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- Doesn't Recommend
Salaries were higher than average for the industry. Benefits package was superior to that offered by most companies. Very little overtime work required - uncommon in the industry.
Company's position within its target marketplace was continually eroded by poor senior management decision making and inferior marketing decisions. McMorgan was acquired by New York Life Investment Management in late 2001, and began a gradual slide into mediocrity that badly damaged employee morale. A few disastrous hiring decisions at senior management level accelerated the decline.
Advice to Management
It is too late to make recommendations to McMorgan as an independent entity, as the remnants of the company are being distributed back into other parts of the New York Life Investment Management family. The failure of McMorgan is a textbook example of a company that decided to hope for the continuation of long-standing business relationships instead of focusing on building a core competency in investment management, acquiring new clients, and developing an internal talent base that could handle the change in markets after the dot-com crash.