The contrasting fortunes of AMP’s fund management and risk businesses are mirrored by the wider recruitment market in these sectors.
While AMP’s fund management division reported a fall in earnings, the group’s results were boosted by the strong performance of its risk unit (Money Management).
AMP Capital’s chief economist Shane Oliver tells us that the credit crisis, oil price rises and high interest rates created a “perfect storm” for Australian markets. Asset management recruitment is feeling decidedly under the weather, too.
Russell Hibbert, a recruiter at Bluefin Resources, has seen a downturn in recruitment within the sector. “Clients seem to be more focused on increasing headcount in their wealth protection (risk) distribution teams rather than their traditional managed funds teams.”
And as AMP celebrates its risk results, recruitment in this space is also heating up. “Yes, I’m incredibly busy at the moment,” says Robert Shaw, who deals with risk recruitment for Carmichael Fisher. “And the momentum has been gathering pace in the past six months.”
Ed Gill at Hays agrees. “Risk mitigation is incredibly important now. Banks, insurers and other financial institutions are interested in risk professionals, both commercial and financiaI – it’s one of the few areas banks are interested in at present.”
But at Bluefin Resources, risk recruiter Sandra Rowlingson says interest in risk professionals is always good and she hasn’t noticed a particular increase in hires. “It’s pretty buoyant and there are lots of jobs going, but not especially more than usual.”