Asset management hiring down but not out
Fund management professionals looking for jobs in Australia are encountering a tough market, but certain skill sets and international experience are still sought after.
The number of asset management job vacancies has declined in just the last two months, according to Lee Humphrey, a fund management principal at Derwent Executive.
Humphrey says most of the movement is replacement hiring. "There are still some headcount rises, but these tend to be incremental. They can be driven by factors such as key person risk mitigation and having the right complement of team skills that are visible to the likes of research and ratings houses."
Luke Heath, chief executive of Chandler Heath Executive Recruitment, agrees that hiring has tailed off since June. He says asset management firms under the umbrella of credit crunched foreign investment banks are the most reluctant to recruit.
Some large institutional funds have also slowed down their hiring due to financial market uncertainty. "Last year, Colonial was taking on people like there's no tomorrow, but it's dried up now. AMP is still adding a few here and there," says one recruiter who asked not to be named.
But while the institutionals and the boutiques are suffering, "in-between" firms such as NAB, which control a range of investment brands, are still hiring investment and marketing professionals, adds the recruiter.
Humphrey adds: "The in-betweens often provide attractive employment opportunities because they can be more flexible, and foster nimble, efficient environments to work in over the institutionals. They can also offer greater investment opportunities than the boutiques."
And Heath says sales people focused on mezzanine channels remain in demand, as do portfolio managers in the alternative space. Fund accountants are also needed, with London providing a fertile hunting ground.
About three quarters of fund management candidates are foreign nationals or overseas-based Australians, says Humphrey. The reasons for this are varied: there is a skills shortage in Australia; funds want foreign markets expertise; and Australian firms are becoming more attractive as they narrow the pay gap with the US and UK.
