Recruitment in funds management continues to be led by the wholesale channel, which now represents 72% of market activity and reflects strong demand from private wealth, family office and high‑net‑worth clients. Private credit remains the standout area of growth, and wholesale BDMs with established networks are among the most sought-after professionals. Retail distribution remains subdued as adviser numbers have fallen below 16,000 nationwide, a shift that continues to push managers toward wholesale and direct‑to‑consumer strategies. Institutional hiring remains limited due to consolidation among super funds and the corresponding reduction in external mandates. Most recruitment within this channel has occurred at junior levels rather than senior ranks. In superannuation, attrition remains low, yet funds are actively refreshing capability, particularly across external advice and employer channels, which show the strongest hiring momentum. Wealth management recruitment has remained steady, supported by rapid growth in leading platforms and strong ongoing demand for ETFs and managed accounts, which continue to dominate retail flows.