Where are all the hedge funds roles in Australia?
The stats suggest there should be plenty of them. At AU$62.7bn, Australia’s hedge fund industry is pretty large; it outstrips both Japan (AU$22.3bn) and Hong Kong and Singapore (AU$19.6bn and AU$6bn respectively) combined .
Opportunities in Asian hedge funds are definitely growing, says headhunter John Coles, with “disheartened” fund managers joining, or establishing hedge funds where they earn “a lot more money.” But, even so, demand for staff should be astronomical. Assets under management rocketed from US$10bn to US$60.1bn between 2002 and 2006. That is a lot of managing and a lot of selling.
The answer to the conundrum lies offshore. Edmund Gill of recruiter Hayes says hedge funds need hugely traded volatile stocks – we’re talking New York, London and Tokyo. Australia has assets in abundance but a tiny stockmarket to play on.
This isn’t to say there aren’t hedge fund-related roles in Australia, there just a lot fewer of them. Banks want a slice and are employing people to service hedge funds – selling them products or ideas and financing them, says a spokeswoman for Man Investments, Australia’s biggest fund of hedge funds.
Hedge fund sales jobs in banks pay AU$140k to AU$160k with varying bonuses for a mid-range person, says Michael Lee at recruiter Jon Michel in Melbourne. More experienced hires can command starting salaries of AU$170k, plus bonuses of 100% to 200%, he adds.
So, if hedge funding is for you, go north. Or start your own.