Fund of hedge funds look for people to sell their wares
Have you ever felt the urge to turn your hand to marketing funds of hedge funds? Now may be the time to act upon it.
The fund of hedge funds market is experiencing something of a rally when it comes to recruiting sales people and marketers. Fund of funds such as Collingham Capital Management, Turnstone Asset Management, Selby Jennings, Eden Rock Capital Management, and CGB Investment Advisors are overtly scanning the streets for sales and marketing hires in Europe. Others are doing so more covertly, behind the inscrutable exterior of third party recruiters such as Emerson Chase City.
Chris Manfield, a consultant at search firm Whitney Group, says eagerness to hire fund of hedge funds marketers is nothing particularly new. "It's been going on for a while. The good thing about fund of funds is there's no upper limit on the amount of money you can raise. In a single strategy hedge fund manager with an upper limit, you can do yourself out of a job if you're any good."
Another hedge fund specialist recruiter says the outbreak of marketing jobs reflects funds' first quarter fund raising agendas. Talent is short, she reflects: "Funds will sometimes take sales people from a mutual background or a prime brokerage capital introduction role, but they usually look for relevant previous experience."
Pay can be generous, albeit variable. Manfield says experienced fund of fund marketers typically earn base salaries of between 75,000 and 100,000 - although some are only paid commission - plus a bonus 20% to 25% of fees collected on assets raised.
In the current climate, bringing in enough assets to earn a hefty bonus may be slightly harder than it used to be, however. A recent survey by Hedge Fund Research, a US data provider, found investment in fund of hedge funds slowed in 2005 and that clients withdrew $3.3bn from all funds of hedge funds in the second half of the year.
