Team & Talent Acquisition for Emerging Fund Managers

Is everyone in your founding team primed & ready to be bringing relationships and assets into the firm and fund?

And I mean everyone.

If they're not gathering assets 365, 24/7 alongside other competencies, they're not right for you.

'Oh, but she's our CFO, he's our senior analyst, they're focused on compliance, he's a CFA and an MBA, we're hiring by discipline, she's a farmer not a hunter...they don't feel comfortable selling.'

Ring any bells?

I see firms most weeks with over 90% of resources focused on activity other than raising assets - complaining that they haven't raised assets. Whether in private or public asset markets you'll be spoilt with deal flow and portfolio choices. But you won't be spoilt with new potential investors. Almost every waking hour must be spent chasing down tickets.

Whilst we're doing some light myth busting. Let's face another reality.

Most asset management start ups, when ready to hire, will not attract great talent in the first 3 years. Even the great folks occasionally you do attract will not last with you. Seasoned allocators know that employed talent generally migrate to brands, big budgets & career stepping stones. Very few financial services pros proactively choose to work in precarious start-ups with limited runway & very little AUM.

But early stage asset managers have a super-power.

Their founders.

Folks who will stop at nothing to move from burn rate to cashflow positivity. People who know every stitch in the tapestry. People who will fly 11 hours for 1 closing meeting & handshake.

For at least 2 years, your founders need to be your salespeople.

Equip them with fantastic content, software, advice and automations so they can multiply.

Remove absolutely everything from them that isn't core asset gathering. Give them EAs and VAs wherever possible.

Don't even think about hiring an FTE or contractor sales person.

It should be you pulling in every single ticket.

Target every single founder, NED & adviser with an asset gathering target measured monthly; no exceptions, no excuses. If you get pushback, exit that founder as early as possible.

Adapt or wither on the vine.

Thanks for reading; likes, comments, shares & subscribes are always welcome and encourage me to dig ever deeper to help the emerging fund community.

If you'd like help implementing a talent solution in your firm, book a call with me here: Free Discovery Call with Simon