130/30 'Expert' Recruitment Heats Up

According to a survey released on Monday, asset management staff turnover in the UK has reached new heights. Thomson Investment News comments:

The number of staff changes at UK equity teams for the three year period to June last year rose to 72 pct, compared to 51 pct between 2004 and 2006…competition for talent is the main driver of the high turnover as only 15 pct of staff movement was the result of individuals being transferred…

On the other side of the Atlantic, this seems to translate into an apparent need for 130/30 experts. Do you pay “extreme attention to detail” and are you looking for “attractive” compensation? Then a leading NY-based quant manager wants you. The firm is one of three that has recently posted 130/30 jobs at a popular financial career site. According the posting:

The successful candidate will serve as a major front office point of contact, both internally and with clients, on matters relating to the performance and methodology of the firm’s long-only and 130/30 equity products. The individual will be responsible for creating presentations, monitoring developments affecting the institutional asset management industry, and interfacing with the firm’s investor relations and front office groups.

But wait. Not satisfied with a simply “attractive” pay cheque? How about a “competitive” one? An un-named quant manager in the Windy City is looking for a 130/30 portfolio manager. For that gig,

Responsibilities include adding quantitative technology to the US Equity products, developing the 130/30 product, developing a portable alpha product and working with the firm’s sales force on explaining the investment process to institutional clients. Sales calls are a central part of the job.

And if an attractive or competitive pay cheque is below you, then you can always apply to this “prestigious” firm and impress your friends by bringing home “outstanding” amounts of bacon. They’re looking for:

…strong candidates who have had successful experience managing US Equity portfolios using quantitative investment processes. Candidates must have created and made sales presentations to Pension Consultants explaining their investment process and must be familiar with the investment process used in 130/30 products and used in Portable Alpha products.

While the superlatives used to describe compensation may be different, there is one common thread running through these 130/30 jobs: sales. One demands pension sales experience, one uses the word “sales” twice in the same paragraph, and one actually is a sales job.

“Attractive”, “Competitive” and "Outstanding". At least recruiting departments at these firms don’t need any additional sales help.