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As the funds management industry ditches underperforming products, the unlucky specialists working on them are also facing the axe.

Deutsche Bank has chopped three products from the Australian market, including one launched only six months ago. BT Investment Management is closing its Global Return Fund, while Melbourne-based boutique Alpha Investment Management is shutting down completely, following the loss of its biggest mandate from AustralianSuper.

A fund closure can put the whole team assigned to it – usually between two and 10 employees – in jeopardy.

“With firms axing products, people are being made redundant, often through no fault of their own. Last year firms were mainly trimming in the back office, but now we are seeing the front office being let go,” says Fiona Weeks, a partner at search firm Platinum Pacific Partners.

Internal redeployment often isn’t an option because product-specific skills aren’t always transferable to other funds, she adds. “A couple of years ago, people with structured products experience were in demand, but now there is little demand for their product and people with that skill set are really struggling to find work.”

But if firms are firing from their bad funds, are they hiring for the rest of their business? Ashton Bilbie, director at Profusion Wealth Management, thinks the job market is generally quiet.

“But at least firms are more open to having conversations with quality candidates than they were in Jan/Feb. There is more confidence out there. Arranging a meeting for a candidate is more straight forward now,” he adds.

Portfolio managers that can transition funds under management across are still sought after. As are PMs who have a strong profile with asset consultants, says Bilbie. "Firm are cautious and selective about who they hire, however there is a growing sentiment to not let great talent pass them by."

Weeks hasn’t seen much general recruitment activity in funds management, but says there are a few senior/niche vacancies available.

“Employers in the sector are now dipping their toes in recruitment water, but as yet there is still not a lot of commitment. But if the stock market continues to be positive, hiring might pick up substantially in three or four months. It’s very dependent on the market. Another serious correction could stall recruitment again,” says Weeks.