Morning Coffee: The secret home for psychopaths. A sector where headcount is on the up

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If you work in investment banking, where pay has been on a downward keel, job security is shaky and predictions of apocalyptic headcount reductions are still emerging, you’d perhaps be advised to look to the buy-side.

After all, the pay differential is shrinking and, according to the latest figures from the Investment Management Association, headcount is back above pre-crisis levels. The industry in the UK employed 30,785 in 2012, a 4.4% rise on 2011 in a year when investment banks swung the axe liberally. This is also an 11% rise on 2009. These sort of numbers aren’t huge, but the buyside has never employed the same hire and fire tactics as the sellside.

However, before you start polishing off your CV, there’s one thing to bear in mind – it’s a magnet for bullies. According to a survey by Ignites Europe, cited in FTfm today, 65% of employees in fund management believe that bullying is either “prevalent” or “very prevalent”, it says.

“I have worked for psycho/sociopaths at large New York based investment arms of insurance companies and at independent asset management companies. It is a significant problem in our industry,” said one fund manager responding to the survey.

Banks were accused of intentionally hiring psychopaths for senior positions. Fund management, it would seem, is no different.


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