Interview with Werner Fürst
Mr Fürst, you are Head of Institutional Equity Sales Vienna at Erste Group Bank AG. What are the responsibilities of an institutional equity sales professional? What does the role involve
Fürst: A bank's equity sales desk serves institutional investors in a defined region and acts as a key link between clients and the capital markets. The role therefore covers a broad range of responsibilities.
The main focus is on equity sales, in our case with a particular emphasis on Austria and the CEE region. Generating and communicating investment ideas is another key part of the role. Sales professionals are involved in both primary market transactions, such as IPOs, SPOs and placements, and secondary market activities, including equity trading.
They are also responsible for marketing and distributing the bank's in-house research and organising virtual meetings, roadshows and conferences with listed companies and analysts.
The Head of Institutional Equity Sales has P&L responsibility, coordinates the team’s activities and is responsible for managing and developing the team.
What does a typical working day look like for you?
Fürst: The working day typically starts at 8:15 am with a morning call, during which analysts from the respective regions brief the sales teams on the latest market developments and company news. Immediately afterwards, we contact clients to share current investment ideas, updates and market views.
Throughout the day, we also have regular in-person and virtual meetings with listed companies and internal departments such as Research, ECM, Back Office, IT, Compliance and Legal. We are also in regular contact with stock exchanges. In addition, we organise one-on-one meetings or group calls between investors and listed companies, often at short notice. Coordination, organisation and ongoing communication therefore account for a significant part of our work.
At the same time, we always keep a close eye on market developments. Important intraday events, such as ad hoc announcements, are immediately communicated to our clients via Bloomberg chat and/or email. We also execute client orders directly in the market, buying and selling shares on behalf of investors.
The working day generally ends with the closing auction on the Vienna Stock Exchange.
What qualifications and skills do you need to work in institutional sales?
Fürst: A strong interest in economics and capital markets is fundamental to working in Institutional Sales, ideally combined with excellent communication skills and a willingness to engage openly and proactively with others. As order execution is also part of the role, strong analytical skills and attention to detail are important as well.
Most sales professionals have a degree in business or economics, a trading qualification and often additional credentials such as the CFA or comparable certifications.
Equally important is the ability to proactively build and maintain relationships with clients and colleagues and to operate confidently in a highly competitive environment. It is also important to bear in mind that clients in institutional sales are highly professional and experienced market participants.
Are there any specific requirements that applicants should meet?
Fürst: The role requires a thorough understanding of capital markets, strong analytical skills, flexibility, excellent communication skills, a strong sales mindset and a willingness to travel for business.
Thank you very much for the interview!