"Now you can concentrate on the big-ticket retail!"
--Lynch (Wall Street)
The first RISE session I atteneded this morning, "Investment Life Cycle," was hosted by four people from BlackRock and one from UBS. BR is the largest asset manager in the world with about $3.7 under management. This is split between actively managed mutual fund type products and the rest being passive ETF products (BR owns the i-share series of ETFs).
Two of the BR people were strategist types advising their portfolio managers as well as about 75ish BR wholesaler/consultant types who essentially market BR products to firms managing money for clients. The UBS guy, a senior VP who oversees about $600 million regional client accounts for the firm, is an example of a 'customer' of the BR supply chain.
The BR wholesaler meets with the UBS guy ~quarterly to share new products/service and to understand client needs.
This sketch provides just one of a mindnumbingly large number of ways products and services are distributed in the industry. It adds to my quest to better understand (examples of previous lessons learned at RISE here, here) how the financial services industry is structured and how it operates.
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Blake: These are the new leads. These are the Glengarry leads. And to you they're gold, and you don't get them. Why? Because to give them to you would be throwing them away. They're for closers.
~Glengarry Glen Ross, 1992
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