Are you an asset management consultant or analyst at a major rating house in Australia and looking for a change of job? The fund of funds business might be the way to go.
“Fund of funds tend to be more interested in qualitative, rather than purely quantative, skills,” says Andrew Kinghorn, a principal consultant covering fund management recruitment at Carmichael Fisher in Sydney. “They’d rather find someone who can assess a team of people than just crunch the numbers. We place people from rating houses more easily than equity analysts.”
And fund of fund managers in Australia are hiring across the board looking for everyone from chief investment officers (CIO) to senior analysts to experts in distribution, like business development managers.
“In the last few months we’ve seen a lot of hiring activity,” says Kinghorn, pointing to major firms like Macquarie and BT Financial Group as well as smaller, boutique outfits like Select Asset Management and Everest Babcock Brown. “The most activity is in distribution. Companies want to get their product out there.”
In September, London-headquartered fund of hedge funds shipped marketing VP Lindsay Jones to Australia.
Jones may be earning a handsome whack. A fund of funds CIO can make AU$250,000-AU$300,000 with one or two times that salary in bonus. Partners can earn in excess of AU$1,000,000. Senior analysts need at least three to five years of experience and tend to earn AU$150,000 in base salary with anything from 30%-100% of their salary in bonus. Business development managers earn the same.