Hiring activity in 2021 continues to outpace the prior year. Through the end of September, asset owners have made 1,586 manager hirings for more than $166 billion in investment mandates. During the same time last year, there were 1,597 hirings for a total of about $120 billion.
Asset owners remain drawn to alternative assets
Asset owners continued to seek out alternatives, which accounted for 82% of the activity, although this was down from the 94% of hirings in the first nine months of 2020. While lower than a year ago, private equity funds, with more than $64 billion of hirings this year, continue to draw the majority of funds. Real assets and real estate were increasingly popular categories, with asset owner hirings totaling $15.6 billion and $28.5 billion vs. $10.7 billion and $16.1 billion, respectively.