Asset managers look for banking analysts

Calyon's redundant equity analysts may be able to find new jobs on the buyside, but only if they're fairly junior.

Martin Lorrigan, a consultant at recruitment firm Shepherd Little Asset Management, says asset management firms remain eager for analysts from investment banks, but will only do so early in their careers.

"Asset managers prefer analysts who are a bit more junior, a bit more research focused, and a bit less sales focused. If you're too long in the tooth, it can be hard to move," he says.

Credit analysts, emerging markets analysts, and global portfolio analysts trump equity analysts when it comes to asset managers' current hiring preferences, says Lorrigan: "We have two or three vacancies in each of these areas."

GlobalMoneyManagement.com reports that Standard Asset Management is seeking to add credit analysts to its fixed income team following increased demand for its absolute return products.

Although still active, Lorrigan says buyside credit analyst recruitment isn't quite what it was: "There was big hiring in this area from 2002 to 2004. Most teams are now full and most people see no particular incentive to move again."