Business Insider spoke with six Wall Street recruiters to uncover today's hottest trends in hiring. Among those interviewed was Alexis DuFresne, a Managing Director of the Financial Services division at Solomon Page. Below, you'll find an excerpt from the article.
It's moving season on Wall Street.
Bonuses have landed in bank accounts, freeing up bankers and traders to move to new employers. Big people moves on Wall Street often occur around this time of year.
With that in mind, we asked six Wall Street recruiters about the big trends in hiring.
Here's what the recruiters had to say.
"I tell candidates to give themselves six months to a year to find the right role." - Alexis DuFresne, Solomon Page
Systematic funds are doing the most hiring in volume on the analyst and portfolio manager side, while systematic and private capital strategies are driving marketing hires. Facing redemptions last year, we saw that our clients had a surprising increase in compensation for marketing and investor relations roles, as the asset retention and business development functions were recognized as highly influential on the health and stability of the funds for which they represent.
While search is highly cyclical, the value add to asset managers is how to help them innovate. So even while assets may decrease or performance may slow, wise managers are constantly looking to identify and attract talent in any market condition and sub-strategy to give them a competitive edge, and maybe even at a discount if they recruit at the bottom of the market. As an example, long-short equity may be at an all-time slowdown in performance, with some funds coasting on management fees. However, if a manager sees an excellent portfolio manager candidate, they may make room for the candidate.