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Tuesday, June 01, 2010|
Google is Expanding its Own Portfolio Management Team
Wall Street types are in demand at Google. The epitome of the Web boom is hiring traders and other experts in asset management to oversee its horde of $26.5 billion in cash, reports Bloomberg Businessweek. Though it may not ask the investment types the value of pie (the tech company sold 14,159,265 shares on its IPO) or what the feel is the "most beautiful" math equation, the competition for the posts will likely be fierce.
The magazine reports that Google's website started listing "unusual" job openings last fall. It was specifically asking for bond traders and portfolio analysts.
It turns out that Google was staffing its very own trading floor that opened in January in Mountain View, California (no, it was not part of Google's near secret New York location and yes, it is near the rock climbing wall). The new teams goal, reports the magazine, is to boost the returns on its cash that are currently estimated at around 2.5 percent.
Currently, the investment team reportedly has more than 30 people reporting to Brent Callinicos. The Google treasurer's team includes veterans from Goldman Sachs, JPMorgan Chase, and other Wall Street banks.
The Web site listed openings for portfolio analysts at the time this article was published. The analysis it sought included specialists in agency mortgage-backed securities; US government bond portfolios and external money managers.
Printed from: MFWire.com/story.asp?s=32381
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