IE
Some fund administrators quietly recruiting
14 July 2009
The previously frantic recruitment scene within Ireland's funds industry has been something of a ghost town over the last nine months. However, there are signs that hiring is kick-starting once again, but mainly within multi-national firms.
Speaking about the Irish funds industry in the annual Hedge Week special report on the country, William Slattery, head of State Street in Ireland, said: "Internationally traded businesses, possibly the only businesses who might be hiring at the moment, have now a huge choice, as the skilled unemployed join the pool of university graduates. Undoubtedly this represents a vast improvement in the labour market."
State Street itself has around 10 vacancies at the moment, but the fund administration roles are on 3-month fixed contracts. This is hardly astronomical considering the fact that it scaled back earlier in the year.
However, headhunters tell us that Bank of New York Mellon, Bank of America Merrill Lynch and SEI are also currently recruiting.
Andrea Clarkson, manager, financial services at recruiters Premier Group, says: "There's definitely movement in the funds industry again now, although the roles aren't exactly plentiful. Most of the positions are at a senior level – head of functions, fund accounting managers, shareholder services managers – but there's still very little appetite to take on juniors."
Bank of Ireland Securities Services also says it's likely to hire following a lucrative deal administrating a number of big investment banks' exchange-traded funds and exchange-traded commodity products, which are being domiciled in Dublin.
But there's a growing sense of optimism that, after months of redemptions, new business is beginning to flow back to the industry.
Robin Craig, director of recruiters Careers Compass, says: "If this continues, we'd expect to see a lot more firms looking to hire in the final quarter of this year.
