IE
Ireland's fund administrators building client-facing teams
22 July 2010
There are more signs that securities servicing firms in Ireland are feeling confident about future growth prospects – they're beginning to expand their business facing teams.
Firms in Ireland are on the hunt for relationship managers and business development officers to secure a larger slice of the growing fund administration pie. This follows earlier moves to bolster their core custodian functions .
Things are definitely looking up for Ireland's funds industry. After a significant decline in 2009, assets under administration in Ireland now stand at €1,606bn, according to Central Bank statistics, which is the highest level since the peak of 2008.
"Competition for new business is increasing in the funds industry in Ireland, which has meant that a number of new client-facing roles have emerged in the last month or so," says Andrea Clarkson, manager, financial services at recruiters Premier Group.
In fact, recruitment in these areas may have been happening over the last year, with many firms looking to poach people under the radar, suggests Paul Heffernan, business development manager at Bank of Ireland Securities Services.
"It's a close-knit community in Ireland, and many firms would have been targeting specific names to bring in business over the last 12-18 months," he says. "However, competition has been heating up lately, and many companies have been expanding as a result."
He adds that these business facing roles have had to adapt to the new environment: "In the good times, new business came knocking on your door, but the sales roles have had to evolve. You have to find and source new business, and ensure this comes into fruition."
Elsewhere in Ireland's financial sector, the situation is improving, according to Premier Group's monthly employment barometer. Vacancies across professional services have increased by 38% year on year, with a 55% rise in new job-seekers.
Other hot areas within financial services include credit risk, operations and jobs around mortgage arrears, suggests Clarkson.
