Market for Asset Mgmt Jobs Remains Strong Despite Economic Concerns

June, 2022

In the Media

Concerns about the economy are causing both employers and candidates for asset management jobs to exercise caution. But despite the bear market, recession predictions and rising interest rates, firms are still on the hunt for talent.

Candidates aren’t backing down either. Just 20% of the 122 respondents to a FundFire poll as of June 21 said it’s not the right time to change employers. Fifty-three percent said they’re only somewhat nervous about making a move given economic concerns, and 27% said they’re ready to accept a new job.

It’s still a talent-driven market with some candidates demanding fully remote options as a condition of employment, refusing to relocate for a job, and asking for “way more money than the market should hold for them,” said Jeanne Branthover, head of the financial services and fintech practices at executive search firm DHR Global.

Given the turnover, most asset management firms are “going to think long and hard before they fire someone who’s good,” Branthover said.

“They learned that… the biggest cost to every company is their people, and when you fire someone, yes, you’re reducing cost, but you also may be reducing efficiencies and productivity and work that is getting done,” she said. “That could come back to haunt you if your clients aren’t happy.”

The higher asking prices mean firms aren’t willing to settle for underqualified candidates, said Branthover. For example, firms hiring for sales and business development roles are outlining the revenue numbers they expect new recruits to generate and are looking for candidates who can demonstrate that they have met these numbers in the past, she said.

“They do not want to train at certain levels,” she said. “They’re not willing to take a risk on someone who is going to come in and not be able to produce the type of revenue that they are wanting out of that person.”

The original article was written by Dervedia Thomas on June 22, 2022. Read the full article on FundFire.

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