Would you care to elaborate on what the actual state of the industry is then?

"Portfolio management" is traditionally the domain of IBs, isn't it?

Finance seems to have a lot of different terminology in different areas. From my experience in "sell side equity research" (i.e.: we researched stocks, but didn't own much ourselves, other than our market-making trading desk), I've come to associate "portfolio management" with the "buy side" - hedge funds, mutual funds, pension plans, and so on. Investment banks were something else entirely; they pitched and ran mergers and acquisitions. They didn't manage stocks themselves.

It gets confusing since some firms can do both. E.g., Goldman or Morgan Stanley are generally well known as investment banks, but they also have an equity research side. But folks who work in equity research aren't called "investment bankers" and "investment bankers" don't work on the equity research side. In fact, there's regulations that try to limit the interaction between the two sides.

But in any case, I wouldn't consider either side to manage a portfolio.

By "portfolio manager" I (the author) just mean the more senior person who oversees trading. It seems like a couple of different titles get used.

We don't mean portfolio management in the sense of advising individuals on what to do with their portfolio, which is what some investment banks use. That's a totally different job.

Like I say, this article is only based on a couple of interviews, and we still have a lot to clear. I'd be keen to get more data.

Could you refer us to some more appropriate articles or sources about this topic?