Quarterly Newsletter: Unprecedented Hiring Momentum Sets Record Start for 2023
As a seasoned recruiter with over 22 years of experience, I can affirm that the beginning of this year is marked by an unparalleled level of activity. Jensen Partners is on the verge of experiencing its most significant Q1 to date, according to a wide range of metrics. Even though the full Q1 data will not be available until April, the hiring trends from Q4 2022 and the previous year provide valuable insights into what lies ahead.
We tracked 710 marketing moves in Q4, bringing the 2022 total to a record-high of 3,357, a 27% increase on our previous high of 2,645 moves in 2021. This makes Q4 the 12th quarter in a row that hiring activity has surpassed 400 moves and the 6th time that we recorded more than 700 moves.
Digging deeper into the data, a few key takeaways stand out:
Big increase in moves in the infrastructure sector. We tracked 89 moves over the course of 2022, a figure we are already on track to eclipse in 2023. Women have especially benefitted by this hiring boom among infrastructure firms, with a 120% increase in female hires in 2022 when compared to 2021. In fact, 100% of the infrastructure searches that we have worked on recently have insisted on a diverse hire.
Continued demand for marketing professionals with credit experience, which is also a trend we have written about in previous newsletters. Credit-focused investment firms hired 115 marketers in Q4 and 518 in 2022. We are seeing especially strong hiring activity at the senior-level with 23 Managing Director moves in Q4, which is typically a precursor to even more fast-paced hiring as these senior hires build out their teams.
Geographical expansion for the alts industry highlighted by hiring activity in East Asia. While North America and Europe continue to dominate hiring activity, we have noticed a steady uptick in demand for marketing professionals based in East Asia, with 304 total moves in 2022 in the broader APAC region. In fact, in each of the last three quarters, there have been more hires in the APAC region (which includes East Asia) than in the EU (which doesn't include the UK). This suggests that places like Singapore are rapidly becoming important financial centers for the alternative investment industry.
Diversity remains front and center for alternative investment firms. The Jensen Partners team continues to receive mandates from alts firms that want to prioritize diversity in their hiring decisions. For example, we recently worked with a $10 billion private equity firm on a diversity build-out where we were responsible for sourcing diverse candidates with different levels of experience. This trend towards diverse build-outs as opposed to standalone diverse hires suggests that the demands for increased worker diversity that we've been hearing for years are finally leading to tangible improvements.
Check out the rest of our quarterly newsletter below for more data and insights on hiring trends across the alternative investing industry.
Q4 Data Highlights
Selected data points from Q4 2022:
❖ In Q4 2022, we tracked 710 moves, a 10.01% decrease from Q3 2022 and an 18.33% increase from the 600 moves in Q4 2021. This brings the 2022 total to 3,357 moves, eclipsing the 2,645 total we saw in FY 2021. This is the now 12th straight quarter that hiring activity has surpassed 400 moves and the 6th time that we recorded more than 700 moves.
❖ The biggest movers and shakers for Q4 included: Private Equity firms (176 moves), Multi-Asset (122 moves), Credit (115 moves), and Wealth Management (72). For 2022, our strategy board looks like this: Private Equity firms (754 moves), Multi-Asset firms (622 moves), Credit firms (518 moves), and Hedge Funds (410 moves).
❖ In the last quarter of 2022, only two sectors experienced an increase in hiring. These were Private Equity firms (176 moves in Q4 vs. 153 in Q3, 184 in Q2, and 241 in Q1) and Infrastructure (24 in Q4 vs. 14 in Q3, 31 in Q2, and 20 in Q1) – making them the only sectors to recover from the decline in hiring between Q1 and Q3.
❖ In contrast, we recorded noticeable dips in hiring among Private Fund Groups (63 moves in Q4 vs. 107 in Q3, 86 in Q2, and 75 in Q1), Wealth Management firms (72 moves in Q4 vs. 107 in Q3, 59 in Q2, and 60 in Q1), Hedge Funds (66 moves in Q4 vs. 85 in Q3, 121 in Q2, and 138 in Q1), and Multi-Asset firms (122 moves in Q4 vs. 137 in Q3, 149 in Q2, and 214 in Q1).
❖ We further observed that the total moves for Credit firms more than doubled over the last year (518 in 2022 vs. 227 in 2021), although there’s a trend of Credit moves starting high in Q1 and decreasing little by little each quarter in both 2021 and 2022. We do, however, expect a high amount of Credit moves for Q1 2023.
❖ Hiring remained steady across most regions. Similar to Q3, most of the 79-move dip between Q3 and Q4 can be explained by a decrease of 56 in U.S.-based hires. However, U.S. marketing talent remains the hottest part of the overall job market, accounting for 62.54% of all moves in the quarter. Also of note, UK hires (124 moves in Q4 and 610 moves in 2022) continue to outpace EU hires (61 moves in Q4 and 309 moves in 2022). As we predicted in Q3, the EU was surpassed by the APAC region in Q4 (74 moves in Q4 and 304 moves in 2022), proof that it is attracting 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 Q4 2022, we tracked 378 diverse moves (298 female candidates and 80 male BIPOC candidates), representing 41.97% and 11.27%, respectively, of all hiring in the quarter. This brings the 2022 totals to 1,369 female candidates (40.78% of 2022 hiring) and 674 BIPOC candidates (20.08% of 2022 hiring).
❖ In terms of gender by asset classes, we observed that total female moves in Infrastructure increased by 120.83% in 2022 when compared to 2021. Quarter to Quarter female moves dominated Infrastructure for 2022 as well, highlighting a significant change from 2021 Infrastructure trends (53 moves in 2022 vs. 24 moves in 2021). We further noted that female Credit moves in Q4 were more diverse than male Credit moves. While female and male Credit moves have a similar percentage of non-white individuals (25.53% and 22.06%, respectively), female moves (47 vs. 15 male moves) account for more diverse candidates within that bubble. White males still dominate Credit, though, accounting for 53 or 46.09% of all Credit moves in Q4 2022.
❖ In the last quarter of 2022, Caucasians continued to account for the vast bulk of all marketing moves (73.80%). This is a slight decrease from the 76.68% ratio reported in Q3, as well as a decrease from the 75.27% ratio in Q2 and 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 100 moves in Q4 (14.08% of the quarterly total) and 359 moves in 2022 (10.69% of the yearly total). We further noted that East Asian representation increased by 36.50% in 2022 compared to 2021, with Q4 2022 representation having increased by 53.85%. No other ethnic group has eclipsed 100 moves in 2022, with Hispanic (94 moves), South Asian (92 moves), and Black (83 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 Corporate Titles and noted that of the 115 Credit moves in 2022, 23 were Managing Director moves. A deeper look at those 23 found that 10 of those individuals were promoted within their company, 10 switched companies and either took a lower position or the same position as prior, while the remaining 3 moved to a new company for a Managing Director promotion. We also noted 9 Head moves, of which 6 individuals moved to new companies for the same or lower position, 2 were promoted within their current company, and one individual moved to a new company for promotion.
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 email@example.com to learn more about each search.
HIRING: $16B AUM Global Hedge Fund
Role: Global Head of Investor Relations & Business Development
LOCATION: London or New York
Our client is seeking a Global Head of Investor Relations and Business Development to assist with global capital raising initiatives. This is a key strategic hire for the firm with global management responsibilities. The successful candidate will work for an established hedge fund, ideally with macro or multi-stat experience. They will have strong management skills and a proven track record of coordinating global fundraising initiatives as well as acting in a player/coach capacity – raising assets across the institutional spectrum. This individual will have a highly strategic position within the firm and work closely with senior management. The firm places strong emphasis on exceptional academic credentials.
HIRING: $16B AUM Global Hedge Fund
Role: Investor Relations Director
LOCATION: New York
Our client is a leading macro hedge fund seeking a senior-level marketing and investor relations specialist to assist with capital raising initiatives in North America. The successful candidate will work for an established hedge fund and have a proven track record of sourcing capital from North America investors. They need to be a self-starter, commercially astute with excellent academic credentials.
HIRING: Real Assets focused Private Fund Group
Role: Head of Project Management
Our client is one of the leading independent placement agents focused on fundraising and advisory services for private markets with specific focus on infrastructure and real assets. This is a senior level position combining project management, origination, advisory, and acting as the point person for GP engagement across multiple fundraises. The successful candidate will be highly commercial, diligent, and comfortable with articulating complex information as well as coordinate global fundraising initiatives. This individual will have a highly strategic position within a growing firm and will work very closely with the founding partners.
HIRING: $5B Healthcare Venture Capital Fund
Role: Head of Fundraising
LOCATION: New York or San Francisco
Our client is seeking a senior level fundraiser to raise assets across the spectrum of institutional investors in North America with overlap into Europe. The successful candidate will have deep institutional relationships, an embedded private equity or venture capital raising track record, and ideally have sector specific knowledge across healthcare related investments. This individual will have a highly accountable position in driving all capital formation initiatives across the firm and will work closely with senior management – a strong team player and self-starter attitude is of paramount importance to our client.
HIRING: Global Private Fund Group
Role: Mid – Level Distribution
LOCATION: San Francisco
Our client is seeking a Mid – Level Distribution professional to assist with capital raising initiatives on the West Coast. The successful candidate will work for a well – known, global private fund group. This individual should have prior experience in institutional sales across all asset classes. Candidates should be able to maintain new and existing relationships.
HIRING: $4B AUM PE Fund
Role: Global Head of Investor Relations
Our client is seeking a Global Head of Investor Relations to assist with capital raising initiatives. The successful candidate for this role will work to help raise capital across both equity and debt. They will be a capital raiser with a rolodex of strong, existing relationships. They will have both strong management and sales experience. This individual should be strategic and creative with their marketing strategies.
HIRING: $795.6B AUM Global Asset Manager
Role: Managing Director, Private Credit Product Specialist
LOCATION: New York
Our client is seeking a Managing Director, Private Credit Product Specialist to assist with fundraising, investor relations and product development. The successful candidate will work for an established, well known asset manager with portfolios across several assets. They should have a strong track record in Private Credit as well as strong international relationships. A candidate with insurance experience comes highly desired. This individual will work alongside a range of senior stakeholders and will be a key point of contact for investors.
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.
Gregory Berman joined opportunistic distressed structured credit asset manager Altum Capital Management in December 2022 as Head Portfolio and Product Specialist. He was recently with Varde Partners for a year and a half as a Managing Director and Product Specialist. He is based in New York.
Charles Gans-Lartey joined Ares Management in December 2022 as a Principal and Credit Product Specialist on the Wealth Management Solutions platform. He joined from Blackstone where he was a Senior Product Specialist on that firm's Private Wealth Solutions Platform for a year. He is based in New York.
Charlotte Gilbert joined Arrow Global Group in December 2022 as a Managing Director in London. Previously, she was with Oaktree Capital Management as a Managing Director, Marketing.
Han Gurer joined GoldenTree Asset Management as Principal and Head of the Middle East in November 2022. He joined from Ares Management where he was covering the Middle East as a Principal for the last six years. He is based in the UAE.
Micael Hagelin joined H.I.G. Capital in November 2022 as a Managing Director in London. He joined from New End Associates where he was most recently a Managing Partner.
Andrew W. Lai joined Antares in October 2022 as Managing Director and Head of Consultant Relations in New York. Previously, he was with Marathon Asset Management in a similar role for four years.
Jon Morgan joined Orchard Global in January 2023 as Global Head of Consultant Relations from Insight Investment where he served as Head of North American Consultant Relations for four years. He is based in New York.
Remko van der Erf joined Intermediate Capital Group in December 2022 as a Managing Director covering Benelux Sales. He joined from Kempen Capital Management where he was most recently a Managing Director. He is based in Amsterdam.
Shawn T. Wooden has signed on to join Apollo Global Management as Partner and Chief Public Pension Strategist for Apollo’s Institutional Client & Product Solutions group, a newly created role. He currently serves as State Treasurer of Connecticut. He will begin his new role with Apollo in early 2023.
James Bigglestone joined Quant Fund Engineers Gate as Head of Business and Capital Development in January 2023 from NYDIG Asset Management where he was Head of Pensions and Consultant Relations for a year. He is based in New York.
Chris Bires joined Readystate Asset Management in October 2022 as Partner and Head of Marketing and Investor Relations from Balyasny Asset Management where he was a Managing Director and Head of the Americas Client Relationship Group for three years. He is based in Chicago.
Russell Brawer joined Centiva Capital as a Managing Director of Business Development and Investor Relations in January 2023 from Varadero Capital where he served in a similar capacity for a year. He is based in New York.
Sean Callahan joined Northlight Group in January 2023 as Head of Distribution. He was most recently with Mudrick Capital Management covering North American Business Development and Investor Relations. He has relocated from New York to London for his new role.
Jessie Chen joined Mariner Investment Group as a Managing Director, Business Development in November 2022. She joined from Yulan Capital Management where she was Head of Business Development & Investor Relations for a year and a half. She is based in New York.
Brandon McCue joined Graham Capital Management in November 2022 as a Managing Director from Pagaya Investments where he was a Senior Managing Director for two years. He is based in the New York area.
Marie-Helene McAndrew joined Graham Capital in October 2022 as a Managing Director, Fundraising. She joined from Emso Asset Management where she served as Deputy Head of Investor Relations. She is based in New York.
INFRASTRUCTURE, REAL ASSETS & REAL ESTATE
Frank Amberg joined AltamarCAM in January 2023 as Head of Infrastructure Germany. He joined from MEAG where he was Head of Private Equity and Infrastructure. He is based in Munich, where AltamarCAM will be opening an office soon.
Donald Carey joined Grain Management in November 2022 as a Managing Director after seven years with ShoreBridge Capital Partners, most recently as a Partner. He is based in New York.
Patrick J. Connell joined S2 Capital in December 2022 as Head of Capital Formation and Investor Relations from L&L Holding Company where he was a Principal, Managing Director and Head of Capital Raising. He is based in New York.
Michael Keough joined Cerberus Capital Management in November 2022 as a Managing Director covering West Coast Real Estate fundraising. He joined from Headlands Capital where he served as a Partner and Head of Business Development & Investor Relations for a year. He is based in San Francisco.
Rachel Lemberg joined ITE Management in November 2022 as Head of Business Development and Investor Relations after three years with opportunistic credit manager Piney Lake Capital Management as Head of Limited Partner Relations and Business Strategy. She is based in New York.
Alicia Lobo joined Instar Asset Management as Head of Investor Relations in January 2023. She was with AIMPERA Capital Partners as Head of IR for nearly five years. Her new role sees her dividing her time between New York and Toronto.
John A. Schattenfield was named Head of Distribution with Carpathian Capital Management in October 2022. Now based in Minneapolis, he joined from Sterling Partners Equity Advisors where he served as Head of Distribution for three years in the firm's Chicago office.
Yokasta Segura-Baez joined ArcLight Capital Partners in December 2022 as a Managing Director of Investor Relations. She was most recently with Capital Dynamics where she was on the North American Business Development team.
Matt Steege joined Stonepeak Infrastructure Partners in November 2022 as Head of Wealth. He joined from Neuberger Berman where he was a Managing Director and Head of the Private Bank and US Offshore Coverage team. He is based in New York.
Latifa Tefridj-Gaillard joined InfraCapital Head of Capital Formation and Investor Relations from DigitalBridge where she was Head of Capital Formation & Investor Relations, Europe and Global Head, Credit for nearly two years. She is based in London.
Mike Fox joined BlackRock in October 2022 as a Managing Director of Product Strategy in New York. He most recently served as President of North Rock Capital Management for seven months.
Young Ju Hong joined Robeco in November 2022 as Head of Business Development, Korea in Hong Kong from MFS Investment Management after eight months as a Director of Relationship Management and Sales.
Christophe R. Gantenbein joined Union Bancaire Privee as Global Head of Private Markets Investment Solutions and Senior Managing Director. He joined from Partners Group where he was a senior member of the European Client Solutions team covering institutional. He is based in Zurich.
Meghan Olson joined BlackRock in November 2022 as a Managing Director, Product Strategy. She joined from Centerbridge Partners where she was a Managing Director of Investor Relations. She is based in New York.
Matt Shafer joined PGIM in December 2022 as Head of International Distribution. Previously, he was Head of EMEA Distribution with BNY Mellon Investment Management for a year. He is based in London.
Glenn Tan joined PineBridge Investments in December 2022 as Head of Institutional Sales for Southeast Asia from Nikko Asset Management where he was a Director of Institutional Business Development for six years. He is based in Singapore.
Bernice Berschader started her new role as H.I.G. Capital in November 2022. She joined as a Principal on the Capital Formation team from Castlelake where she was a Director on that firm's Capital Formation team. She is based in London.
Jessica Hoffman Brennan has been appointed Partner and Head of Strategy & Investor Relations with Kohlberg & Company in November 2022. Prior to this, she spent two years with Onex as Head of Client & Product Solutions. She is based in New York.
Drew D. Fox joined 17Capital in October 2022 as Managing Director and Head of Fundraising and Investor Relations, North America in New York. He joined from Hamilton Lane where he was a Managing Director in the Client Solutions Group covering Institutional Investors.
Sanjay Kohli joined Quilvest Capital Partners in December 2022 as Partner and Global Head of Investor Solutions and Capital Raising. He joined from Investcorp where he was a Managing Director and Head of Europe and Israel Investors. He is based in London.
Philip Marchal joined Quilvest Capital Partners in December 2022 as Head of North Americas Investor Solutions and Capital Raising. He joined from Probitas Partners after a decade as a Managing Director and Relationship Manager. He is based in New York.
Razan Prassas joined KKR in October 2022 as a Managing Director on the Client & Partner Group. She joined from Lazard Asset Management where she was a Director of Alts Distribution for nine months. She is based in Chicago.
Ashley Pullen joined 9Yards Capital in October 2022 as Head of Investor Relations. Previously, she was with Community Fund as Head of Marketing and Business Development for a year. She is based in New York.
Kaven Samie joined Patient Square Capital in January 2023 as Partner, Chairman and CEO of MENA and Head of International Fund Partnerships. He joined from Neuberger Berman where he was Executive Chairman, Head of Middle East & North Africa for two years. He is based in Dubai.
Marissa Sutker joined Sentinel Capital Partners in November 2022 as Head of Investor Relations. She joined from Avenue Capital Group, where she was most recently a Managing Director of Investor Relations. She is based in New York.
Yael Tzur joined TrueBridge Capital Partners in October 2022 as a Partner focused on Institutional Relationship Management. She was most recently with Bank of America Merrill Lynch on the Americas Capital Strategy team. She is based in New York.
PRIVATE FUNDS GROUP
Dave Brown joined Cebile Capital in October 2022 as Managing Director and Head of Strategic Relationships. He joins from Moelis & Co.'s Private Funds Advisory business where he was a Managing Director for eight years. He is based in New York.
John Chase joined Hodes Weill & Associates in October 2022 as a Managing Director on the Global Distribution team. He was with Atlantic-Pacific Capital for 17 years, most recently as a Partner.
Justin Garrod joined Mercury Capital Advisors in January 2023 as a Partner. He joined from Stonington Capital Advisors where he was a Managing Partner for 11 years. He is based in New York.
Kelly McNamee, ex-BlackRock Director and Relationship Manager, founded her own placement agent, Baar Capital, in October 2022. The firm specializes in single and multi-family offices in the UK and Switzerland. She is based in London.
Eugene Park joined FirstPoint Equity in January 2023 as a Managing Director from Mercury Capital Advisors where he was a Principal focused on Project Management for a year. He is based in New York.
Brian Ralph joined FocusPoint Private Capital Group in November 2022 as a Managing Director leading global consultant coverage as well as Western and Midwestern Institutional and High Net Worth capital raising. He joined from ITE Management where he was in a senior distribution role for a year. He is based in Chicago.
Jerome Wallace left his role as Managing Director and Co-Head of Americas Distribution with Credit Suisse Private Fund Group. He joined William Blair as Co-Head of the Private Capital Advisory unit in December 2022. He is based in New York.
Brian Williams joined William Blair as Co-Head of the recently launched Private Capital Advisory business in December 2022. He was named Co-Head of Americas Distribution in Credit Suisse Private Fund Group in January 2022. He is based in New York.
Jeffrey Bollerman has signed on to join Raymond James' Private Capital Advisory business as a Managing Director in New York. He joins from Houlihan Lokey where he was a Managing Director and founding member of the firm’s secondaries practice.
Jeremy Duksin has left his Managing Director and Global Head of Capital Solutions role with Credit Suisse's Secondary Advisory business in December 2022 to join Robert W. Baird & Co. as Co-Head of Secondary Advisory. Alexander Mejia, who recently left Goldman Sachs, will serve as Co-Head alongside Duksin. He is based in New York.
Ian McLean joined Devon Park Advisors in December 2022 as a Managing Director. Most recently, he was with Oaktree Capital Management as a Senior Vice President of Infrastructure Investing. He is based in Greenwich.
Matthew Pellegrino joined Devon Park Advisors in December 2022 as a Director from Committed Advisors where he was most recently a Principal. He is based in West Palm Beach.
Sebastien Siou joined ex-Park Hill Jonathan Costello's Devon Park Advisors in December 2022 as a Partner from Whitehorse Liquidity Partners where he was a Partner for three years. He is based in Toronto.
Sarah Klein Weidner joined Kline Hill Partners in November 2022 as a senior Investor Relations and Business Development Specialist after leaving Pharo Management in June where she was a Director of North American Investor Relations. She is based in New York.
Adam Bobker joined Fortress Investment Group in November 2022 as a Managing Director and Co-Head of Private Wealth Solutions. He was most recently a Managing Director and Head of Private Wealth Advisory Group and Alternative Investment Sales with BlackRock. He is based in New York.
John Carmody joined Deerpath Capital Management as Managing Director, Global Private Wealth Distribution in October 2022. He was most recently with an undisclosed firm for the last three years focused on wealth distribution. He is based in New York.
Harald Duerr joined KKR in January 2023 as a Managing Director and Head of DACH Family Capital/HNW in the Client & Partner Group. He joined from Deutsche Bank where he was most recently a Managing Director and Head of Grown UHNW Clients. He is based in Frankfurt.
Jerome Hayden joined Fortress Investment Group's recently launched Private Wealth Solutions business in November 2022 as Senior Vice President and Head of Internal Sales. He joined from UBS where he was a Director, Capital Introduction for two years. He is based in New York.
Jonathan McEvoy joined Coller Capital in November 2022 as Principal and Co-Head of Private Wealth. Previously, he was with Morgan Stanley as an Executive Director on the Hedge Fund Solutions business. He is based in New York.
Dan McGee joined CIM Group in November 2022 as Managing Director and National Sales Manager. He joined from Barings where he was a Managing Director in the US Wealth and Sub-Advisory Group. He is based in Charlotte.
Lindsay Roberts Schneider joined Ares Management in December 2022 as a Managing Director and Head of RIA Partnerships in the firm's Ares Wealth Management Solutions business. She joined from PIMCO where she was an Executive Vice President in the Private Client Group covering RIAs, Multi-Family Offices and Bank Trusts. She is based in New York.2