NEWS

Funds Jobs – FAO’s in the Funds Industry

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Dan_Sweatland_Recruitment_Consultant_Dublin

Dan Responds to Concerns about the Funds Industry in Ireland

I Am Trying to Move Out of Fund Accounting.

I graduated college in May of 2011 from a small University in Western Massachusetts with a degree in Political Science. After I worked for three years using that degree in politics but eventually started working as a fund accountant for BNY Mellon. Following that position, I moved to Ireland where I worked again in a fund accounting company until I joined Camden Recruitment in August. Throughout my time working in the funds industry and my time working as a recruiter, I have heard a lot of different reasons why people want to leave Funds:

The Company Is Too Big

The size of a company can be a major concern, as it can make you feel like a number and not a valued employee. The fund service industry is so large it is inevitable that there will be companies with thousands of employees and some not even breaking one hundred. We always try to find out what size company you would be comfortable working in. Once we establish that it becomes a lot easier to find the right company that you would be comfortable working with and thrive in.

The Hours Are Terrible

Long hours are very much a part of the Fund Service industry. When you are dealing with Global Markets and different time zones you are bound to run into the late night. If this is the main concern for you it is always good to find a company that offers a good work-life balance. Many European and Asian Fund Service companies throughout Ireland offer this type of work environment.

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Funds_Jobs_Dublin

The Money Isn’t Great

It is true that some companies do pay lower than others and this is due to many different factors, however, you can avoid this by moving to one of the many companies that put an emphasis on compensating their employees well. Many companies in Ireland offer salaries above the average along with substantial benefits.

It Is a Repetitive Job

This is the number one comment of fund accountants. By its very nature, the fund accounting process is a repetitive one. If this is the main concern for you, it can be fixed with relative ease. Some basic funds can become repetitive very fast, so what I always suggest is that you ask to advance to a more complex fund. Moving to a different fund keeps the job interesting and allows you to gain more knowledge on the different funds in the industry.

There Is Little Career Progression

If career progression is a concern for you, you are not alone, this is a common concern in every industry. Do you only see yourself moving in a straight line from a fund account to a senior fund accountant to a supervisor? But what you may not know is that fund accounting can give you a base for many different career paths within the funds industry. Companies are always trying to fill middle and front office positions. Usually, one of the pre-requisites is at least a year of fund accounting experience. They look for this because when you work as a fund accountant you learn everything from A to Z in relation to specific funds.

In summary, fund accounting can be an interesting and rewarding career where companies are always hiring. At the end of the day finding the right company that fits your needs and staying engaged makes it enjoyable. It is also a job that can launch you into a career that you didn’t know was available to you.

Funds Industry – Rise of the Independents

Fund Industry - Rise of the Independents

The fund services industry has seen a lot of M&A Activity over the last 18 months with Apex Fund Services acquiring Deutsche Bank AFS & Equinoxe, SS&C acquiring Commonwealth & Confier, Sanne Group acquiring LIS, IDS & FLSV.

There has been a huge amount of consolidation in the fund industry space over the last 5 years and from speaking to people in the market many predict that there will only be 20 fund administrators in operation by 2020.

Fund Industry - Rise of the Independents
Camden Recruitment Dublin

 

This is due to a lot of bank-owned administrators exiting the market and focusing on core business activities such as corporate and investment banking. Due to this strategic shift Independent, technology-focused service providers seem to be now leading the market.

Not all banks have decided to move away from industry and global players such as BNY Mellon, HSBC, Northern Trust, State Street and BNP Paribas remain the dominant bank-owned players.

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Want to be in ManCo?

Want to be in ManCo?

Over the last 18 month we have seen a lot of activity in the Management Companies (ManCo) space. Traditionally born in the UCITS world, coupled with the introduction of the AIFM directive there has been a lot of activity in the Dublin ManCo sector. Established firms such as Bridge, Carne & DMS have increased their market share and we have also seen new entrants to the local market such as FundRock.

Post Brexit and with new regulatory frameworks in place it is expected that the ManCo will now play a much bigger part in the fund structure itself and associated operations. Coupled with issues surrounding passporting on funds in Europe this is good news for the funds industry in Ireland as Manco’s present a very attractive career option for Irish expats with strong funds management skills and it’s an exciting and varied career path for high calibre local professionals who come from an audit, compliance, operations risk and regulatory background.

 If you would like to arrange a call to discuss the market contact us at hello@camden.ie.

Fund Services Market Update 2016

 

Fund Services Market Update 2016

The Senior Market:

The senior end of the market has been very busy this year with JP Morgan leading the way in appointing strategic hires at “Global Head of” and MD level. It will be an exciting time for them as a business next year having recently moving their hedge fund business back into their IFSC office.

There has been quite a bit of movement in the sales space also with HSBC appointing of a Head of Cross Border Sales Europe who will be based locally and MUFG appointing an Executive Director of Business Development. Other notable hires were at Capita who appointed a head of operations earlier in the year.

We predict a lot of activity at this end of the market in Q1 next year but no action will likely take place until Q2 and Q3 as people will hold off until they receive their annual bonus before making the move.

New Entrants to the Market:

Fidelity International have been the most active in recruitment market since setting up their new Dublin office earlier in the year. We have also seen a number of boutiques such as Virtus, Opus & Alter Domus enter in the Irish market, specialising in credit, private equity and hedge funds,

The Changing Landscape:

We have seen a significant shift in the Irish funds industry over the last 12 months due to increased regulation, improved technology and offshoring. There has been a significant decrease in the volume of recruitment this year and this is a trend that that is set to stay with the industry having moved from a focus on operations to a client service and oversight model.

We believe this to be a positive shift as our clients will be looking to hire more high profile and skilled positions in areas such as private equity, middle office, fund oversight, depository, risk, compliance, technology, advisory and relationship management. A real plus to the industry will be more investment banking middle office and operations type positions, conditional on Brexit having a positive impact on the Irish FS industry.

Brexit:

On the back of Brexit there was a lot of excitement about Canary Wharf firms relocating to the IFSC, from speaking to people in both the London and local market the big banks are under pressure from their Shareholders to make Brexit strategy plans with this likely be executed in Q1 and Q2 next year, dependant on when the UK invoke article 50. The positions that will initially move across will be in Product, Risk, Trading, Compliance and Operations it will be a long-term process due to regulation approval and securing suitable commercial space.

There is a strong argument to suggest that the FS market will see no major downside as a result Brexit. If it is a soft Brexit then we would assume this to encompass fairly lose trade and “passporting” agreements between the UK and the EU which should mean fairly low impact on Brexit to the Irish FS environment. If we have a hard Brexit then the UK based FS firms will have to look at alternative options with Frankfurt, Paris and Dublin being the most obvious choices. Dublin is highly likely to benefit from this. Obviously, our infrastructure is a problem so to suggest that 1000’s of jobs will relocate to Dublin is a bit farfetched but any increase will be a plus to the Irish FS industry.

If you require any further information contact us at hello@camden.ie.