Australia’s established fund management players are losing staff to smaller boutique players.
Ratings agency Standard & Poors highlighted the problem in a recent report on the Australian market. As boutiques have proliferated Ben Sheehan, fund analyst at S&P, said established funds have suffered high staff turnover over the past six months as employees defected to smaller rivals.
Sarah Elias, a consultant at Ambition Recruitment, says the majority of vacant fund management positions in Australia are currently for assistant fund managers and fund managers. Larger funds will reportedly offer packages ranging from $80,000 to $120,000 for assistant fund managers, and $150,000 to $250,000 for fund managers.
Elias says many of the larger players have imposed retention strategies to prevent top employees from leaving. However, she says boutiques continue to exert a strong allure: “They have a lot to offer those analysts that want to be in a small but growing, and entrepreneurial, environment.”