It looks like U.S. Exchange-Traded Funds (ETFs) and exchange-traded notes (ETNs) will grab the top 50 slots in Thomson Reuter's Lipper quarterly performance report for mutual funds. Final results, of course, won't be in for a couple of weeks but it's a testimony to speed with which the ETF industry is growing in size and popularity because of their superior performance.
Morningstar estimates that ETFs now generate 35% to 40% of all exchange trading volume. While U.S. stock and bond funds bled an estimated $34 billion in net cash outflows August, ETFs gathered nearly $1 billion in net inflows bringing total assets to $1.06 trillion globally.
Tom Lydon is president of Global Trends Investments, editor and proprietor of ETFtrends.com, tells eFinancialCareers that there is an urgent need for ETF providers to add new hires to keep up with the burgeoning ETF business.
'They are needed to educate both retail and institutional investors on building a global, multi-asset portfolio," Lydon says.
For example, Charles Schwab is looking for ETF product developers in San Francisco, while Blackrock IShares has a variety of marketing and research positions open in the U.S., London, and Ireland. Vanguard has marketing positions in Valley Forge, Pa. Northern Trust is looking for business development executives for its FlexShares ETF product. State Street Global Advisors in Boston needs a global head of ETF strategy.
CitiGroup and Societe General, have also recently posted jobs for ETF specialists, as has Invesco Ltd (IVZ), one of the UK's largest independent investment management organizations, which owns Chicago-based PowerShares. It has positions open in the U.K., Canada and the U.S., including many accounting slots but also financial analysts.
Guggenheim Partners, LLC, a private hedge fund based in Chicago and New York, has been growing quickly, including buying two ETF innovators Rydex SGI and Claymore Securities. Guggenheim does not list jobs on its website but encourage resumes with cover letters.
Direxion, which is known for its leveraged ETFs, also doesn't post positions but says it is "always interested in meeting with qualified candidates who are passionate about what they do." You can submit your resume to email@example.com.
"A whole other area looking for talent is third party liquidity providers, such as Knight," says Lydon. "They need experience traders and analysts to help them with their ETF trading strategies."