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While hiring among fund management groups is set to continue, some have adopted a more cautious approach.Ī spokesperson for one large City fund manager said it was “managing recruiting thoughtfully given the market environment”.Here’s how to get a real active following chase-cam style third person view and not the annoying side view. “We have maintained this approach in the current environment,” said a spokesperson. Due to the ongoing war for talent and Covid there has been huge turnover, and some have still not replaced staff.”įidelity International, which in May announced a dozen hires to bolster its private credit and direct lending capabilities, said all external hiring is reviewed on a “case-by-case basis”. People are still continuing to hire, but they need to justify them to senior management. “The managers who are shouting loud enough are getting their headcounts through because they are so understaffed. “People are desperate for staff and they are pushing it through,” she said. Rachael Ferguson, managing director at headhunter Leverton Search, said one client had imposed a hiring freeze but lifted it a week later due to the need to fill positions in key growth areas of the business. CEOs don’t have long to make their mark, and the pandemic showed many businesses can rapidly refocus, therefore we don’t expect there to be a mass panic in the autumn.”

“Having adapted incredibly well to the initial challenges of the pandemic, asset managers are now facing a more familiar problem – nervous markets. “But investment plans may be delayed if the general market malaise doesn’t improve soon. “We aren’t seeing any slowdown in hiring, and there is still a huge candidate shortage across most skill sets,” said Kelly Biggar, a senior consultant at Fram Search. Some recruiters expect the war for talent to continue, despite the squeeze on asset managers' profits. READ Here’s why your next job offer could actually come from SlackįN reported in June that competition for private markets expertise in particular has been so fierce that those with the right skills and knowledge can command salary increases as high as 40%. Candidates with ESG and private markets expertise have been among the most sought after industry professionals.

The asset management job market has been booming this year. Liontrust also said it had not made any changes to its recruitment plans, despite the challenging market conditions. Schroders, which last month continued its acquisition spree with a stake in digital assets firm Forteus, announced on 2 August it had hired Darren Bustin from Royal London Asset Management as head of Schroders Solutions capabilities. It had already cut back on recruiting new staff before it announced on 29 July that its year-on-year profit had dropped by more than 60%.īut despite the world's largest asset manager applying the brakes to senior hires, some of the City's biggest fund groups have told Financial News they intend to push ahead with no changes to their recruitment plans.įederated Hermes, which this year has filled 170 roles globally, said it did not plan to revise its hiring for the rest of 2022.Īllianz Global Investors, the €637bn asset manager, along with FTSE 100-listed M&G and Schroders, also said they have no plans to scale back on new appointments. Jupiter, the FTSE 250 asset manager, has also made changes to its hiring practices. “We're also trying to juniorise a number of other roles where appropriate,” he added. “We are delaying certain senior hires into next year,” BlackRock chief financial officer Gary Shedlin told analysts on 15 July when the $8.5tn asset manager reported a 30% drop in profit for the second quarter. Uncertain market conditions and expectations of further volatility this year prompted BlackRock to slow down hiring for the remainder of 2022 in an effort to control costs.

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