Bidding 'em up in asset management
Asset management admin types are pulling in more cash, while senior fund managers are being paid to sit tight.
A report by recruitment consultant Joslin Rowe suggests the average investment management candidate can increase their salary by (a not massively impressive) 5k by switching firms - although this is double the mere 3k that was on offer for the trouble of cleaning out their desks just two years ago.
Joslin Rowe manager Jalpa Chandarana says: "In previous years just one particular product area was in demand at any one time. Nowadays these hot spots have spread and candidates with experience of any product area are highly sought after."
In fund administration, a senior clerk can now earn a salary of up to 35k while a manager can make up to 50k.
While fund admin staff are raking in the peanuts, the fund managers at the top of the tree are being treated nicely to stop them from leaving. Kim Yates, director of headhunter Principal Search, says investment managers are "working harder" to retain key staff, who are increasingly tied in with shares, options, etc. In a sign that banking practices are infiltrating the rarefied world of asset management, buybacks are also on offer for the most valued money management specialists, according to Yates.
