Funds/Asset Management Market set for Buoyant New Year

As we move into 2019, one sector which is set to experience continued growth is that of the Funds/Asset Management space.

The Irish Funds & Asset Management space has experienced a significant increase in job opportunities and salaries over the last year, and this buoyancy is set to increase well into 2019. The majority of the sector is set to increase by up to 10%  over the coming months. This growth is testament to the overall successful performance of Irish financial services firms on an international level. Remuneration levels are also on the rise across the sector, making it even more appealing for existing and prospective Funds & Asset Management employees. 

Traditional Jobs Still Dominating the Marketplace
Similarly to 2018, there will be a wide range of jobs in 2019 across the more traditional roles of Fund Administration such as Fund Accounting, Investor Services, Transfer Agency and Custody. Dublin has primarily always been a hub for these kind of roles and this is set to continue into 2019. However, there will be a continued increase in regards to more modern front & middle office roles in Dublin on the back of a potential upcoming Brexit. We have already seen UK Investment managers set up hubs and increase their presence here due to this. This has therefore  led to an increase in roles such as Portfolio Managers, Investment Analysts, Product Managers, Business Analysts, Pricing Analysts, Derivatives, Private Equity & Super Manco roles. These are very attractive roles for both funds professionals and high quality graduates looking to branch into something more dynamic than what has previously been on offer.

It’s a Candidate’s Market
2019 will continue to be a candidate driven market. The number of vacancies exceed the number of quality candidates meaning the candidate is mainly in control. Candidates across the market are generally engaging in multiple interview processes and therefore often have the luxury of selecting the best offer that is most suited to their career goals and objectives . This can lead to several offers being rejected or negotiated much to the frustration of companies. Regardless, candidates usually come out with a substantial increase in their salary in whatever they accept. A counter offer is usually guaranteed in one last attempt to try and prevent the candidate leaving for a competitor.

Skills Gap for More Senior Roles
An increasing number of funds companies are now outsourcing a large element of their fund accounting /transfer agency functions to low cost centres internationally. This essentially means that candidates in these roles do not get the ‘’full end to end NAV exposure’’ essential for roles in other companies, therefore making them less desirable when it comes to sourcing for senior roles.

Continuation of High Quality Graduates
In 2019 there will be a continuation of high quality first class undergraduates/masters graduates seeking employment within the asset manager sector. Whilst this kind of experience is not essential, it can be highly desirable for many front office roles. As the saying goes, ‘’You can never be overdressed or overeducated!’’

Opportunities for Career Progression
Funds roles will continue in 2019 to be very strong in terms of offering steady career progression, particularly in areas such as fund accounting. Whilst these areas may not always offer the most glamorous careers, professionals can rise through the ranks quite quickly, eventually reaching managerial roles within 5-6 years and earning lucrative salaries.

Diversity & Wellness Trends Evolve and Increase
There will be a continuation in the drive for wellness and diversity among funds and asset management companies for 2019. Companies with previously negative reputations for these topics are offering staff benefits such as employee appreciation days, wellness weeks, smart-casual dress codes, yoga  and mindfulness classes and complementary/subsidised gym memberships. On the recruitment side there will be a big push on increasing the diversity of staff in the workplace for 2019.

It is clear from the above that 2019 is set to be a particularly buoyant year within the Funds/Asset Management space. The above points should be taken into consideration within the context of your own professional situation and just how these topics could impact or affect you and your future career path. Should you wish to discuss your journey within the Funds/Asset Management space further, then please do not hesitate to get in touch with myself at the below contact details.

Christopher Hanley's picture
Senior Consultant | Funds & Asset Management
chanley@morganmckinley.ie

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