There’s more to employment in financial services than working for a big bank. There are: hedge funds, corporate finance boutiques and trading houses.
Here, net employment appears to be increasing.
According to research firm IMAS, 60 new hedge fund managers registered with the FSA in January, along with 30 new corporate finance advisors (some of whom may, admittedly, have been working for banks) and 19 net new employees of niche trading firms.
However, not all new firms are equal. A study by Deutsche Bank points to the concentration of market share in larger hedge funds: to be successful, a new hedge fund now needs at least $100m in assets, it claims.
With this in mind, we’ve scoured IMMAS’s list of recently FSA-registered hedge funds, trading firms and corporate finance houses. If you want to get out of banking and into a smaller firm, these 5 look like the best bet.
The London arm of Middle East-based Abraaj Capital. Registered with the FSA in January it currently has only two named employees, including Mohamed Semary, a Partner at Abraaj Capital within the corporate business development group. Further recruitment seems likely.
Bank of China’s new London-based commodities trading operation. Operational since January, it currently has 7 FSA-registered employees, most of whom appear to be Chinese.
The new long/short equity fund set up by Rupert Dyson, a former hedge fund manager at Sloane Robinson.
Another new hedge fund – this one set up by Anthony Ashdown, a long standing Goldman partner who left the firm last year, and Nicholas Leyhane - formerly of Barclays Capital.
The newly founded London operation of the $4.7bn hedge fund set up by Boaz Weinstein, the chess master and former Deutsche Bank proprietary trader. According to Financial News, Saba’s London office will be a research centre and sub-advisor to its American parent. Right now, it only has 3 registered employees.
Nevertheless, Harris Williams appears to have been hiring quite a bit recently and picked up numerous people from Sturgeon Ventures at the end of last year, suggesting it's still in expansionary mode.