Asset management businesses have been faced with a stark choice in the last year, build a regulatory or compliant business or scale back and run family-office type entities. The market has seen both options being taken.
Robert Featherstone, Partner, JD Haspel says: “We found we were relatively quiet in the first two quarters from a front office, risk-taking stand point. It was evident our clients were hiring a lot in terms of risk and compliance to make sure they were fully operational if they were to continue as hedge funds rather than going down the route of family offices.
“However by Q3 Featherstone says the tide had begun to turn and confidence was returning to the market. “We started getting a lot of requests at the end of Q3 for alpha generators due to capital inflows, strong performance and our clients subsequently found themselves underresourced from a front office standpoint.”
His comments echo findings from KPMG’s Evolving Investment Management Regulation report which highlights that the regulatory uncertainty of the past years has settled down. It predicts that 2014 is the year the wheel turns. The sector is now entering the implementation phase of regulation with much greater clarity.
This new environment for asset management is being ushered-in now according to Charles Harvey, Director, Per Ardua: “The broad revival and the increasingly testing regulatory environment have both been major contributors to the resurgence of recruitment in asset management.
“The recovery has allowed firms to take a longer-term strategic view of where they want to go rather than having to focus on shorter-term issues. They can think about where they want to be in 2020.” And according to KPMG, this
opportunity couldn’t have come at a better time. Its Investing in the Future report, predicts that by 2030 the client base of a typical asset manager will be completely different to today’s as Generation X approaches retirement, Generation Y matures and middle classes in emerging countries grow.
With insurance firms and banks taking the brunt of the financial crisis fallout, perhaps asset management fell behind the curve in terms of investing in some of these functions - it is now catching up. Harvey adds: “There is real recognition of the importance of quality leadership across these functions now, and demand is increasing as a result.”
Further investment has come from the US, where firms are looking to build-out their London operations. Featherstone says: “The European market has been a little bit cagey since the European credit crisis but things are starting to turn and a number of firms are in growth mode and if they haven’t started recruiting, at some point they will – it’s a very positive place in terms of hiring.”
Martina Ashley - Asset Management, Hedge Funds, Family Office, Endowments
Harry Chetwood - Asset Management, Hedge Funds, Family Office, Endowments, Private Wealth Management
Aiden Kennedy - Private Wealth Management, Alternative Wealth Management
Deidre Kenny - Financial Services, Asset & Wealth Management
Joe Haim - Private Capital
Richard Murray-Bruce - Sustainability, Real Estate, Board Appointments, Alternatives
Mark Paviour - Asset Management, Wealth Management, Sovereign Wealth Funds
Bill Allum - Private Banking, Asset Management
Hanover Search Group
Paul Groarke - Institutional Asset Management, Alternative Investments, Liability Driven Investment
Heidrick & Struggles
Andy Smith - Asset Management
Richard Thackray - Private Equity
Andrew Stewart - Asset Management
Robert Featherstone - Alternative Investments, Hedge Funds, Asset Management, Proprietary Trading
Karin Barnick - Asset Management, Alternatives, Financial, Wealth Management
Frank Hollmeyer - Asset Management, Alternatives
Harry Pilkington - Asset Management, Alternatives, Wealth Management
Adam Turner - Private Equity
Russel Reynolds Associates
Amanda Foster - Asset & Wealth Management
Sainty Hird & Partners
Rupert Mathieu - Asset Management, Wealth Management
Patrick Morrissey - Asset Management
Simon Worthington - Wealth Management
Spencer Stuart & Associates
Chris Hart - Asset Management
Michelle Rosenbauer - Asset Management, Hedge Funds, Private Equity
Valentine Thomas & Partners
Basil Reid Thomas - Asset Management, Alternatives, Wealth Management