Compliance Market Update Q1 2023 – Funds & Asset Management
Compliance Market Update Q1 2023
Since Brexit, the Irish Funds Sector has undergone significant evolution, with Ireland now seen as a crucial buyside regulatory hub. Assets under management (AuM) in Ireland have soared from €1 trillion in 2011 to €4 trillion in 2023.
As we take stock of the market, recruitment activity has cooled off in Q1 2023, which is typical for the asset management industry. Many candidates are waiting for their bonus payments from the 2022 fiscal year before considering new opportunities.
One noteworthy trend in the market during Q1 was for compliance professionals to be more selective about the asset classes they associate with.
The market is maturing, and fund management firms are gaining more confidence in their Irish branches. Irish operations are no longer seen as satellite offices solely for regulatory requirements.
There has been a growing need for compliance professionals to integrate into the wider organization and add value at both local and group levels. However, there is still a shortage of Support and Compliance Manager candidates in the Irish Market, which has made hiring at this level more challenging for organizations.
The Central Bank of Ireland (CBI) continues to play a key role in hiring across the Irish Funds Sector. Their recent internal restructuring has resulted in the development of a dedicated team to supervise fund management companies.
- Heads of Anti-Money Laundering and Counter-Terrorist Financing Compliance (PCF 52 holders) have experienced a significant salary increase, from €125,000 to €140,000 on average.
- Working from home (WFH) remains a critical factor when candidates consider new opportunities. The wider Asset Management industry has adopted a hybrid working model, with most firms opting for three days a week in the office.
- With both AIFMD 2 and DORA expected to take effect in 2025, increased scrutiny around outsourcing and operational resilience is anticipated.
Firms that hired externally in 2023:
- Mackay Shields hired their new Head of Compliance from Waystone.
- IMPAX recruited their new Head of Compliance from PIMCO.
- Mediolanum brought on their new Head of Compliance from Goodbody Fund Management.
- SEI Investments hired their new Head of Anti Money Laundering from Northern Trust.
- Maples Fund Management recruited their new Head of Compliance from Elavon.
- PGIM appointed their new Head of Compliance from PIMCO.
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