eFinancialCareers

Hiring in fund management is about to slump to its lowest levels for two years, according to the latest CBI/PwC survey. But recruiters predict the focus might instead shift away from star managers and towards developing innovative products and attracting new business.

“Scottish fund managers are more competitive and have to gain an edge,” says Joanna Black, partner at Scottish headhunters Black Appointments. “That might be through developing new products, having more persuasive sales tactics or just through hiring competent people who can deliver very strong performance.”

Graeme Knox, managing director of fund management headhunters The Knox Partnership, reckons Scottish asset management firms have reached optimal operating size, and need people to focus on clients: “They are placing more emphasis on having big brains on the client side, people who can communicate very technically with the client and be involved with the product development.”

Knox says the roles are best suited to seasoned fund managers, who have a deep understanding of both money management and the best products to suit clients’ investment requirements. Therefore, the money being offered for the client-servicing roles compares favourably to front-office positions.

“At the mid to senior level, you’re looking at £70k to £150k base,” he says. “If your bonuses are based on bringing in new business then the sky’s the limit.”

Nicholas Furse, consultant at Odgers, Ray & Berndtson, says both big asset managers and boutiques are looking for product development and client servicing roles: “We’ve had a number of queries in this area and we’re anticipating increased activity over the first six months of this year.”