Recruitment For Sales And Marketing Staff To Increase

The recruitment of sales and marketing staff in the global fund management industry is going to be a top priority over the coming year, with 83 per cent of chief executives surveyed in a recent poll stating that they would be hiring this year. 

The figure contrasts with the 69 per cent who gave that answer in the same poll carried out this time last year, by financial information service, Financial News. 

Magnus Spence, the chief executive of London-based fund managers, the Dalton Spence Partnership, said their priorities had changed since last year due to the cyclical nature of their recruitment, and that hiring for fund managers had slowed somewhat. 

He explained, however, that sales and marketing staff increases can only be carried out with the strong fund managers behind them to create a valuable product to sell. Spence added, "The fund management capability normally survives a bare market unless their asset class is destroyed or they significantly underperform and have to leave."

Spence's opinion was supported by the head of personnel for F&C Asset Management, Peter Cole, who said, "Without continuity, in particular of high-performing fund managers, it is very difficult to run a successful investment business."

Geoff Newman, chief executive of online recruitment agency, supported Spence’s opinion. 

“We typically see three phases in recruitment. Firstly everyone recruits credit controllers to recover money. Secondly sales people are recruited to focus on top line. Finally once sales start coming in support staff are recruited. We are certainly seeing this typical recruitment pattern with our customers.”

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