IFSC firms prominent in Q2 2010 hiring uptick
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A number of IFSC companies have been actively hiring in the second quarter of 2010 according to an update from recruitment company Robert Walters. Sectors that were particularly active were fund administration, treasury, lending, wealth management, insurance, and reinsurance.
Robert Walters say that the insurance and reinsurance sectors were the most active. Companies within life, non-life and general insurance have announced large scale expansion plans. The positions in greatest demand were risk management, actuarial, claims management, underwriting and finance positions. They also predict that recruitment activity within the insurance and reinsurance sectors will continue to remain high with the greatest challenge likely to be the shortage in availability of experienced actuaries and Solvency II professionals.
National Asset Management Agency affected institutions recruited lending professionals, whilst a number continued to hire within the areas of credit risk management and finance. International organisations linked to the fund administration, investment banking, wealth management and corporate lending sectors continued to establish or expand their presence in Ireland, they say.
There was also a notable increase in financial services recruitment in the legal sector. In terms of specific skill sets funds experience (particularly UCITS) was in demand, while also seeing a demand for solicitors with a background in capital markets and banking. There has also been a notable increase in the demand for individuals from ‘Magic Circle’ law firms in London with a minimum of four years post qualification experience in the areas of corporate, banking debt capital markets and commercial disputes.
In compliance, recruitment increased steadily in the second quarter. Through the quarter hiring was mainly in the fund administration and life and insurance sectors which was largely driven by company restructures, and preparation for Solvency II.
Salaries are stagnant in most sectors apart from insurance and reinsurance. However, ‘the 10-15 per cent salary cuts that many companies introduced in 2009 have not been restored although we do not anticipate any further cuts in the short term,’ they say. |
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