Irish Funds Market Update Q1 2021

Irish Funds Market Update Q1 2021

We are very fortunate to have had a busy start to 2021 with recruitment activity returning to and in some areas exceeding pre Covid levels.

It is a hard to believe that the Irish Funds Industry has been working predominately remote for the last 12 months.  From speaking to candidates in the market some are thriving in the new “remote reality” but the vast majority would welcome the transition to a hybrid working model.

We predict offices will start to reopen gradually in Quarter 4 with graduates and employees who have been onboarded remotely given priority.

What is driving recruitment activity?

• In March, firms had to outline their daily operational, resourcing and governance arrangements in response to the Dear CEO Letter issued by the CBI in Q4.  The regulatory requirements and need for increased substance has seen a surge in demand for pre-approved qualified candidates.
• Given the relatively low levels of turnover in Q2 and Q3 we have noticed a large uplift in the number of candidates open to new opportunities.
• Private Markets continues to be the asset class of choice, AUM continues to grow at an exciting rate.  We have also seen several new entrants setting up in Ireland on the back the Investment Limited Partnership (Amendment) Bill 2020.
• Sanne becomes first company to obtain a specialised depositary services licence in Ireland, we predict other alternative fund services providers will follow suit in Q2.
• BNY Mellon is currently developing the first multi-asset digital custody and administration platform.  We predict Ireland will be the destination of choice for firms who plan to expand their Digital Assets product offering.

Who hired externally in Quarter 1?

• Stepstone Global:  Chief Operations Officer
• Maples Fund Management: Chief Executive Officer
• Crestbridge: Head of Fund Services
• PIMCO:  Head of Compliance
• BNY Mellon: Director Digital Assets & Blockchain
• Blackrock: VP Investment Oversight
• Centaur: Private Equity Real Estate Manager
• Mercer: Fund Design Specialist

About us:

Camden is a boutique recruitment consultancy focusing on long-term relationships.
We offer our clients expert advice on all aspects of recruitment.

If you would like to arrange a call, contact Mark Stephens at mark@camden.ie.