NEW YORK (HedgeWorld.com)–Frank Carr joined the New York office of Diversified Search, an executive search firm looking to expand its financial services group, earlier this week.

Mr. Carr is responsible for recruiting senior executives in the investment management industry with a specific focus on the hedge fund industry. This role is similar the one he had at A.T. Kearney Executive Search, where he was managing director of the global asset management group for three years.

The most active area in the hedge fund industry seems to be in funds of funds, particularly among large institutional firms wanting to launch such hedge fund strategies, Mr. Carr said. Still the job market has slowed a bit since April, coincidentally with the downward spiral of the stock market. Diversified Search also has a recruiter dedicated to hedge funds of funds working out of the firm’s Philadelphia headquarters, he added.

After leaving his post as chief financial officer of a small Connecticut-based hedge fund, Mr. Carr recruited senior investment, sales and administration executives for both hedge fund and funds of funds firms, in addition to working with traditional institutional investment groups, mutual funds and insurance companies.