How to get your first job in funds management. Part 1.

Everyone’s career starts somewhere and your first career opportunity can be tough to get, especially in your industry of choice. I love hearing stories of people’s career journey and I am fortunate at times to be able to assist and advise on career opportunities for many in the Funds Management industry. Here is a story I thought was worth sharing about  Liang’s approach to finding his first job in Funds Management.

If you think you will find your dream job on SEEK…..think again.

Liang Tan – Portfolio Analyst – Franklin Templeton

How did you get your first position in the industry? From memory you had a very systematic approach to contacting Fund Managers. Can you talk me through your approach?

Outstanding grades, relentless networking and a parent pulling strings helps. Just kidding! If you want something, cut through all that red tape. Morningstar provides a free fund screener and you can use this to pick out the funds you’d like to help out. From there, what I did was prepare a somewhat unusual cold pitch: putting a cover letter & resume into an envelope, addressing it to a specific employee of the fund (happiest looking senior guy), then walking into their reception and hand delivering it like a courier would. I mean, pressing the delete button on emails is so much easier than chucking an intriguing letter into the bin, right?

“If you want something, cut through all that red tape.”

I recall you managed to arrange a meeting with a manager at Wingate Asset Management and you happened to be both reading the same book at time. On reflection, how important was this connection and to be able to build  rapport? Was it chance?

That’s right, all the funds in town I hit (all 4, I’m picky) turned me down, but Alastair Macleod who was then at Wingate Asset Management liked my initiative, and kindly offered to talk shop over a coffee. I took him up on that offer, and halfway through he asks me “what books are you reading?” So I pull out The Most Important Thing by Howard Marks and he says “Oh, I’m reading that too!” Sharing a laugh and getting along with the people you’ll potentially work with is always important.
Was it chance? Yes. But in saying that, if you don’t take initiative, there is no chance. What have you got to lose? Go roll the dice, and the best part is you can keep rolling till you get the number you want.

This meeting lead to your first opportunity. Can you tell me what you did?

A few weeks after that coffee, Al emails me out of the blue and asks me how my excel skills are (was capable of basic 3-statement modelling), and then later invites me to spend a week with them. I’ll remember that exact moment for as long as I’m alive. 

“I’ll remember that exact moment for as long as I’m alive.” 

They set me up with a Bloomberg terminal and got me to write a report up on Darden Restaurants and Accor Hotels, presenting my findings to the team on my last day there. Talk about throwing somebody into the deep end hey! It was a fantastic learning and growing experience for me, and they got an analysis/opinion on a company (which was alright in hindsight!)

Who were the other fund managers you approached?

From memory, I filtered my location to Melbourne and from there, looked through that massive list and culled through a few times:

• Vanguard –  I had a mentor who used to work there, big brand/company so thought they’d have the capacity for an intern (apparently not)
• Invesco – They have an Aussie fund that’s value oriented (the style I resonate with)
• Balanced Equity Management – Can’t remember exactly why I picked this one out, it’s really not a natural fit.
• Wingate Asset Management – Value oriented

Templeton didn’t show up in Morningstar at that point, or even in the second round of cold pitches the year after. My letter went through BEM to Franklin Templeton HR, and Templeton was looking around so I got really lucky. I didn’t even know they existed in Australia.

The two funds I was most hoping for were Invesco and Wingate, as they’re value stock pickers.

My strike rate was 1 coffee chat equalled one internship, 1 interview and my current position out of 8 applications over the whole period to fund manager’s and research houses.

“My strike rate was 1 coffee chat equalled one internship, 1 interview and my current position out of 8 applications over the whole period to fund manager’s and research houses.”

What are you doing in your current position with Franklin Templeton Investments?

The title is actually somewhat misleading. After the Melbourne Templeton Global Equity Group team realised my interests lay in research, they were very encouraging. Currently, most of my time is spent on:

• Stock specific research (70%)
• Generalist out-of-the-blue questions like “what’s the difference between ECB & BoJ QE?” or “what do you think about this mandatory convertible preferred vs. the ADR?” (20%)
• Building bespoke marketing decks the portfolio manager speaks to/client related requests etc. (10%)

What are your longer term career plans?

To go where my talents, passion and hard work combined can contribute the most to our world. I’ll also settle with Jedi Master.

What do you do outside of work?

Aside from the usual muck-around with friends/family/girlfriend, gym etc., I spend part of my time reading (only business non-fiction or investment related, sounds tragic doesn’t it) and the balance on competitive gaming (CS:GO currently).

 

Cheers

 

Matt

Matt McGilton – Director 

 

---

Kaizen Recruitment combines invaluable industry experience with specialist recruiting services. Turn to Kaizen when you need assistance with recruitment in financial services. Please call +61 3 9095 7157 or submit an online form.