How's the recruiting environment looking like so far in 2024? (Analyst level and above)
I'll start -- still fairly dead, I'm seeing a couple teams start to hire but still not materially better than 2022/2023. I think more firms are waiting to see rate cuts / inflation data looking good and get more conviction in a continued market recovery. My fund is certainly not near where our AUM was 2021/2022, lot of redemptions with clients pulling their money out or trimming the big rally.
What is your experience? Any thoughts on how it will look like in 2024 relative to 2023?
My firm, one of the larger asset managers, completed a bunch of hiring in 2023. Looks like 2024 is going to be a lot slower. Fund AUM is stable from peak but largely due to performance. Redemptions are a headwind.
I am surprised you guys had a bunch of hiring in 2023 given the uncertainty. Is there a reason for this? Building out new teams, lot of folks fired / leaving, etc?
Bumping
I'm in the FI team of one of the larger AMs. We're pretty much still in a hiring freeze. BUT recruiters are reaching out pretty regularly for investment grade analyst and some PM roles (particularly macro), most places are growing their FI teams. It feels like we're seeing client funds moving away from money markets into IG funds. I expect we'll move further down the risk spectrum in the next 6-12 months.
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