Last week we said asset managers might be in danger of losing their jobs. Today, Financial News says they might be hiring.
Specifically, it says Old Mutual Asset Managers, Ignis Asset Management, Russell Investments and Investec Asset Management are all keen to recruit. The biggest hirer appears to be Investec, which wants to hire 10 people before the end of the year. Ignis Asset Management hired three managers last week. Vanguard Group is also thought to be hiring 35 people in London before the end of the year.
Nevertheless, asset management recruiters and headhunters are not exactly bursting with business.
"There's stasis," says Jason Mellors at asset management search firm Shepherd Little. "There are very few hires, but nor is anyone being made redundant. Europe's not necessarily dead, but nor is it very active."
Amin Rajan, CEO of CREATE Research, which conducts research into the asset management industry confirms the lack of impetus. "It all depends upon what you mean by recruitment," he muses. "There is replacement recruitment in asset management, but there's very little incremental recruitment."
On the plus side, Rajan says there are unlikely to be any big redundancies either. "In asset management, job cuts are usually restricted to 5-10% and people who are let go are due to natural wastage. Consultants don't like redundancies in the front office."
We did manage to find one cheerful asset management recruiter. "There's still hiring activity among asset managers with a private client base," says Simon Nixon at recruitment firm Carpenter Farraday. "Some of our clients are very, very busy," he adds. "But they are only looking at hiring a handful of people."