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Over the past few years, big banks have begun to reduce the size of their proprietary trading desks.

In the worst-case scenario, some prop desks were closed for good as financial firms attempted to overcome the industry’s struggles and to weather the new regulations that followed.

“I think we’re dealing with a consolidated industry,” Rob Friesen, President and COO of Bright Trading, LLC, told StreetID. “Any job that takes a piece of paper and does this with it,” he gestured, “moves it from this side of the desk to this side of the desk, why can’t that job be automated? Are the margins there for redundant jobs?”

Whatever the answer, “There is consolidation occurring,” Friesen said.

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When the JOBS Act was first promoted to the financial sector, its supporters claimed that it would drastically change the way hedge fund managers conduct business. Their promises were quite persuasive — after months of promotions, many were convinced that the JOBS Act would fix some of the industry’s problems — most notably the way it advertises to investors.

Right now, hedge funds cannot technically advertise to anyone. They cannot solicit potential investors — they must find a way to cleverly (but legally) inspire accredited investors to come to them, ask questions, and hope they’ll stick around. It’s not an easy business by any means, but with the potential to make billions of dollars a year, enterprising individuals are frequently attracted to the hedge fund industry.

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Californian financial firm Vertical Capital Markets Group, which specializes in providing a more traditional value strategy to an alternative asset class, is looking to add new talent to its team.

“In the capital markets group we’re actually looking for wholesalers,” Bayard Closser, President of Vertical Capital Markets Group, told StreetID. “We have a couple positions open for individuals that are wholesaling directly to the financial intermediaries, to the broker-dealer community and the registered investment advisors — both externally, as well as internal wholesalers, to… We have a need for strategic account, business development types of roles. Between now and the end of the year we’ll hire a number of wholesalers as well as strategic account people. We have marketing positions and operations roles as well.”

Closser said that his company has already brought on credit underwriters and credit analysts. The firm also has its own loan servicing group.

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All over the world, financial services firms are trying to overcome any and all obstacles that could prevent them from being compliant. The task is far from easy; from increasing government regulation domestically to changes and adjustments to regulation abroad, compliance officers must work hard to stay ahead of the curve.

Dale A. Walters knows this better than anyone. As the Chief Executive Officer and Chief Compliance Officer of KeatsConnelly, he deals with these problems every single day.

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It’s easy to get overwhelmed by the search for a new job. But don’t get discouraged — just follow David Couper’s advice.

As a career coach and author of Outsiders on the Inside: How to Create a Winning Career…Even When You Don’t Fit In!, Couper has helped job seekers improve their ability to market and promote themselves to employers. Now he is here to help StreetID members get an edge in the job market.

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What’s a surefire indicator that hedge funds are on the rise? Take a look at their presence
on college campuses.

From Cornell, whose student-run hedge fund beat Wall Street returns to the University of Michigan, which allows its students to manage as much as $250,000, student hedge fund are becoming a more prominent part of financial education.

Their success has attracted the attention of Wayne State University in Detroit, Michigan,
which is in the process of launching its own student hedge fund within the school’s
Financial Management Association. Continue reading →