Distribution Hiring Data Spikes Up Despite Recession Calls
As central banks worldwide continue to fight inflation and other economic headwinds, many financial professionals and media pundits are stoking fears of an imminent recession. But the hiring figures collected by our data analytics team for the Jensen Partners database suggest a different story, one in which hiring remains strong and the job market is as competitive as ever.
Case in point: the Jensen Partners team continues to receive new search mandate requests every week, with no canceled searches to report at any time this year. Even compensation levels — a common question we receive from clients — have remained high relative to 2021 as alternative investment firms compete for the best human capital distribution talent.
This hiring trend isn’t just limited to the specific niche of marketing professionals in the alternative investment industry. The most recent jobs report from the U.S. Department of Labor showed that the U.S. economy created 261,000 new jobs in October 2022, bringing the average number of jobs added over the past three months to 289,000 jobs per month. This is ahead of most economists’ expectations and a positive sign as many firms begin to explore their hiring needs for 2023.
One group of workers that continues to benefit from this job growth is recent graduates looking to enter the workforce for the first time. We analyzed all hires made this year and found 66 recent grads had joined an alternative investment firm since 2020, with BlackRock (6), PIMCO (6), Campbell Lutyens (5) and Credit Suisse (5) leading the way in entry-level recruitment. The gender of these recent grads is evenly split between men and women, with more than a quarter (26%) coming from international schools. The data also showed that about 44% of these recent grads came from so-called “feeder schools,” which are known for supplying the bulk of the talent to the financial services industry.
These data points can tell us a great deal about the state of the hiring market:
The continued demand for entry-level talent shows how many alts firms are committed to building out their marketing and distribution teams, whether as part of an expansion strategy or in response to increased expectations from LPs.
The increased diversity of the talent pool of recent grads shows that many alts firms are taking seriously their commitment to recruiting beyond the usual feeder schools as part of an effort to improve firm-wide Diversity, Equity and Inclusion (DEI).
More recent grads, whether with a business degree or a liberal arts degree, are showing interest in working in the alternative investment industry, both for the attractive compensation and the opportunity to do meaningful work.
We know from past recessions that one of the groups to be hit the hardest are recent grads without a clear foothold in the job market. The fact that we're seeing such strong demand for entry-level talent within our myopic universe of distribution suggests that recessionary fears as it pertains to capital raising may be overblown, at least in the U.S.
Whatever happens over the next few weeks and into 2023, the alts firms that take recruitment and retention seriously will be best-positioned to weather any economic twists or turns. As always, the Jensen Partners team will continue to assist firms in navigating the sea of talent and find only the best candidates for each role.
Jensen Partners Sweeps Private Equity Wire Europe and US Awards
Jensen Partners sweeps Europe and US Private Equity Awards for the fourth year. The firm was once again named "Best Recruitment Company for Investor Relations & Asset Raising" at Private Equity Wire's US Awards and "Best Recruiter" at the Private Equity Wire and Hedgeweek's inaugural European Credit Awards. Jensen Partners continues to bring innovative talent solutions to the alternatives market and are honored to receive these recognitions from clients and voters across the industry. The awards are a testament to Jensen Partners' innovative data-driven executive search solutions and its commitment to providing best-in-class service to clients.
Q3 Data Highlights
Selected data points from Q3 2022:
❖ In Q3 2022, we tracked 789 total moves, a 6.63% decrease from Q2 2022 and a 8.08% increase from the 730 moves in Q3 2021. This brings the YTD total to 2,647 moves, already eclipsing the 2,645 total we saw in 2021 with an entire quarter of hiring left to go. This is the now 11th straight quarter that hiring activity has surpassed 400 moves, and the 5th time that we recorded more than 700 moves.
❖ The biggest movers and shakers for Q3 included: Private Equity firms (153 moves), Multi-Asset (137 moves), Credit (116 moves), Wealth Management firms (107 moves) and Private Fund Groups (107 moves). YTD, our strategy leaderboard looks like this: Private Equity firms (578 moves), Multi-Asset firms (500 moves), Credit firms (403 moves) and Hedge Funds (344 moves).
❖ The two sectors that experienced the biggest increase in hiring were Wealth Management firms (107 moves in Q3 vs. 60 moves in Q1 + 59 moves in Q2) and Private Fund Groups (107 moves in Q3 vs. 75 moves in Q1 + 86 moves in Q2).
❖ In contrast, we recorded noticeable dips in hiring among Hedge Funds (85 moves in Q3 vs. 138 moves in Q1 + 121 moves in Q2), Real Estate firms (34 moves in Q3 vs. 47 moves in Q1 + 53 moves in Q2), Infrastructure firms (14 moves in Q3 vs. 20 moves in Q1 + 31 moves in Q2) and Secondaries firms (27 moves in Q3 vs. 38 moves in Q1 + 33 moves in Q2).
❖ Hiring remained steady across most regions. Most of the 56-move dip between Q2 and Q3 can be explained by a decrease of 34 in U.S.-based hires. However, U.S. marketing talent is still the hottest part of the overall job market, accounting for about 62% of all moves in the quarter. Also of note, UK hires (143 moves in Q3 and 486 moves YTD) continue to outpace EU hires (63 moves in Q3 and 248 moves YTD), helping to diminish fears about the waning influence of London as a global financial capital. The EU may also soon be surpassed by the APAC region (79 moves in Q3 and 230 moves YTD), which continues to attract marketing talent at a rapid pace.
Data on Diversity
With diversity continuing to be a top-of-mind issue for alternative investment firms, we take a deep dive using Jensen Partners’ Jensen DiversityMetrics™ data visualization technology to see how well the alternative investment industry is improving diversity among the ranks of marketers.
❖ In Q3 2022, we tracked 305 female candidates and 184 BIPOC candidates, representing 38.66% and 23.32%, respectively, of all hiring in the quarter. This brings the YTD totals to 1,071 female candidates (40.46% of 2022 hiring) and 594 BIPOC candidates (22.52% of 2022 hiring). In other words, we are seeing neither significant progress nor noticeable backsliding on the diversity front.
❖ In a continuation of recent hiring patterns, Caucasians accounted for the vast bulk of all marketing moves in Q3 (76.68%). This is a slight increase on the 75.27% ratio reported in Q2, but a decrease from the 79.96% ratio in Q1. The one ethnic group that continues to make inroads in its representation across the alternative investment industry is East Asian, with 79 moves in Q3 (10.01% of quarterly total) and 259 moves YTD (9.78% of yearly total). No other ethnic group has eclipsed 100 moves YTD, with Hispanic (85 moves), Black (67 moves) and South Asian (65 moves) coming closest. However, these figures are still higher than what we saw at this same point last year, suggesting a positive trend.
❖ We also looked at the diversity figures for the cohort of 66 recent grads that joined the alternative investment industry since 2020. While there was a 50/50 balance on gender, more than three-quarters (75.76%) were Caucasian with very limited representation among other ethnic groups. We plan to do additional data deep-dives in subsequent quarters to help spotlight where there is the most progress and the most room for improvement on the diversity front.
Jensen Partners' Product Offering: DEI Market Mapping
We work directly with senior investment professionals and senior marketers to identify, attract, and hire the industry’s most accomplished diverse professionals.
Over the last decade, we have built a dataset that includes verified demographic data for more than 25,000 investment and distribution professionals from across the industry, including 8,000 who self-identify as having a diverse background across more than 100,000 positions.
We harness that data to support the build-out of diverse investment and marketing teams.
See below for a partial selection of current mandates. Contact us at firstname.lastname@example.org to learn more about each search.
Hiring: $50B Global Infrastructure Fund
Role: Managing Director, European Head of Capital Raising
Description: Our client is one of the leading global infrastructure fund’s looking to add a European Head of Capital Raising. The successful candidate will have a proven private markets capital raising track record, established institutional relationships spanning UK and Europe and ideally have embedded Infrastructure Investments product knowledge. This is a key leadership hire for the firm with direct management responsibilities. They will also coordinate with the on-the-ground fundraising teams based in North America and Asia to drive global fundraising initiatives.
Hiring: $45B Global Firm across PE, VC and HF
Location: San Francisco or New York
Role: Senior Level Capital Raiser
Our client is seeking a senior-level fundraiser to raise assets across the spectrum of Institutional investors and investment consultants while maintaining and growing existing investor relationships. This individual will work strategically with the head of business development to craft a strategic plan for coverage and consistent growth. The ideal candidate will have substantial exposure to raising assets within the alternative space.
Hiring: $45B Global Firm across PE, VC and HF
Location: San Francisco or New York
Role: Mid to Senior Level Product Specialist
Our client is seeking a mid to senior-level product specialist to work across the platform and serve as a representative/spokesperson for the firm’s strategies and products to explain strategy positioning and investment theses. This individual will also be creating and refining content that effectively conveys the firm’s strategies’ investment approach, capabilities and portfolio activity, as well as responding to investor requests for information about their prospective and current investments and meeting with those clients/prospects to deliver portfolio reviews. This person will also be responsible for messaging across marketing materials and supporting the development of new product opportunities. The ideal candidate will have product exposure across the alternative space.
Hiring: $100B Multistrat firm
Location: New York
Role: Senior Leadership Role, Fundraising
We are seeking a Senior level marketing professional with over 15 years of experience and a deep understanding of the alternatives space. The ideal candidate will have strong management skills and a track record of hiring, mentoring and growing teams. This individual will be in a player/coach capacity – raising assets across the institutional spectrum and growing/cultivating the existing North American team. This individual will work closely with senior management to build and scale the business.
Here is a curated selection of recent marketing moves across the following strategies: Credit, Fund of Funds, Hedge Funds, Infrastructure, Multi-Asset, Private Fund Groups, Private Equity, Real Estate, Secondaries, and Wealth Management.
Michael Charlton joined Vista Equity Partners in August 2022 as Managing Director and Head of Credit in the Capital and Partner Solutions team. He joined from Anchorage Capital Group after 12 years with the firm, most recently as a Managing Director and Global Head of Business Development. He is based in New York.
Matthew Heintz joined Angelo Gordon in October 2022 as Managing Director and Head of Insurance in the Client Partnership Group. Based in Chicago, he was most recently with J.P. Morgan Asset Management as a Managing Director and Head of North America Insurance Solutions.
Daniel Von Rothenburg joined Golub Capital in August 2022 as Managing Director and Head of EMEA Investor Partners Group. Previously, he was with New End as a Managing Partner. He is based in London.
Joanne Yee joined CVC Capital Partners in September 2022 as Managing Director and Chief Credit Product Specialist. She joined from Apollo Global Management, where she was a Managing Director and Credit Product Specialist on the firm's Client and Product Solutions team. She is based in New York.
|HEDGE FUNDS |
Shannon Pons joined Bridgewater Associates in September 2022 as Co-Head of Insurance Solutions from Barings, where he was a Managing Director, Global Business Development. He is based in Charlotte.
Jenny Fung joined Taconic Capital Advisors in September 2022 as Global Co-Head of Marketing and Investor Relations in New York. Previously, she was a Managing Director with AlbaCore Capital Group for a year. Before this, she spent 13 years with Taconic, most recently as a Director.
Chris Hancock joined ExodusPoint Capital Management in July 2022 as a Managing Director of Marketing & Investor Relations. He left SVPGlobal in March 2022, where he was a Managing Director for two years. He is based in London.
Vanessa Sea joined Mudrick Capital Management in October 2022 as Head of North American Distribution and Head of Consultant Relations from PanAgora Asset Management, where she was most recently Head of Consultant Relations in Boston. She reports to new President Tom Bachner.
|INFRASTRUCTURE, REAL ASSETS & REAL ESTATE |
Tae E. Ahn joined DigitalBridge Investment Management in July 2022 as Head of Asia Capital Formation. Previously, he was with Partners Group as a Senior Client Relationship Manager and Head of Korea for seven years. He is based in Singapore.
Alex Dewey joined Intermediate Capital Group as a Managing Director on the U.K. & E.U. Marketing and Client Relations team, where he is responsible for Real Estate capital raising. He joined from CBRE, where he was a Senior Director for six years. He is based in London.
Irini Kalamakis joined OMERS Infrastructure in August 2022 as Senior Managing Director and Global Head of Strategic Partnerships. She was most recently with I.F.M. Investors, where she was an Executive Director and Head of the Global Relationship Group, EMEA. She is based in London.
Alok Gaur has joined E.Q.T. Exeter as Global Head of Capital Raising. He begins his new role in December. He was previously at LaSalle Investment Management, serving as Global Head of Investor Relations since January 2021. He is based in Chicago.
William Pearce joined InfraRed Capital Partners in September 2022 as Head of Fundraising in North America. He joined from FIRSTavenue where he was a Managing Director and Head of North American Distribution for the last two and a half years. He is based in New York.
Alexander Sadighi was named Managing Director and Head of the Real Estate Client Partner Group in August 2022 with Sculptor Capital Management. His start date is T.B.D. He is joining from Hodes Weill, where he was a Principal for two years. He is based in New York.
Bill Braxton joined Goldman Sachs Asset Management in July 2022 as Managing Director in the Global Client Business Group, covering investors in the US Southwest. Previously, he was the Founder and Managing Partner of Pacenote Capital, a boutique placement agent. He is based in Dallas.
Adam Cymbler joined Macquarie Group in September 2022 as Head of Product Management in New York. He was previously at Rockefeller Capital Management, where he was Head of Marketing for the last two years.
Anne Gresens joined BlackRock in July 2022 as a Managing Director in the Alternatives Specialists unit. She joined from Morgan Stanley, where she was an Executive Director of Capital Introductions. She is based in New York.
|PRIVATE EQUITY |
Thierry Edde joined TowerBrook Capital Partners in Oct 2022 as a Managing Director in London. He joined from H.I.G. Capital, where he was a Managing Director and Head of Investor Relations, EMEA.
Douglas McNeely started his Partner and Managing Director position with The Carlyle Group in September 2022. He was with BlackRock for nearly nine years, most recently as Head of Strategic Client Coverage for the U.S. & Canada. He is based in New York.
Carlos A. Soto joined H.I.G. Capital in August 2022 as a Managing Director and Head of U.S. Private Equity Business Development in Miami. He was previously with M.S.D. Partners for less than a year as a Managing Director and Head of Business Development.
Nick Thorn joined EQT Group in October 2022 as a Managing Director in Hong Kong. He is a member of the firm's Client Relations & Capital Raising team. Previously, he was with Baring Private Equity Asia, where he was a Director of Investor Relations for seven years.
|PRIVATE FUNDS GROUP |
Jill Meleski Cohen joined V.C.P. Apex in August 2022 as Managing Director and Head of Americas. She joined Mercury Capital Partners a year ago as a Partner. She is based in New York.
Peter Purcell joined Triago in July 2022 as Partner and Head of the firm's newly opened San Diego office. He joined from Eaton Partners, where he was a Managing Director.
Vincent F. Ragosta joined Moelis & Company Private Funds Advisory in August 2022 as a Managing Director. He recently left Campbell Lutyens, where he was also a Managing Director for nearly five years. He is based in New York.
David Andrias joined Evercore's Private Capital Advisory Group in July 2022 as a Managing Director in New York. He joined from UBS' Private Fund Group where he was an Executive Director for two years in the firm's Secondary Advisory group.
Alexander Mejia, Head of Goldman Sachs' Secondary Advisory, is leaving to join Baird Capital to spearhead the buildout of a secondary advisory team. He joined Goldman 18 months ago. His start date is T.B.D.
Michael Wieczorek signed on to join D.C. Advisory, the investment banking arm of Daiwa Securities Group, in September 2022, where he will advise on GP-led deals from his base in London. He left Elm Capital in July 2022 after a year with the firm as a Partner.
|WEALTH MANAGEMENT |
Robert Bosselman joined CVC Capital Partners in August 2022 as Managing Director and Global Head of Private Wealth. Most recently, he was also a Managing Director and Head of Private Wealth with TPG for nearly two years. He is based in New York.
Veronique Fournier joined Apollo Global Management in September 2022 as Head of EMEA Global Wealth Management Solutions. Previously, she was with Barings as Co-Head of Distribution. She is based in Geneva and London.
Alana Montanari joined Coller Capital in September 2022 as Principal and Co-Head of Private Wealth. She was with Portfolio Advisors for seven months as Head of Private Wealth Solutions. She is based in New York.
Mark Serocold joined Ares Wealth Management Solutions in November 2022 as Head of EMEA. Based in London, he will join from Blackstone, where he was a Managing Director on the Private Wealth Solutions platform.