The macro talent landscape has undergone a significant shift in recent years. The days of the broad “macro generalist” are fading, and firms are increasingly looking for highly specialized expertise. Whether you’re a macro strategist, portfolio manager, macro quant, or economist, positioning yourself as a true expert in a niche area has never been more important for career longevity.
Specialization is Key: What This Means for Macro Talent
If you're a Global Macro Strategist, for example, it’s no longer enough to have broad macro views. The best positioning today is to be a Global Macro Strategist with expertise in STIR, or a European Rates Derivatives Strategist with expertise in inflation strategy. While many fear becoming "too niche" or simply want to have a role with a broader focus (which is completely understandable and a decision that we respect), the reality is that being exceptionally strong in a specific skill set will make you far more valuable in an increasingly competitive and saturated industry.
To put this into perspective, within our macro & multi-asset network in London alone, we have over 450 strategists spanning Rates, FX, Cross-Asset, and Vol across the buy-side and sell-side. Yet, only 28 of these professionals are Inflation Strategists—one of the hottest and most in-demand areas today. The demand for inflation expertise is far outstripping supply, and many inflation strategists we speak with are aware of multiple ongoing hiring opportunities, mostly within hedge funds and sell-side firms (to replace inflation talent that has moved to the buy-side). We expect this trend to continue for the foreseeable future.
Similarly, while there are many high-quality G10 Rates PMs that we have good relationships with, we’re seeing hedge funds and asset managers prioritizing more niche specializations within G10 Rates (linear & non-linear), such as:
- G3 STIR (USD, EUR, JPY short-end) – As firms look to add to their expertise in front-end rates.
- Scandi Rates Vol/Options – A unique regional rates expertise where fewer PMs have deep experience.
- Non-Core G10 (e.g., Australia, New Zealand, Switzerland) – Increasingly attractive as firms look for orthogonal, complementary talent that brings diversification to teams already well-staffed in major G10 markets.
Macro Hiring Trends: The Most In-Demand Niches
Across both the buy-side and sell-side, these are the key areas where we see the most demand for macro talent today:
- European Inflation Strategy & European Inflation Forecasting – Inflation remains a top theme, and there is a severe shortage of true experts in this space.
- G10 & EM FX Volatility Specialists – Particularly those with a strong, clear, quantitative and data-driven framework.
- Multi-Asset Strategists with Private Markets Expertise – Asset allocation strategists who understand both traditional and private markets are in high demand.
- European Economists (Germany & France) – Fluency in German and/or French is often a requirement in these roles.
- Directional Rates Portfolio Managers – Especially PMs with a G10 focus, however, specialist expertise within G10 Rates (see above).
- Directional Equity Vol & Directional Rates Vol Specialists – These niche areas continue to be a major focus for hedge funds.
Even in Private Credit, where hiring has been more generalist in the past, the demand has shifted towards Structured Credit, ABS, and CLO specialists.
Quant Skills Are Increasingly Becoming Less Optional
Across macro research, strategy, and portfolio management, one hiring trend is approaching the point of being non-negotiable: Python or at the very least, strong modeling and quantitative skill sets. We have seen multiple recent instances where a lack of Python experience was used as an easy way for hiring managers to differentiate between two candidates (all else being equal) and those with stronger quantitative abilities progressed and got invited for interviews. Firms want macro strategists, economists, and PMs who can build models, backtest ideas, and enhance quantitatively driven decision-making.
Generalists Are Struggling—Even in Real Money
On the sell-side, specialization has always been the norm. But even on the buy-side, where real money firms traditionally favored generalists, we are seeing an increasing push toward specialist macro talent.
Real money firms are now hiring economists, strategists, and PMs based on clear expertise in niche areas rather than broad macro views. Those who remain too generalist are finding it harder to secure opportunities or staying out of work longer, compared to those who have a well-defined edge in a particular area.
The Importance of a Clear Framework & Track Record
When evaluating macro talent for our clients, some of the main questions we ask candidates include:
- What is this PM's $ PnL and track record? Do they own the track?
- How did this PM perform in 2023 & 2024 vs. 2022 (when most macro strategies had decent performance)?
- For strategists/Non-PMs: Can this person quantify their contributions to PnL? If not, are there any examples of how the models they have built have positively impacted the investment team?
- Does this candidate have unique, high-quality, proprietary macro models or indicators they have developed?
- Does their framework rely on a clear, data-driven approach, or is it more philosophical?
Having a structured framework and well-defined, repeatable models is critical. Macro talent that can clearly articulate how they translate policy, geopolitics, and macroeconomic events into trade ideas, for example, will always stand out.
Smaller, Leaner, More Quantitative Teams
We are also seeing teams of economists and strategists across both hedge funds and real money firms becoming smaller and more specialized. Hiring managers want talent that brings additional value beyond research—whether that’s through tightening up models, enhancing team-wide frameworks, or integrating quantitative rigor into macro thinking.
Final Thoughts: How to Stay Competitive in Macro as a Candidate
- If you’re a macro strategist, economist, or PM, now is the time to clearly define your edge. The industry is shifting towards specialization, and firms are prioritizing candidates with distinct niche expertise, strong quant skills, and clear frameworks.
- If you’re hiring macro talent, the market has never been more competitive. The supply of truly specialist talent in high-demand areas is limited, and firms that move decisively are securing the best candidates.
At Laz Partners, we have deep access to the best macro talent market across the sell-side & the buy-side, and we have a clear understanding of the various niches that are in demand, as well as good relationships with specialist talent in the areas flagged above.
If you’re looking to hire specialist macro talent—or if you are a candidate and want to understand how to best position your skill sets—please feel free to get in touch.
