Letting go of the head honcho position for a role that looks more junior on the surface is not everybody’s idea of career progression, but experts say it could be your best move yet.
Letting go of the head honcho position for a role that looks more junior on the surface is not everybody’s idea of career progression, but experts say it could be your best move yet.
The traditional career ladder is turning into a ‘jungle gym’ as a skills shortage in the asset management industry leads to job opportunities that could grant greater influence and a better work-life balance.
Accepting a lower job title can be all the more career altering if the new company operates in one of the industry’s most innovative corners.
Earlier this year Helena Morrissey took on the role of head of personal investing at Legal & General Investment Management after leading Newton Asset Management for 15 years as its chief executive officer.
The logical next step for Ms Morrissey could have been CEO of a bigger company.
However, Ana Maria Tuliak, Principle at Ludgate Search, says Ms Morrissey’s new job title may be a poor indicator of the scope and potential of the role.
“Personal investing as a channel has been a significant focus for the large asset managers as well as LGIM’s direct competitors, [such as] Schroders, M&G, Vanguard and Fidelity International, and represents an enormous growth area,” says Ms Tuliak.
“More and more we are seeing moves driven by industry trends, which may appear to be a step back, but are in fact far wider in scope.”
Kirsty Pineger, Head of Investment and Middle Office at BRUIN Financial, a specialist recruiter, says fund firms are increasingly trying to accommodate those who would have traditionally taken the route of occupational downgrading after a career break.
“It’s no longer the case that the lack of recent experience is automatically associated with an erosion of skills,” she says.
“In fact many of our clients are actively working to assist the return of financial services professionals who have had time out of the industry.
“Returner programmes have gained huge traction over the past 12 months as genuine alternatives to the default position of accepting a more junior role.”
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