Specialist ETF recruitment firm Jobs in ETFs has secured a new round of funding as it continue to ram home the message that there is a lack of top talent available to providers.
The new funding round has been led by Cheah Cheng Hye, who has been nicknamed 'the Warren Buffett of Asia', and Jay Pelosky, former top ranked Morgan Stanley Global Strategist.
This is the first outside fundraising by Jobs in ETFs, which commenced operations in 2017 with just founder's money. Founder Claud Mitrache has retained majority interest in Jobs in ETFs.
Despite a global growth rate of 20% a year, Mitrache believes the sector is still underserved in terms of talent, suggesting there is a lack of suitable candidates.
"We're bullish on the ETF industry's growth trajectory, and this shortage of specialized talent represents an opportunity for a career platform and a recruitment provider such as Jobs in ETFs to help link employers with candidates," said Pelosky, who is also co-Founder and chief investment officer at of TPW Investment Management.
Mitrache said that the current marketplace is candidate-driven with hiring managers having to truly compete for the best people, particularly in sales and distribution where the global nature of the ETF sector means candidates need to combine technical knowledge with language skills.
"More than ever before, it's become imperative for employers to market their company culture, prestige within the industry, and employee perks," he added.
Mitrache said Jobs in ETFs has been working with universities to create ETF-centric programmes aimed at filling something of the skills gaps and ensuring a next generation of talent is coming through.
A survey conducted by Jobs in ETFs in 2018 showed that 88% of hiring managers prefer to source talent whose background is in the ETF ecosystem, while only 12% said that industry experience was not essential, affirming just how sought after having a set of specialized ETF skills really is.
The talent shortage is prevalent both in North America and Europe but it has intensified due to the emergence of the Asia-Pacific region as a burgeoning ETF market.
"With more than 14 new ETF issuers joining the APAC market in 2018 alone, there is a tremendous potential for someone like Jobs in ETFs to step up to educate candidates for the region's budding industry and helping to match them to more and more specialized positions", said ETF expert Deborah Fuhr, managing partner and founder of ETFGI.