Mid-Year Asset & Wealth Management Recruiting and Compensation Trends: Cautious Optimism Amid Private Markets Strength and Public Markets Recovery

Private Markets: Selective Growth in Key Roles

Despite a generally cautious environment, talent demand remains robust for our clients in private markets, especially in wealth management distribution, data-driven marketing, and portfolio management across alternative credit, real assets, and multi-strategy hedge funds. Notably, private equity firms are leading the way in developing sophisticated distribution strategies, with venture capital firms and hedge funds still coming up to speed. Examples of our work include the Head of Family Office Distribution Channel for a hedge fund; the CFO, Head of Treasury Operations, and CHRO for a real assets private equity firm; and the Head of Private Markets for a large public fund allocator.

Public Markets: Strategic Partnerships and Digital Marketing Focus

Public market managers are proceeding cautiously, prioritizing distribution in solutions-based models targeting RIAs and family offices. There is sustained demand for technology-savvy marketers, as the landscape has become a “fintech-first” one. Firms are focusing product innovation through partnerships with private market managers—particularly in launching registered, untraded ‘40 Act products—rather than building in-house PM teams. Recent examples amongst our clients include recruiting the Head of Digital Marketing for one of the largest global multi-asset class managers and the Head of Channel Marketing for a mid-sized ETF specialty manager.

Wealth Management: RIAs Scaling Up and Family Offices Expanding

The RIA sector continues to scale, fueled by private equity backing and consolidation. Family offices are being established earlier, with many now internalizing more of the investment process, both as allocators and as principal managers in select asset classes. Recent recruiting work includes the Managing Director Head of Solutions for Product Distribution and Channel Management at a large RIA and we assisted with several searches in support of the launch of a large RIA targeted private equity fund backed by a major family office.

Board Recruiting: Focused and Skills-Driven

Our board recruiting work remains highly focused on skills based requirements that are the result of sophisticated board self-assessment processes identifying gaps during succession planning initiatives. Board recruiting initiatives are very narrow and focused on specific backgrounds or skills. Our, recruiting for a NYSE listed, pure-play, public markets asset manager has included three roles, including Chair of the Audit Committee, a professional from a large allocator who would bring the “voice of the client” to the table, and a professional to assist in the firm’s strategic growth into private markets, bringing CEO experience from an alternatives manager. Fund trustee recruiting continues to be challenging as the time requirements and technical knowledge of the ‘40 Act are difficult to pair with the demand for technology, private markets, and multi-channel distribution leadership skills.

Strategic Staffing: Navigating Uncertainty and Maintaining Momentum

There are smart business players waiting for organizations to make short-sighted decisions and walk away with a winning trade, and this is guiding the decision-making of several of our most interesting clients on strategic staffing. The volatility of markets and policy uncertainty in Washington, DC, led most firms in the sector to pause new initiatives and rethink bonus accruals at the outset of Q2, but with the rapid recovery in the broader markets and strength in many European and Emerging Markets, none of our clients paused existing recruiting efforts. Bonus accruals remain unchanged because most firms never had to reflect any revenue declines due to the speed of the market’s rebound.

In almost every ongoing conversation with clients about new searches, there is a note of caution because of the policy uncertainty with many of the initiatives not following Adam Smith’s classic “rational choice imperative.” It is worth noting that behavioral economics is built on the premise of human error, in large part due to subconscious biases and uncertainty. This has created unusual pockets of opportunity for talent acquisition.

Wilbanks Partners Active with Industry Clients and Partners in Public Forums

Over the last year we have been very active working and visiting with clients in a wide range of public forums, always on the lookout for the best talent, and staying abreast of industry best practices.

View our recruiting track record

Wilbanks Partners’ Representative Search Work

  • President & CEO – $40 bil RIA
  • President & CEO – $30 bil ESG Investment Firm
  • President & COO – $5 bil RIA
  • President & CEO – Leading Financial Services Association
  • President & CEO – $4 bil Family Office
  • Board Member – $3 bil ESG Private Equity Firm
  • Board Member – $110 bil Global Asset Manager
  • Board Member – $10 bil Mutual Fund Complex
  • Board Member – $160 bil Global Investment Manager
  • Senior Managing Director & Division Head Tax Efficient Solutions Business – $45 bil AUM RIA
  • Division Executive & Head of $2 bil Investment Business – Mission-Driven Payment Services Fintech
  • Managing Director & ETF Division Manager – $80 bil Asset Manager
  • SVP & Head of ETFs – $1 trillion Global Asset Manager
  • Partner & Head of Retail Distribution – $200 bil Private Equity Firm
  • Head of Private Markets – $15 bil Public Pension
  • Head of Retail Marketing – $200 bil Private Equity Firm
  • Head of Retail Sales – $200 bil Private Equity Firm
  • Partner & CFO – $30 bil Hedge Fund
  • Partner & CFO – $4 bil ESG Private Equity Firm
  • Treasurer – $3 bil ESG Private Equity Firm
  • Chief Investment Officer – $3 bil Endowment
  • Chief Investment Officer – $40 bil Multi-Family Office
  • Partner & CHRO – $40 bil Global Asset Manager
  • Partner & CHRO – Boutique Global Investment Bank
  • Partner & CHRO – $4 bil ESG Private Equity Firm
  • Partner & COO, Trust Services Business – Large Regional New Hampshire Law Firm
  • Managing Director & Head of Client Service & Operations – $40 bil RIA
  • Partner & COO – $4 bil RIA
  • EVP & Head of Investment Operations & Client Service – $40 bil Multi-Family Office
  • EVP & Chief Marketing Officer Retail – $1 trillion Global Asset Manager
  • SVP & Head of Digital Marketing – $1 trillion Global Asset Manager
  • Head of US Retail Channel Marketing – $700 bil Global Asset Management Firm
  • Partner & Chief Marketing Officer – $10 bil Global Institutional Asset Manager
  • Portfolio Manager, Emerging Market Local Currency Credit – $50 bil Asset Manager
  • Portfolio Manager, Global Small Cap Value Equities – $60 bil Asset Manager
  • Head of Investments – $4 bil Family Office
  • Head of Family Office Distribution Channel – $6 bil AUM Hedge Fund
  • General Counsel – $1 bil Wealth Management Private Equity Fund
  • Head of Risk Management – $30 bil Hedge Fund
  • Head of Human Resources – $30 bil Hedge Fund
  • Head of Channel Marketing – $80 bil ETF Specialty Firm
  • Head of Talent & Deputy CHRO – $80 bil Asset Manager
  • Product Manager, ETF & Blockchain Asset Classes – $80 bil Asset Manager
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