Goldman, Sachs & Company
Investment Management Summer Analyst
Investment Management works with clients, from individual investors to large financial institutions, to develop advanced portfolio management strategies to help them achieve specific goals for their own or their institution's financial future.
Investment Management teams:
- Develop and manage customized investment portfolios and discretionary funds for institutions, corporations, pension funds, governments, foundations and individuals in countries around the world
- Design and manage families of mutual funds
- Build and maintain lasting relationships with institutional and high net worth individual investors and their consultants
- Manage relationships with investors and provide a full range of reporting and accounting services
- Work closely with professionals in other divisions of Goldman Sachs to develop new client relationships and to create new products
- Investment Management consists of two major global businesses: Private Wealth Management and Goldman Sachs Asset Management.
In addition, IMD has a Business Planning team that provides financial analytic support and strategic advice to the senior leadership of the division.
Private Wealth Management (PWM)
Private Wealth Management secures, develops and manages relationships with high net worth individuals, their families, family offices and foundations.
Goldman Sachs Private Wealth Management helps clients by:
- Building and preserving their financial wealth by creating and implementing long-term asset allocation within the context of each client’s particular risk tolerance
- Providing access to innovative investment ideas and opportunities
- Developing customized investment strategies
- Offering a full array of wealth management products and services, including private banking and trust company services
Private Wealth Products and Services
Trust Company The Goldman Sachs Trust Company, N.A. (“Trust Company”) is a national bank limited to fiduciary activities built to be the model for a truly modern, 21st century trust organization, providing sophisticated, high-touch trust and estate administration and related services to ultra high net worth clients across the US. An integrated part of Goldman, Sachs & Co.’s Private Wealth Management services, the Trust Company is a full-service corporate fiduciary and offers, either directly or through arrangements with affiliates and non-affiliates, a creative, innovative approach to delivering the full range of traditional trust and estate administration and related services.
Private Banking Goldman Sachs offers a full range of private banking services, enabling clients to consolidate the management of all their investment and banking assets and liabilities with one firm. Banking services are integrated into the firm’s existing investment offering, allowing a single set of services that simplify the management of a client’s wealth. Core offerings include deposit products, a suite of payment services and broad lending capabilities. The entire package is designed to give clients enhanced liquidity and flexibility.
Investment Strategy Group seeks investment opportunities across global markets and asset classes with a view to preserving and growing clients’ wealth. The group utilizes internal and external resources of Goldman Sachs and seeks to deliver objective, strategic and tactical investment advice. Responsibilities include helping clients determine their optimal strategic asset allocation, generating tactical investments ideas and identifying the best way to implement these views. Most important, the Investment Strategy Group aims to effectively communicate these views to Private Wealth Management professionals and their clients to support client relationships and new business development.
Special Investments Group is responsible for marketing Goldman Sachs’ alternative investments, which include direct and fund-of-fund vehicles offered through affiliates. These investments include private equity funds, hedge funds, real estate funds, exchange funds, mezzanine funds and opportunistic funds.
Markets Coverage Group is a full service coverage team that supports extremely wealthy and sophisticated individuals and institutions. The group offers clients coverage and execution in a variety of products and asset classes in markets around the world, with professionals in New York, London and Hong Kong.
Partners Coverage Group provides personal wealth management services that include diversification and asset allocation, portfolio construction and risk management analysis, as well as advice on private wealth management and/or investment management.
Family Investment Office provides a targeted and comprehensive approach to complex families and family office structures. A broad range of services provides a customized investment program for every family office arrangement.
Global Structured Products is a global product and market specialist team dedicated to providing advisory, structuring and execution service to the Private Wealth Management business. The team is responsible for developing, structuring and marketing cross-asset class derivatives to private wealth clients.
Fixed Income Sales Trading provides market coverage, investment ideas and trade execution in fixed income or currency-based products. Team members work with trading, economics and market strategy professionals to respond to our clients’ needs, analyze their fixed income portfolios, execute trades and educate individual clients and Private Wealth advisors about fixed income products and opportunities.
Goldman Sachs Asset Management (GSAM)
Goldman Sachs Asset Management delivers innovative investment solutions through a global, multi-product platform that offers clients the advantages that come with working with a large firm, while maintaining the benefits of a boutique.
Portfolio Management
GSAM consists of various investment teams across four specialized areas:
- Fundamental Equity teams conduct original, bottom-up research across a broad range of capitalizations and styles, spanning global developed and emerging markets.
- Growth Equity strategy is based on our philosophy that wealth is created through the long-term ownership of a growing business.
- Value Equity strategy’s unique “price and prospects” philosophy is implemented through rigorous, fundamental research and industry-specific valuation metrics.
- Global Equity strategy emphasizes the importance of both local insights and global sector expertise. Our world-class global platform is seamlessly integrated, enabling cross-border stock comparisons.
Real Estate Securities strategy invests in a diversified portfolio of public real estate companies with high quality assets, experienced management teams and capital structure positioned to offer an attractive level of income and capital appreciation.
Quantitative Investment Strategies uses advanced quantitative methods to systematically uncover and exploit sources of alpha. Our proprietary risk models seek to ensure that risk is actively managed and allocated according to our investment criteria. We offer a range of strategies across market capitalizations, regions and investment styles that can be tailored to meet specific client demands
- Global Quantitative Equity employs proprietary models to capture a diverse set of “alpha drivers,” creating portfolios that seek to add value from stock selection and other compensated sources of risk.
- Quantitative Strategies seek to capture relative value opportunities across countries, currencies and asset classes. This framework is combined with the Black-Litterman Model – our proprietary asset allocation tool – and an unparalleled risk management process to create optimized portfolios.
Fixed Income seeks to uncover opportunities across borders and in under-researched markets. We use independent specialist teams for bottom-up and top-down decisions, and for generating strategies within their areas of expertise.
- US & Global Fixed Income strategies emphasize a risk-aware approach. Risk budgeting is used to set the strategic direction of the portfolio, and our proprietary, factor-based risk model is designed to maximize the impact of every security.
- Money Markets products deliver solutions to institutional investors seeking comprehensive cash management, competitive returns, and continuous proactive management of credit, interest rate, and liquidity risk.
Alternative Investments include Hedge Fund Strategies, Global Manager Strategies, the Private Equity Group and the Multi-Product Investment Group. As investors seek different ways to generate alpha and diversify risk, demand for innovative strategies has increased. As a leading provider of these solutions, we offer the flexibility, skill and resources to meet our clients’ specific investment objectives.
- Hedge Fund Strategies is one of the largest and most deeply resourced, globally deployed, fund of hedge fund investment houses. It runs both sector-specific and multi-strategy funds that represent a research and investment effort spanning the entire hedge fund universe.
- Global Manager Strategies is a leader in external long-only manager selection for both Institutional and Private Wealth Management clients globally. The group offers access to world class, limited-capacity boutique investment managers in the equity and fixed income asset classes and sub-styles. For institutional clients, the team serves in a fiduciary management capacity.
- Private Equity Group is one of the leading private equity fund-of-funds and secondaries managers in the world, investing across a variety of private equity strategies, including primary commitments, co-investments and secondary market investments. The group’s investors include the world's leading pension funds, insurance companies, endowments, foundations, high net worth individuals as well as Goldman Sachs and its employees.
- Multi-Product Investment Group engineers and executes customized and packaged alpha and beta portfolio solutions for our institutional clients. These products offer flexible structure, multi-product vehicles that include hedge funds, commingled vehicles or separately managed mandates.
US, EMEA (Europe, Middle East and Africa) and Asia Client Business teams
The GSAM Client Business teams market Goldman Sachs Asset Management investment products and services to institutions and, through third party channels, to markets around the world. They focus on building and maintaining long-term client relationships and communicating key themes from the firm’s leading investment professionals.
Institutional
The Institutional business provides investment solutions to a range of institutions worldwide. Investment vehicles include separately managed accounts, collective trusts and hedge funds (direct and fund-of-funds).
Relationship Management teams are organized into channels aligned by client type. These teams market Goldman Sachs Asset Management strategies and educate institutional investors on various strategic topics, including asset allocation, risk budgeting and asset/liability management. They also provide general market research and knowledge to our clients. Our Relationship Management teams include:
Corporate pension funds focus on large and mid-size pension plans, including defined benefit plans and defined contribution plans.
- Financial Institutions and Structured Products focus on insurance companies and Bank-Owned Life Insurance.
- Not-for-Profit focuses on charitable foundations, endowments, health care systems and religious institutions
- Public pension funds focus on state, county and city employee retirement plans
- Government institutions, Central Banks and Unions focuses on Taft-Hartley and other retirement plans
The Consultant Relations teams serve as the point of contact for all research and field consultants. The team is responsible for ensuring that all Goldman Sachs Asset Management strategies are known to and understood by the various consultant firms that we cover.
Business Areas
Business Development Services produces high-quality responses to Requests for Proposals and populates consultant databases in a timely and accurate manner. The team serves as a centralized source for US Distribution to access current firmwide information, such as assets under management and personnel data.
Client Service ensures that clients gain access to the firmwide resources they need. Client Service Managers serve as a daily point of contact, coordinate meetings and portfolio reviews with portfolio managers, and handle account changes and transitions. Their objectives are to retain and grow existing assets, diversify the firm’s asset base, cross-sell and provide seamless integration with front line sales.
Strategic Marketing drives asset gathering and retention by developing a wide array of marketing initiatives, including print and Web-based foundational literature, value-added programs, product launches, strategic campaigns, conferences and events and public relations efforts. The team builds awareness of Goldman Sachs Asset Management in the marketplace, positions and differentiates our products and services and manages the brand to heighten client perception and regard.
Third Party Distribution
Third Party Distribution markets GSAM investment products primarily to financial services intermediaries and financial institutions. These “third parties,” in turn, make them available to institutional and retail investors through a variety of investment vehicles, including: mutual funds, both proprietary and sub-advised; separately managed accounts; Variable Insurance Trusts; and turnkey 401(k) Plans and other qualified retirement plans.
Sales Channels
Corporate Cash focuses on corporate treasurers and Chief Financial Officers to provide total cash management solutions, including Goldman Sachs and non-proprietary money market mutual funds via the Global Cash Portal.
Investment Consulting Group wholesales GSAM managed accounts, mutual funds, retirement products and a limited offering of alternative investments among a focused list of national and regional broker-dealers.
Large and Mid Market Banks and Registered Investment Advisors focuses on relationships with national, regional, community banks and trust departments, and Registered Investment Advisor platforms. Our objective is to have them include Goldman Sachs mutual funds, managed accounts and limited alternative investments in their product offerings.
Institutional Advisory Services establishes sub-advisory investment management relationships with external financial services firms, builds product relationships with defined benefit retirement plan platforms and markets variable insurance trust products.
Business Areas
Marketing and eCommerce coordinate marketing initiatives across all third-party distribution channels, and analyze, develop and maintain product-related Web sites and other electronic delivery systems.
Product Management coordinates product strategy and product development, establishes strategies for Goldman Sachs Asset Management accounts managed on external platforms and manages portfolio trading and infrastructure requirements.
Retirement Services supports and expands existing Investment-Only Defined Contribution relationships and creates new relationships by working across third-party and institutional sales teams.
Strategic Alliances explores opportunities to acquire or merge sub-scale fund complexes.
Business Planning
Business Planning provides financial analysis and advice to the senior leadership of the Investment Management Division.
Team members work in close collaboration with a variety of senior managers throughout the division on project-focused assignments that span a few days to a few months. Assignments are varied and require team members to bring financial and strategic insight to issues that many large companies face.
Location: New York, NY
Previous Interns: Benjamin Zilnicki '09
Francesco Daniele '07
Qualifications: Class of 2009 or 2010. You must be admitted to the Summer Internship Program to apply for this internship. Minimum GPA 3.4.
Additional qualifications:
- A record of academic excellence
- Proven leadership ability
- Demonstrated interest in and knowledge of finance, economics and global capital markets
- Excellent interpersonal skills and a desire to work in a team-oriented environment
- A creative approach to problem solving
- Strong analytical and communication skills
- Resourcefulness, energy, attention to detail and the ability to multi-task in a fast-paced environment.
To apply: Submit a resume and cover letter via Crusader Connections. Include your GPA on your resume. In your cover letter please address your interest in Investment Management and specify which global business within the Investment Management Division interests you and why.
Holy Cross may only submit a limited number of nominees to Goldman, Sachs so this will be a two-tiered process.
Deadline: Thursday, December 13, 2007 at 11:59 pm EST.
For more information, please visit http://www2.goldmansachs.com/careers/our-firm/divisions/imd/index.html