(Some) asset managers are recruiting again
The good news is that a large number of fund management firms are open to the idea of hiring once again. But, before you remove the champagne from the cooler, this is still largely restricted to replacement hires and specific sectors.
Notable recent hires include those within JPMorgan Asset Management, which has taken on 25 new recruits over the last month, most recently within its fixed income team, according to Financial News. Dundee-based Alliance Trust has poached a four-strong bond team from local rival Scottish Widows Investment Partnership (SWIP).
Fixed income appears the place to be. One headhunter, who wishes to remain anonymous, tells us that BlackRock, Legal & General Investment Management, Aerion Fund Management, SWIP (obviously), Royal London Asset Management, Goldman Sachs, Hermes, M&G Investments and Wellington Management are all currently on the hunt for fixed income investment staff.
"Six months ago, there was nothing," they said. "Now, there's a return to proactive hiring plans being implemented."
This, combined with a decent number of other new recruits, would suggest an industry tentatively growing once again.
Amin Rajan, chief executive of investment management think-tank CREATE is more pessimistic: "The worst is definitely over and we're seeing pockets of recruitment, but whether this constitutes an upturn remains to be seen," he says. "What is happening is largely replacement hires, there's little incremental growth and overall headcount is still down."
These "pockets" Rajan refers to include fixed income, liability-driven investment, asset allocation products and exchange-traded funds, where he predicts genuine growth over the next six months.
But Nina Gilbert, founding partner, of specialist asset management headhunters Fisher Barrie, believes there's been a definite turnaround.
"It's defrosting and defrosting very quickly," she says. "A number of clients are building, with some even recruiting whole teams, and candidates are more willing to make the move than they were even a couple of months ago. As well as investment opportunities, we're anticipating increased demand for operational risk specialists."
