Asset management · Liquidity

You spend six or twelve months helping a Morgan Stanley team that invests short-term cash for companies and other large clients. The Global Liquidity team runs money market funds, ultra-short bond funds and separately managed accounts. A money market fund holds very safe loans that are repaid within months, so clients can park cash, earn a little interest and take it back quickly.

Ultra-short bond funds do much the same with slightly longer loans. Separately managed accounts are portfolios run for one client alone instead of pooled in a fund. You may be considered for two teams within Liquidity, and you can interview with one or both.