ul><li>Evergreen Investments Alpha Challenge @ UNC – 11/9 </li></ul><ul><ul><li>Sponsored by Evergreen Investments, Morgan Stanley, Fidelity, Chilton Investment Company </li></ul></ul><ul><ul><li>Application to Kellogg IMC due 10/1 </li></ul></ul><ul><ul><li>More information available at www.alphachallenge.com </li></ul></ul>
  11. 11. IMC Meetings and Events this Fall <ul><li>Club meetings consisting of stock pitches and other activities including: </li></ul><ul><ul><li>A security analysis primer from Professor Vincent </li></ul></ul><ul><ul><li>2 nd Year internship panel </li></ul></ul><ul><ul><li>Industry speakers </li></ul></ul><ul><ul><li>Course registration advice </li></ul></ul><ul><li>First year mentorship program (details forthcoming) </li></ul><ul><li>In addition to weekly meetings, the IMC is planning: </li></ul><ul><ul><li>Resume review and mock interviews </li></ul></ul><ul><ul><li>Tour of CMC library resources </li></ul></ul><ul><ul><li>Outside speakers </li></ul></ul><ul><ul><li>Events with the Asset Management Program </li></ul></ul><ul><ul><li>Social events </li></ul></ul>
  12. 12. Upcoming Events <ul><li>October 1 st , 10:00am: Deadline to register for stock pitch competitions </li></ul><ul><li>October 3 rd , 7:00pm: David Kabiller – AQR Capital Management - “Demystifying Hedge Funds” </li></ul><ul><li>October 4 th , 12:15pm: Careers in Finance 2 nd Year Panel </li></ul><ul><li>October 11 th , 12:15pm: PIMCO – “Intro to Fixed Income Investing” </li></ul>
  13. 13. Leadership Opportunities for New Students <ul><li>We are offering several opportunities for 1 st Year and 1Y students to get involved in the IMC, including: </li></ul><ul><ul><li>Media Club Coordinator </li></ul></ul><ul><ul><li>Alumni Relations Coordinator </li></ul></ul><ul><ul><li>Speaker / Events Coordinator </li></ul></ul><ul><ul><li>Admissions Coordinator </li></ul></ul><ul><ul><li>Webmaster </li></ul></ul><ul><li>If you are interested in applying for one of these positions, please sign up on the sheet in the front of the room </li></ul>
  14. 14. Media Club <ul><li>Media Club is a packet of investment management topical articles & media of interest sourced from all members of the IMC </li></ul><ul><li>Please email [email_address] soft copies of articles of interest that pertain to the investment management industry; investment ideas; fund management & strategy; anything you read that you found interesting and feel club members would benefit from – Media Club’s success depends on its members – if you read something of interest, err on the side of sending it </li></ul><ul><li>Hard Copies of new Media Clubs will be available monthly at IMC meetings; we are working on sending Acrobat soft copies via email </li></ul><ul><li>Examples: articles from Barron’s, WSJ, McKinsey Quarterly, excerpts from books, industry interviews, articles from Forbes, Fortune, Business Week, etc </li></ul>
  15. 15. Asset Management Practicum <ul><li>New academic curriculum taught by Professor Korajczyk </li></ul><ul><ul><li>Students manage a portion of Kellogg’s endowment (currently $2.5m) </li></ul></ul><ul><ul><li>Rotating roles: industry analysts, traders, portfolio managers, quantitative strategy analysts </li></ul></ul><ul><ul><li>Speakers and investment theory sessions also a part of the program </li></ul></ul><ul><li>3 or 4 quarter program that begins in the spring of 1st year </li></ul><ul><ul><li>Must take full sequence (3 or 4 quarters) to earn credit </li></ul></ul><ul><ul><li>Students admitted to program based on application with limited course bidding </li></ul></ul><ul><li>Full information session on AMP planned for November </li></ul>
  16. 16. Q&A