We asked 6 Wall Street recruiters about the hottest trends in hiring

It’s moving season on Wall Street.

Bonuses have landed in bank accounts, freeing up bankers and traders to move to new employers.

With that in mind, we asked six Wall Street recruiters about the big trends in hiring.

Here’s what the recruiters had to say.

“Relationships still matter in this business.” — David McCormack, DMC Partners

“The biggest trend in 2017 is who can pick stocks and make money? From equity sales and trading on the sell side to investment professionals on the buy side, we are looking for alpha-generators for our clients.

“Much was made of quant in 2016, and it remains a hot theme for the buy and sell sides, but with multiple headlines surrounding big data and more opaque investment themes. We remain 100% focused on exceptional talent and exceptional stock-pickers to help drive returns for our clients.

“Automation is changing Wall Street in parts of fixed income and equities, but not as dramatically as people think. Relationships still matter in this business.

“Wall Street can be three to six months ahead of their clients (buy side), not three years. In equities, demand is in Delta-1, derivatives, electronic trading, and prime, but also key areas in cash, driven by client coverage. In FICC, rates trading is an area of investment. M&A is active, given the pipeline. Banks aren’t adding mass headcount, so a lot of hiring today is driven by upgrades.

“On the buy side, we are seeing lots of demand from our hedge fund clients across multiple strategies and sectors.”

David McCormack is the founder and CEO of DMC Partners.

“We have seen a strong demand for senior leadership with new thinking in the new world order.” — Richard Stein, Options Group

“There has been a seismic shift in the war for talent in the first quarter of 2017. You are either on one side of the fault lines or the other.

“Using movie analogies, forget ‘The Spy Who Came in from the Cold” – it’s getting very, very hot on certain FICC desks and revenues, especially those at Morgan Stanley have been shockingly good.

“Upward rate hikes mean that many banks are now looking for additions and upgrades. The sell side is back, and the roller coaster has slowly left once again for its upward climb. The quest for the top 5% of the leadership for these businesses is still ongoing, and we have seen a strong demand for senior leadership with new thinking in the new world order.

“We have interviewed some of the most distinguished senior talent on the Street at C-suite and below that would never have even have thought of leaving even a year ago. At lower levels, there is still a dearth of talent at VP level, and we are seeing the best candidates receiving multiple offers.

“Investment bank boutiques have been eating more M&A market share and have increased appetite. They have been draping their flags in front of the global megabanks hoping to capitalize on the harsh reengineering efforts there still underway.

“Tech, media, and telecommunications is especially hot, as well as financial institutions groups. We are seeing big demand from the boutiques looking to add to their ranks from a growing disaffected group of successful bankers who feel they have been reduced to working in a Dickensian world order.”

Richard Stein is the chief growth officer and head of OG iQ at Options Group.

“The demand for talented individuals has never been greater.” — Michael Goodman, Long Ridge Partners

“What makes 2017 unique is that we are in an environment where redemptions and hedge fund closures are at an all-time high, yet the demand for talented individuals has never been greater.

“The 2017 trends we are seeing comes from credit funds, specifically in the direct lending space. In addition to credit, we have seen a significant uptick in recruiting at both real-estate and private-equity firms. Consistent with 2016, multi-manager, multi-strategy hedge funds are still seeking senior investment talent, including senior analysts and portfolio managers. Strategies most active at the multi-manager hedge funds include fixed income, macro, and commodities (financial, not physical).

“My advice to job seekers is twofold. If you are looking to move firms within the next year, look to identify funds that have longer consistent track records, ones that have had steady asset growth — they will offer the most stability.

“Additionally, culture and personality are often overlooked. Seek an environment where you are comfortable and feel that you fit in, one that you are able to research and get positive data points on. Not every firm is a good fit.

“Just because a firm is willing to pay you does not mean it is the right place for you. It is wiser to forgo short-term compensation for longer term stability and culture.”

Michael Goodman is a managing partner at Long Ridge Partners.

See the rest of the story at Business Insider

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