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Alternative asset managers poach talent from private banks

Alternative asset management firms are increasingly hiring from private banks and traditional fund groups, focusing on private wealth clients for growth. Since 2021, top private market firms have recruited at least 68 professionals from these areas, according to Citywire. Many hires are for wealth solutions roles, with a significant focus on high-net-worth clients and family offices. Notable firms like Blackstone, Ares Management, KKR, and Apollo Global Management have dedicated units for private wealth, collectively managing USD510bn in this sector. These firms offer considerably higher salaries, often 50-100% more than traditional asset managers, attracting talent for their expertise and client networks. Max Heppleston of Lawson Chase notes that private markets offer substantial salaries, even for mid-level bankers, making them attractive to professionals in the financial sector.


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