Wealth Management Industry's Underlying Asset Logic Reshaped; Demand for Diverse Research and Investment Talent Rising

Source: Economic Information Daily

Under the dual pressures of continuously declining yields on single fixed-income assets and the deepening transformation of asset management regulations, bank wealth management subsidiaries are initiating a talent structure overhaul. In March, institutions such as China Post Wealth Management, CITIC Wealth Management, Pudong Bank Wealth Management, Xingye Wealth Management, Ping An Wealth Management, and Suzhou Bank Wealth Management successively announced spring recruitment positions. Unlike previous years, traditional fixed-income research and investment personnel are no longer the main focus; instead, there is a rapid increase in demand for equity, multi-asset, multi-strategy research talents and the corresponding risk assessment professionals.

This shift in talent demand reflects a profound reshaping of the underlying asset logic in the wealth management industry. As the average yield of market-wide wealth management products gradually approaches historic lows, the previous “comfort zone” relying on extending durations and credit deepening has been thoroughly broken. From recent recruitment announcements, it is clear that each institution’s talent needs are becoming more refined and aligned with their multi-asset, multi-line strategic layouts.

For example, in this spring recruitment, China Post Wealth Management’s Multi-Asset Investment Department, Equity Investment Department, and Portfolio Strategy Department have released positions in pension funds, quantitative and derivatives investments, equity strategies, and primary and secondary markets. Meanwhile, the fixed income department’s recruitment scale has significantly shrunk compared to 2025.

CITIC Wealth Management’s latest job postings cover specialized areas such as overseas stock markets, consumer pharmaceuticals, commodities and precious metals, and quantitative FOF. Pudong Bank Wealth Management has even “cut” traditional fixed-income research roles, opening only positions in quantitative, fixed income+, and equity strategies. Even Suzhou Bank Wealth Management, a city commercial bank, besides fixed income investment management roles, urgently recruits talent in equity investment management, quantitative investment management, and comprehensive risk management, with clear requirements for candidates to have practical experience in these fields.

“Talent demand is shifting from mainly fixed income and credit research toward multi-asset and refined investment strategies, which directly reflects the industry’s move toward research-driven competition,” said Xue Hongyan, a special researcher at the Shanghai Financial and Development Laboratory. Under downward pressure on interest rates and asset scarcity, wealth management firms must pursue “fixed income+,” multi-asset allocation, and derivatives for yield flexibility to meet clients’ demands for absolute returns. This transformation is not only a strategic adjustment but also a systemic overhaul involving front, middle, and back-office functions.

The reporter has noticed that in some institutions’ recruitment profiles, middle- and back-office technical experts proficient in complex asset valuation and quantitative risk monitoring are becoming equally critical “scarce resources” alongside front-office investment managers.

However, there is a significant gap between the ideal blueprint and practical constraints. Zeng Gang, director of the Shanghai Financial and Development Laboratory, pointed out that due to salary management constraints within the banking system, wealth management subsidiaries often face difficulties in attracting and retaining top equity talent when competing with public funds, private equity, and securities firms, mainly due to insufficient incentives.

Deeper conflicts stem from cultural differences—banking institutions are inherently more focused on compliance and risk control, while the investment research culture that tolerates short-term fluctuations and encourages independent judgment in equity investment has not yet been fully rooted. A person from a joint-stock bank’s wealth management subsidiary also revealed to the reporter that the highly sensitive net value fluctuations of wealth management clients can easily trigger pressure transmission from channels, making it difficult for equity talent to realize their performance fairly in the short term, creating a certain negative talent retention cycle.

Zeng Gang suggested that, firstly, differentiated compensation incentives should be explored within the regulatory framework, with core equity talents priced according to the public fund system; secondly, an open and inclusive research environment should be cultivated, extending assessment cycles to over three years and establishing a fault-tolerance mechanism to implement value investing concepts; finally, a talent development system that links internal and external resources should be built—actively attracting mature talents from public and private funds, and systematically rotating and training staff to develop a sustainable, endogenous talent pipeline.

From the days when fixed income was the “sole star” to now where equities, quantitative strategies, cross-border investments, and commodities bloom “hundred flowers,” recruitment posters of bank wealth management subsidiaries have become a frontline window observing industry transformation. In this talent war for “breakthrough” in yields, whoever can quickly fill gaps and build a true multi-asset research moat will have the chance to win the next entry ticket into the asset management market in a low-interest-rate era.