Discretionary investment management is in a growth cycle, especially in the U.K, and so too are jobs within the space. Across the Atlantic, Standard Life has beefed up its cadrea of investment managers. Meanwhile, Barclays Wealth recently appointed Markus Stadlmann to the newly created role of managing director of discretionary investing.
New spots are also expected at Germany's oldest private bank, Berenberg, as it opens locations in the UK. Ross Elder and Fred Hervey, the two heads of the new local headquarters, both have extensive discretionary investment management experience.
Just what the heck does discretionary investment management mean? Basically, portfolio managers have greater discretion over the investment decisions made for large and complex client portfolios - the crème de la crème or ultra high net worth clients.
Stateside, there's news of JPMorgan Chase's plans for expansion, including a push in the private banking space. Look for additional portfolio manager and business relationship manager spots to open up, as well as a variety of middle and back office positions as the bank adds 2,000 retail locations in the U.S. during the next five years.
Given the banking industry's interest in growing its most lucrative private banking business, you can expect more growth in discretionary investment management. Business development manager posts will be hot. Generally, top-notch, seasoned, savvy and customer-friendly professionals with deep client connections are needed. A strong performance track record is required. Also, expect IT spots to increase in the space, since much of portfolio management is driven by tech.