In search of opportunities
Professional Investor talks to Marc Eschauzier, Amanda Foster and
Patrick Morrissey about whether there are still opportunities
for candidates in the investment industry
What are your overall expectations in Hedge funds hired quite a few sales
“One needs to be aware
terms of candidate demand from and client services people in 2007 to
investment banks, institutional protect their asset book. Th eir
that all of these fi rms
investment managers, hedge funds, concentration in 2008 has been to get
private client managers and performance right rather than to get
investment consultants this year distribution people selling, whether that
have less of an appetitive
(2008) compared to last year? means hiring better analysts or focusing
on where they’ve gone wrong. It’s the
for risk and, in a sense,
ESCHAUZIER – Currently we’re in same situation for institutional
unpredictable and diffi cult times. Th ere’s investment managers. Defi nitely
investment. A lot of them
no doubt there’s a lot of change going institutional investment managers this
on and change can create demand. We’re year have upgraded their analyst support
are in defensive mode”
seeing leadership change across the compared to 2007.
industry at the moment, so from that Th ere have also been a number of
Marc Eschauzier, Spencer Stuart
perspective demand for candidates, may team moves between private client
well increase. On the other hand, all the managers over the past year. As for possibility that roles for investment
chief executives that we talk to are investment consultants, they usually bankers will open up in the private
focused on costs at the moment and have a problem in attracting good talent equity fi eld or in certain parts of fund
potentially reducing head count. I can if they’re looking outside of the management, especially alternatives.
think of at least three positions that investment consultant industry, at asset One needs to be aware that many of
we’ve been handling that have been put management, because their pay these fi rms have a lower appetite for risk
on hold while an internal solution has structure is not as attractive. However, and, in a sense, investment for the
been sought. in a down turn, as we’re seeing, they are future. A lot of them are in defensive
in a ‘rich picking’ position. and survival mode.
FOSTER – Th e headline is that there is a
signifi cant paring back in hiring in the FOSTER – Some pockets of emerging
fi nancial services sector. We cover hiring Within each of investment banking, markets will see an increase in demand.
for the buy-side and the story in asset institutional investment management, Th e Middle East and Northern African
management is that fi rms will be hiring alternative asset management, (MENA) is one such area and active
key replacement staff and employees that private wealth management and fund managers are performing well as
are in strategically important positions. investment management consulting the market grows. Also, renewable
or selection, where do you see the energy and climate change funds may
MORRISSEY – Th e investment banks greatest areas of demand? see an increase in demand.
that take more of a growth stance have Within private wealth, private
been picking up candidates that may ESCHAUZIER – Th ere has been an increase banking in the Middle East and Russia is
not have been available to them that in demand for talent in the alternatives likely to see increases in staff
two or three years ago. Asset managers, space and for people with infrastructure requirements. Lastly, at the higher end of
generally speaking, haven’t been in a expertise. In addition, private wealth will the market, CEO changes are going to be
hurry to replace staff . see a greater demand. Th ere is a an interesting area to keep an eye on.
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