Job vacancy: Institutional equity research sales in New York
TMT specialists in equities and investment banking were the ones who rode the wave to the highest heights of the market expansion - and then to the lowest depths during the downturn. So when an independent research and investment banking firm specialising in TMT starts recruiting, it looks like a sign of recovery.
Jeff Kaufman, head of institutional equity sales for Kaufman Brothers in NewYork, said: 'I'd say we were a bellwether for the technology sector.' Kaufman is one of five partners in the firm, which has about 40 other front-office staff members, including salespeople, analysts, traders and investment bankers.
Kaufman advertised for a senior institutional equity research salesperson in New York and is recruiting in a number of areas throughout the firm, which is in the process of opening a branch on the West Coast of the US. As the market recovers, demand is increasing somewhat for equity salespeople but seems to be stronger in Europe than in the US, where there are few such jobs currently advertised.
Kaufman said: 'Things are starting to open up again. There is a resurgence of investment in technology, which has never completely gone away.' He points out that all during the downturn, large enterprises continued to build their e-commerce websites, which are now generating millions of dollars worth of sales.
'Keeping those websites functional requires infrastructure,' he said. 'Then there is upgrading the networks themselves, which means increased business for the carriers, plus the expansion of wireless opportunities - there's a lot going on.'
He says that in some ways Kaufman Brothers has benefited from the research conflict of interest scandal, because of its independent status. Kaufman's client base includes large institutional investors and hedge funds. Its biggest strength is research, but it also offers execution, corporate finance and M&A advice.
For the senior institutional sales job, Kaufman says the firm is looking for a hardworking salesperson with good communications skills, 'who can bring something to the table' in the way of existing client relationships.
An MBA degree would be helpful, but is not essential, he says. Compensation is flexible and will depend a great deal on what a candidate has to offer. Although most of its salespeople are TMT specialists, Kaufman will consider those with a strong background in another sector.
