If you want a job in private equity, forget Blackstone, try the Securities and Exchange Commission.
SEC reps at the Dow Jones Private Equity Analyst Outlook conference in midtown Manhattan yesterday said the agency's asset management unit, which oversees private equity firms, hedge funds and mutual funds, has been hiring industry experts to produce training materials for the staff, question witnesses in ongoing investigations and give an enforcement perspective on things like private adviser registration. Industry experts will serve two-year fellowships and recent hires have included a fund of fund due diligence expert and a woman who ran trading desks for two major wirehouses, said Robert Kaplan, co-chief of the unit.
The agency has two spots open right now, one for an industry expert in hedge funds and private equity, preferably with operational experience, and one for a mutual fund expert. Still, Kaplan, 44, said "budgetary constraints have required us to limit hiring in some other areas." The unit currently has about 65 lawyers.
For those who don't fancy government work, PE firms themselves will probably be hiring, although not high-profile (ultra-high paid) dealmakers. Kaplan told FINS that firms will need to hire for a compliance regime, as many private equity firms and hedge funds must now register with the SEC.
"Some hedge funds and private equity funds have a good compliance function, but I do think at some there's a long way to go," he said. "They really need to build up their compliance infrastructure."
Peeved about your smaller bonus this year? Morgan Stanley Chief Executive James Gorman doesn't care. "If you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job," he said. Ouch.
Canadian Bankin', Part II (Mergers & Inquisitions)
Before setting your sights on the Great White North for your next job, keep in mind that the VC and PE firms aren't exactly abundant if you're looking for an exit opportunity after a banking job.
Morgan Stanley may have cut 1,600 bankers over the past month, but technology bankers were largely spared the knife. The firm needs all the bodies it can get to chase Facebook's imminent IPO.
President Obama announced a new initiative to investigate lenders and the mortgage blow-up of a few years ago. New York Attorney General Eric Schneiderman will head the task force.
Redemption for Some (Bloomberg)
RBS plans to sell its corporate broking unit to Jefferies, meaning 40 employees will be saved from a pink slip. Now only 3,460 to go.
Keep Your Enemies Close (USA Today)
If you had a great interview, your resume is flawless and you still didn't end up getting the job, you may want to consider that your references might be badmouthing you. Check in with them before you list them as a reference to ensure you're golden.
Buzz Around the Office
Vanilla Ice Rock (YouTube)
Forget hip-hop. Vanilla Ice has found a new home among the hipsters.
List of the Day: Exit Interviews
You're leaving your old firm, which can be a good or bad thing depending on the circumstances. Either way, conduct yourself gracefully when you say goodbye to your old firm in the exit interview.
1. Don't insult your boss or colleagues.
2. Ask for time to review any outstanding paperwork, such as your severance package.
3. Keep the interview short and sweet.
(Source: CBS Money Watch)
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