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Rating:Fund Industry Gets Career Site Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, April 15, 2003

Fund Industry Gets Career Site

by: Sean Hanna, Editor in Chief

The fund industry is getting a new jobs Web site of its very own. The site -- MutualFundCareers.com -- is run by DMR Strategies, a Boston-based consulting firm, and was the idea of Charles O'Neill and Raymond O'Brien. O'Neill also acts as an executive recruiter through DMR Strategies which is a separate company.

While O'Neill believes that the his experience as a recruiter will help the site's success, he stresses that MutualFundCareers.com is being run for the job seekers and not as an outgrowth of the recruiting business.

"Running a recruiting firm helps us understand the market place. But, we really try to view the job seeker as our client," he explained. As an example, he noted that one of the requirements of companies listing is that they agree to acknowledge all inquiries made through the site from job seekers.

He expects that most users of the service will be in ranks of the industry's middle management and up. "Will not discourage people with three or more years from participating, but I think that it is really not geared for people looking to get into the industry," he explained.

"We now have more than 100 jobs promoted through the site," said O'Neill. "Some of the job postings may be from our recruiting capacity, but most are obtained directly from fund firms. We usually do not have any other relationships with the fund firm."

The site's business model is based on charging fees to both individuals and fund firms. Individuals wishing to search the job listings must pay $100 annually. That fee also allows them to create a profile to introduce themselves to potential employers.

Meanwhile fund firms pay $325 for six months of access to the site. That fee allows the firm to list unlimited job openings and to search individual profiles.

O'Neill explained that the fees are intended to ensure that those using the site are committed to serious use of the site.

"The idea of the fee is that they want to reach a selected audience of professionals. It is intended to become a career center rather than a job board," he explained. "Our sense is that while we have discovered that the mass market job sites have their place for many firms in the fund industry, they are too broad based."

The biggest question facing the site is whether it will be able to fill it sails as the fund industry continues to drift in the doldrums. Other job sites from firms such as MutualFunds.com and Ignites.com have already folded in response the inability to cover costs or the lack of demand. Separately, Institutional Investor also offered a job board this week in partnership with executive recruiter Glocap Search through FundMarketing.com Web site.

The firm may be helped by the change in the financial dynamics of the Web. It will not, for example, carry the heavy burden of venture capital borne by MutualFunds.com.

O'Neill also sees the site as offering more than pure job boards offered elsewhere. "This is a mutual funds career site," he explains. To offer something broader than a jobs board the site is pulling in information and learning programs from both NICSA and Boston University.

"I do not know of any other financial services site with these types of partnerships," said O'Neill.  

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