1. Quest Recruitment | Fund Administration | Salary Survey 2016
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Larry
McCowen
Larry McCowen | Managing Partner
Tel: + 353 1 676 0505 |lmccowen@questrecruitment.ie
Management Letter 2016
outstripped even the
most optimistic of
economic forecasters
with several upward
revisions of GDP predictions throughout the year.
GDP grew to 6.5% from an initial estimate of 3.2%
with a further 4.3% growth expected in 2016, while
unemployment fell from 11.3% in 2014 to 9.5% in
2015 and an anticipated fall to 8.3% in 2016*.
Further progress in ongoing recovery and
thankfully normalising labour markets are
encouraging optimistic sentiment for the Irish
Economy. With the weaker euro supporting Irish
competitiveness in the job market all signs point to
an extremely positive outlook for 2016.
No surprises that Ireland is still the world leader in
Fund Administration, with €3.62 Trillion in Assets
under Management. Interestingly, a further €28
Billion of ETFs became domiciled in Ireland last
year and in doing so became the largest growing
Investment Fund type year on year.
Strong employment growth strategies have been
put in place this year, with several medium sized
fund administration companies seeking new offices
and in some instances even building them to
continue expansion. A substantial headcount
increase in 2015 was driven by regulatory change
surrounding AIFMD, FATCA, and continued growth
of Dodd Frank. The creation of Depositary
functions providing dedicated Trustee and
Custodial support also had a strong impact on
hiring and required a considerable need for
experienced Project Managers or Operational
SMEs to act in the capacity of Business Consultants,
aiding in Depositary design and formation.
Similarly, Risk and Compliance both from an
Operational and First Line perspective saw a big
push.
Fund Accounting and Transfer Agency hiring
remained steady, though a more competitive
employment market and a noticeable push for staff
retention has seen demand exceed supply for the
first time in several years.
Centralised IT functions within Fund Administrators
have also seen a rise in Ireland with SQL, C#, and
Java the big 3 language requirements.
2015 saw the trend of contingency staffing
continue to rise, with a significant percentage of
available positions falling into this market;
however, Q4 in particular saw the resurgence of a
strong requirement for Permanent positions which
historically has been the preference for the Irish
job seeker.
Expect to see steady Risk, Compliance and
Regulatory hiring, with an increase in demand for
Financial Crime experience, particularly those with
exposure to Cyber Security. Private Equity
Accounting will be further outsourced to
administrators and ETF offerings will continue to
rise.
In closing, allow me to massively thank you all for
your ongoing support. 2015 was a fantastic year for
Quest Recruitment and with further industry
recognition in a third National Recruitment award
for “Best in Practice Accountancy & Finance” in just
four years. We strive to stay the best.
To hear how Quest can
Help you or your business,
please give us a call.
*figures sourced from Central Bank of Ireland
2. Quest Recruitment | Fund Administration | Salary Survey 2016
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Permanent FUND ADMINISTRATION
€ Dublin € Nationwide
Fund
Accounting
1-2 Years Exp 3-5 Years Exp 5 Years+ Exp 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp
Head of Fund
Accounting
125-140k 135-150k 170k+ 105-125k 120-135k 150k+
Snr Fund
Accounting
Manager
75-85k 85-95k 95k+ 50-65k 65k+ -
Fund
Accounting
Manager
55-58k 55-70k 70k+ 50-55k 55-62k 62k+
Fund
Accounting
Supervisor
40-42k 42-46k 50k+ 34-35k 35-38k 38k+
Senior Fund
Accountant
35-38k 38-42k 42-47k 28-32k 32-35k 35-40k+
Fund
Accountant
24-28k 28-30k 30-32k 22-25k 25-30k+ -
Senior
Business
Analyst
55-60k 60-70k 70-85k 40-45k 45-55k 55k+
Business
Analyst
35-40k - 40-50k 25-27k 27-32k 32k+
Project
Manager
70-80k 80-100k 120k+ 60-65k 65-80k 80k+
3. Quest Recruitment | Fund Administration | Salary Survey 2016
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€ Dublin € Nationwide
Transfer
Agency
1-2 Years Exp 3-5 Years Exp 5 Years+ Exp 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp
Head of
Transfer
Agency
100-120k 120-130k 130k+ 90-100k 105-115k 115k+
Transfer
Agency
Senior
Manager
70-75k 75-90k 100k+ 60-70k 70k+ -
Transfer
Agency
Manager
52-55k 55-65k 70k+ 50-52k 52-60k 60k+
Transfer
Agency
Supervisor
40-42k 42-45k 48-53k 34-40k 40-42k 42k+
Senior
Transfer
Agent
35-38k 38-40k 40k+ 28-30k 32-34k 35k+
Transfer
Agent
26-28k 28-34k - 22-24k 24k+ -
Transfer
Agency Jnr
Business
Analyst
35-40k 40k+ - 30-35k 35k+ -
Transfer
Agency Snr
Business
Analyst*
65-80k 80-90k 90k 50-60k 60-70k 70k+
*Based on salaried employees. In the Daily Rate market, pro rata earnings are significantly higher.
€ Dublin € Nationwide
