All of a sudden, hedge funds and asset management firms have a few new job titles that need filling. And they’re not your normal trader or research analyst positions.
With the industry becoming more visible to the public eye (thanks, Steven Cohen), hedge funds have started hiring internal public relations executives and corporate communications officers, according to CNBC. Traditionally, hedge funds have contracted the work out to third party firms, or more often than not they just don’t answer the phone.
The reasons for the change in strategy vary and are numerous: hedge funds can now publicly market themselves (though few do); brand awareness for hiring purposes; the growing need for transparency; and greater media scrutiny. Either way, corporate and media communications has suddenly become a real job in the hedge fund industry.
Meanwhile, buy-side firms are looking to decrease their dependence on sell-side research analysts through technology investments, according to Financial News. Many, including asset managers BlackRock and Schroders, are assembling teams of IT specialists who can design algorithms that skim data from publicly available portals – like social media sites, company announcements, regulatory filings and conference call transcripts – to help them make more informed investment decisions.
Essentially, firms are hiring people to build systems that are capable of replacing the need to hire other people: sell-side analysts. The circle of life, I guess.
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Buzz Around the Office
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Quote of the Day: “All I ever wanted was an honest week's pay for an honest day's work.” – Steve Martin