Fund managers move job at increasing rate
An unusually high number of fund management professionals have been moving job in the past month in the London-centric European fund management industry, according to the recruitment consultants Alexander Mann Global Markets (AMGM).
New product development and the restructuring of investment and distribution teams are continuing, and institutional business for fund management companies continues to evolve, the firm said in a job market report.
Credit fund management, multi-manager mandates and interest in fund of hedge funds all remain topical, said the headhunter.
But it cautioned that financial constraints were still very evident when banks discussed their recruitment plans.
In risk, there has been a small but clear rise in demand for quants, partly fuelled by a rise in interest in structured equity/credit hybrid derivatives from the corporate clients of banks.
Many institutions see also credit default modelling and economic capital allocation as an increasingly important part of portfolio management. Demand remains strong for skilled people in these areas, said AMGM.
The foreign exchange and equity derivative recruitment markets remain slow, but there has been recent movement in the fund derivatives market.
There has been some recruitment activity in debt capital markets recently, the report said, but this is likely to remain a tight market for the rest of the year with banks making final job cuts or undertaking internal restructuring rather than actively hiring.
Compliance has seen continued hiring, particularly by the bulge-bracket firms. But there remain notable gaps within compliance teams, some of which have been there for nearly a year.
AMGM said this indicated job seekers have a choice. It also reflected the fact that tight hiring budgets have resulted in some positions being offered within the contingent market, rather than through more expensive search mandates.
Operations and IT remain tough markets with limited hiring, the report said. Employers are often hiring employees directly, rather than through headhunters. Many have also been restructuring internally, leading to sudden suspension of hiring plans.
