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Rating:Asset Managers are Back in Hiring Mode Not Rated 4.0 Email Routing List Email & Route  Print Print
Wednesday, November 18, 2009

Asset Managers are Back in Hiring Mode

Reported by Patricia Kelly

The hiring freeze is beginning to thaw, according to a study by Fuse Research Network released on Wednesday. Boston-based Fuse, which focused on the product management side, polled 15 leading asset managers and found that nearly 47 percent of respondents anticipate adding full-time staff in the next 12 months and an additional seven percent plan to add contractors.

As for the sales and marketing side, Fuse plans to release a report within the first quarter of next year.

The findings unveiled Wednesday mark a reversal from what transpired in the last 12 months, when nearly 80 percent of asset managers reduced headcount among product management personnel.

"People had taken some staff reductions when the market fell but now we're seeing a recovery in the market begin," Fuse president Mike Evans told The MFWire. "Companies are in a better financial position now and people have recognized the need to strategically add staff where they can. In our view, the product function is core to running a successful business."

However, pink slips are not disappearing entirely - approximately 13 percent of the firms surveyed expect to lay off more staff in the coming 12 months.

Overall, though, things are looking up for fundsters. I think we'll continue to see staff added across the board," Evans said. "We anticipate finding that people will be hiring in the sales and marketing functions as well, as companies look to add incremental resources in both sales and marketing and strategically add staff as revenues increase." 

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