Recently, a number of long-time portfolio managers and money fund professionals have “retired” or switched jobs after having been at positions for seemingly forever. Sharon Pichler is retiring from Janus, Darlene Rasel retired from Deutsche, and Pat Ford has moved from BlackRock. Cumulatively, these three had almost 50 years of experience. Money fund salespeople are also changing jobs at a pace heretofore unseen. What’s behind the movement?
Money of course, but boredom and comfort also play a role. After many years, often you haev to fire yourself. (I had to!) It’s interesting to note that even the boom years of 2000 and 2001 didn’t see as much movement among money fund pros. I think then everyone was making so much money they didn’t have time to work on their resumes. Then companies clamped down on huge paydays.
Not only are people moving, but lots more are looking (trust me!)…. It’s more than the booming assets. It’s also the shifting modern environment, with portals, mergers and reorganizations becoming facts of life. Finally, with experience alas for the organizations come big salaries.
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