From RFPs to product development
A rash of interest in product developers is said to be creating an exit route for people engaged in the rather less stimulating world of RFPs.
"There's big demand for product developers to work in asset management," says Steve Meredith, managing director of search firm Meredith Brown Associates. "For the past eighteen months there has been constant recruitment, as funds respond to changing legislation, try to come up with less risky alternative investment products that offer higher returns."
Lehman Brothers Asset Management is among the fund groups currently seeking product development specialists to research clients' needs in Europe, and develop products to meet them. Meredith says at least five other funds are currently hiring.
He says buoyant demand is easing the passage for RFP (Request for Proposal) specialists to move into product development roles. RFP specialists deal with the initial paperwork associated with winning new investment mandates. Meredith says this can provide a good groundwork for product development: "By filling out the tender documents, you learn a lot about every single product that your company is selling."
The move could prove a lucrative one. Meredith says an RFP writer with around three years' experience can expect to earn a salary of around 35,000, plus a maximum 25% bonus. By comparison, he says a decent product developer with three to four years' experience can command a 60,000 salary and a 10% to 40% bonus.
