Scottish fund managers are still keen to hear from distribution professionals

In the current climate, investors are more wary, new assets are harder to come by and clients are more likely to pull money from fund managers. The result is a renewed focus on recruiting distribution specialists, rather than portfolio managers, in firms north of the border.

A case in point is Aberdeen Asset Management. Since the end of June, it's assets under management have decreased by 4.8%, according to a trading update released yesterday. It saw 800m depart as clients pulled money, but lost a further 8.1bn due to "volatile global markets".

Aberdeen still has 176.8bn in AUM, but this reduction could mean a hit to revenues of up to 40m. It also highlights the pressures faced by the fund management industry - clients pulling money out of traditional equity and bond investments.

We've mentioned previously that demand for fund managers in Scotland has been on the decline in recent months. However, opportunities for distribution professionals remain, if not astronomical, relatively healthy.

"There continues to be a good demand for both technical product development roles and sales and marketing people at the coal face, while portfolio manager demand wanes," says Graeme Knox, director of fund management headhunters Knox Consultancy. "In particular, institutional client relationship managers, who sit closely with fund managers, deal with client concerns and pitch new business ideas, are in demand."

Another reason distribution roles continue to emerge is that turnover is relatively high. While the focus on portfolio managers is long-term performance, sales and marketing professionals are more likely to regularly switch jobs.

"There is traditionally more movement among senior distribution professionals than senior investors, although the junior to mid investor level is usually quite active" says Martin Lorigan, head of asset management at Principal Search. "This year about 90% of our activity has been focussed on distribution."

There's also the need for European asset managers to play catch up. A recent study by consultants Casey Quirk pointed to a "glaring under-investment" in sales and marketing staff among continental fund management firms.

Ironically, though, firms north of the border are looking for distribution specialists who can show evidence of some longevity, suggests Knox.

"Clients are looking for people who can demonstrate a five-year view," he says. "If your CV is littered with two-year stints at different firms, it doesn't reflect well in the current climate."