3. Page 4 0f 24 Market Insight | Investment Management | Badenoch & Clark Market Insight | Investment Management | Badenoch & Clark Page 5 0f 24
Guy Emmerson
Operations Director, Badenoch & Clark
Industry overview
We have provided specific detail on our specialist verticals, highlighting some of the
trends and challenges of Q1, as well as the outlook for 2015 based on the numerous
conversations our consultants have had with both candidates and clients over the
past few months.
As always, we welcome your thoughts and feedback and wish you all the best for Q2.
Many firms came into 2015 with a renewed sense of optimism but,
while performances in Q1 have arguably exceeded expectations
across the board, the market continues to operate with a sense of
caution, seemingly fuelled by the belief that it could all change at
any minute. The experience of the first few months of the year always
has a big impact on industry outlook and below we look at some of
the major topics that have featured in conversations with our clients
and candidates across the Investment Management sector.
AIFMD
Firms across the UK will have filed under AIFMD for the first time in January, and the impact of this will be felt across
both business process and technology. Firms will want to ensure that they are in a position to provide the right data, in
the right way, when this comes round again.
Bonuses
Q1 has seen compensation reviews take place across the country, and the overall feedback has been positive from both
candidates and clients. Clients have been happy with the pool from which they have been able to pay out, with many
firms showing an increase year on year. Candidates are feeling fairly treated and appreciative of the continuing change
in bonus landscape. However, the overall consensus is that this will not necessarily have a positive impact on retention,
as candidates still seek moves to increase their base or to capitalise on improving market conditions.
External Influences
Oil prices, political volatility (particularly in Eastern Europe), housing prices and the upcoming election could all
influence market performance over the course of 2015, however there is no solid consensus as to the sort of impact
these factors will have. Q1 saw several firms performing far better than expected, particularly within the emerging
markets, driving further belief that 2015 will build on the positive gains made last year.
Product Offering
Firms are continuing to invest in new products as part of a broader investment strategy, as well as marketing, sales
and distribution. With customers increasingly looking for balanced and responsible investment portfolios, firms are
responding with greater diversity in their offering and the associated risk levels.
Digital
It has long been the case that the Wealth and Asset Management industry has found itself behind the curve in terms of
new, digital technology and its ability to engage with an evolving client base. As customer expectations change, firms
must adopt and adapt to new ways of thinking if they are to retain business and attract customers in the future
Data
It is impossible to avoid this four letter word at the moment. From a recruiter’s perspective, it is fascinating to see so
many different firms at such different stages of their Data strategy - the rise of the CDO, outsourced managed services,
centralised data solutions and fully engaged data governance. Data has remained the focal point of Q1 and looks set to
dominate 2015 overall.
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Operations
While confidence in the markets has returned,
regulatory changes and an increasingly demanding
customer base means firms have had to adopt more
holistic investment strategies and a broader product
range, which has impacted Operations.
The need to effectively balance risk and return means
candidates with broad and relatively complex product
exposure are in high demand and short supply.
Exposure to LDI investment strategies and derivatives
have proven particularly popular in Q1.
While major drivers within this space remain
automation, streamlining and cost reduction, firms
may find themselves having to spend money to ensure
they have the skill sets required to deliver this.
Market Challenges
Both candidates and clients felt that bonuses paid and received were fair and competitive,
which means attracting talent has proven increasingly challenging. While there was a slow
start to the year within Operations, momentum picked up towards the end of Q1 with mid-
level Client Reporting and Performance roles in high demand.
However, companies have perhaps been a little guilty of expecting paper-perfect
candidates to make a ‘sideways’ move without offering enough career progression,
increased product/business exposure or genuine financial incentive for them to do so. If
you want a Performance candidate capable of covering reporting, analysis and attribution
(which many of our clients do) then you need to ensure that you offer potential staff at
least two of the above, and that you make this clear during a well structured and engaging
interview process.
The senior end of the market has been a little quiet, with only a handful of roles coming
out; most of those at a compensation level that candidates felt fell below expectations.
Outlook for 2015
While we anticipate a gradual
increase in volume over the next
few months, we believe the busiest
period in Operations will be the
end of the year. Although firms are
broadening product ranges and
have plans for various launches,
there remains a focus on cost
reduction and saving which means
a delayed impact on recruitment as
firms look to work at full efficiency
with their current head count and
remain relatively optimistic about
their own retention.
Candidates looking to move this year would do
well to broaden and strengthen their product
knowledge, to ensure they are seen as increasingly
versatile to a potential employer.
The need to effectively balance risk and return
means candidates with broad and relatively
complex product exposure are in high demand
and short supply.
A busy year as expected
with project deliverables
and an increasingly
demanding client base,
regulatory changes and
increased complexity in
our product range.
Streamlining processes,
increased automation and
efficiency (found this to
be true for the Operations
space for a large number
of firms), tightening
budgets on resourcing and
an overall reduction in the
bottom line.
Client Reporting Manager
for a large Global Investment
Management firm
”
”
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Technology & Data Management
Data Management remains high on the agenda across the buy side.
Throughout Q1 we found ourselves discussing various aspects of a
firm’s data strategy, with an incredible spectrum in terms of relative
‘maturity’ levels, which in turn is driving recruitment needs and
challenges across Change Management and IT, as well as within more
operational Data Management.
Regulation
As firms respond to increased internal and external reporting
requirements stemming from regulations including AIFMD,
Solvency II, EMIR and MiFID II, both contract and permanent staff
are finding no shortage of opportunity. The need for increased
transparency and a “show me, don’t tell me” approach to data
continues to be a major driver in the data management space. One
recurring challenge amongst our clients is deciding how best to
collect the data from disparate sources. We are seeing a number of
projects addressing this issue, particularly the decommissioning
of legacy systems and aggregation of data from multiple back end
sources.
One challenge cited by a couple of firms centres around a lack
of clarity, benchmarks or minimum expectation with regards
to certain reporting requirements. There is belief that existing
guidelines are open to interpretation which can result in a degree
of wastage. While optimists will say that the more transparent a
company becomes through this, the more attractive it becomes to
potential investors, others will bemoan the opportunity cost in a
time when budgets are still scrutinised.
Data Governance
While certainly a growth area, many firms argue
that this is still not being taken as seriously as
it needs to be. The increased investment in this
space stems from understanding the competitive
advantage that a good data governance strategy
provides, aside from the reduction in operational
risk associated with meeting regulatory
requirements.
We have witnessed an increase in the number
of Data Governance Committees and Steering
groups comprising senior representatives from
across the business, demonstrating increased
ownership and the shift away from data being
the sole responsibility of the IT department.
This movement needs candidates who are
experienced in driving forwards change not only
at a structural level but at a cultural level too,
in order to establish responsibility across the
business for ownership of data.
IBOR
Certainly not a new concept, one of
the most talked about concepts of
2014 has remained prominent in Q1,
with several firms defining what an
IBOR actually looks like for them and
what they need to do to implement
it. Although there remains a lack of
consensus over what IBOR actually is
or should be, the consistent impact
across our clients is investment in
the necessary technologies in order
to create consistent, clean and up
to date data across the enterprise
– a single version of the truth.
Outlook for 2015
Unsurprisingly, we anticipate that activity across Data
Management will remain high throughout 2015. We expect a
continued increase in demand for Data Governance candidates,
especially strategic, forward thinking individuals with strong
communication skills, capable of challenging existing processes
and driving change across the business.
Business/Data Analysts will continue to be sought after, however
there is an increased expectation on candidates to have a broader
understanding and interest in the business. Technical candidates
with strong data mapping and modelling skills are also expected
to show good front to back knowledge, and clients have to be
patient in what is a candidate short market.
System Implementations and integrations: With a number of large
projects now underway or in the pipeline, we expect to see a busy
2015 in this space, certainly when compared with previous years.
Even those not looking to introduce new vendor based systems
seem to be hiring staff to work on end user experience and
customisation. Charles River, Simcorp and Markit EDM look likely
to be popular.
Information Security and Technology Risk is one to watch in 2015,
as firms across the city respond to increased regulation and cyber
threats through the addition of strong risk generalists to work
across Infrastructure, Applications and Data. We expect to see
increased demand for strong Technology Risk candidates from any
corner of the Financial Services landscape.
Digital: Although yet to see this really take off across the buy side,
increased pressure from an advanced customer base (and often
workforce) means that this area is one to watch for the latter parts
of the year.
One challenge cited by a couple
of firms centres around a lack of
clarity, benchmarks or minimum
expectation with regards to
certain reporting requirements.
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Sales & Distribution
Major Drivers
With many firms focussing on the front office,
investing in new products and bringing on new
clients, it is only natural that we have seen the
market focus largely on client services, oversight
and relationship management positions
throughout Q1.
Maintaining high service levels and strong
customer relations is essential in today’s
competitive market and Investment Management
firms have sought to ensure appropriate
headcount in these areas. One major challenge
is finding candidates with the specific technical
and regional knowledge across Europe and the
UK, not to mention specific language skills such
as French & German, to ensure the client base is
well supported.
The RFP space has been much quieter in Q1, with
a greater percentage of roles at the more junior
end. Continued budgetary pressures mean that
clients have opted to hire at the junior end of
the market and invest in training and developing
them. Many clients with a more rigid idea about
what they are looking for are struggling to find
the perfect candidate at what they deem to be
an acceptable financial cost.
Outlook for 2015
We anticipate a continued focus on Client Services,
Oversight and Relationship Management positions
with a quarter on quarter increase in volume as recent
Front Office hires bed themselves in.
After a slow start to the year, we expect to see
increased activity within the RFP space as bonus
payments are collected.
Hiring levels have
remained consistent
year on year with
companies focusing
on delicate, organic
growth and many
experiencing delays in
headcount approval
for any anticipated
project plans.
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Compliance
The buy-side’s
best defence
is speed and
process, securing
and on boarding
candidates well
before the 4-6
week timeframe
of the larger
Investment
Banks
Outlook for 2015
New hiring will be weighted heavily
towards replenishment as opposed to
newly created roles. With the increase
and pace of changing legislation,
Heads of Compliance will continue to
seek additional budget and resource
for additional interim or permanent
hires. With a number of asset managers
changing their front office trading
platforms, we predict there will be a
migration of permanent employees
moving into the contract space, as this
continues to be a lucrative alternative,
with projects pipelined long term which
will require compliance professionals
with specific coding experience.
Q2 is traditionally the busiest time of
the year by quantity of roles released,
however it is widely recognised that
this is traditionally the result of
dissatisfaction with bonus payments.
With a more positive feeling towards
compensation reported this year, we
anticipate more balanced hiring levels
over the course of the year.
Major Drivers
With publication of the findings of the FCA’s thematic review of
asset management firms in relation to the regulatory risk of market
abuse, we have already seen a number of our clients releasing
related new roles into the market. Our clients are seeking to hire
experienced trade monitoring and surveillance professionals who
have prior exposure in the asset management space, either in a
traditional asset manager or alternatives firm.
With a limited pool of candidates within this space, the early
signs are that firms are having to be more flexible around sector
experience, and are looking to attract from the investment banking
sector.
With professionals being able to command higher compensation
levels in the investment banking space, attracting the right calibre
of candidates has proven a challenge, with hiring managers seeking
additional sign off in order to be competitive with the banking
sector.
In core compliance specialisms, contractors have been able to
transition between working with Banks and with Asset Managers
more than ever before; however, with the larger banks offering the
most lucrative daily rates many of our asset management clients
have struggled to sign off the levels of budget necessary to secure
the strongest candidates. The buy-side’s best defence in this space
is speed and process, securing and on boarding candidates well
before the 4-6 week timeframe of the larger, more bureaucratic
Investment Banks.
Compensation & Employee Engagement
Bonus levels awarded for 2014 have either been in line with, or have exceeded
expectations as a large number of firms have seen increased fund performances.
We have seen an increase in the level of compliance professionals who are keen
to move to smaller or boutique firms and perform roles that enable them to gain
exposure to a wider range of responsibilities.
As the larger firms tend to have specific and focussed compliance functions
and disciplines such as Trade Monitoring, Investment Guideline Monitoring,
Marketing & Distribution, candidates are feeling that their career development and
opportunities to acquire further regulatory knowledge outside of the larger firms is
limited, with few firms promoting internal mobility.
Employers are informing us that salary demands and expectations from candidates
in the market are unrealistically high; in particular from compliance professionals
with 1 – 4 years’ experience.
One hiring manager commented that “Compliance professionals at this level have
cottoned onto the fact that there is a real vacuum of talent and demand is high.
Between 2008 & 2013, there have been consistent freezes on hiring, and under
investment in bringing in graduates for development. As a result there is a real void
with demand outstripping supply, and as a result we have seen very high levels of
salary demands which are not in line with skill sets.”
We predict that firms will continue to face challenges in hiring marketing &
distribution compliance professionals. With a small pool of candidates experienced
in reviewing and signing off marketing material and financial promotions, and
limited compensation improvements offered to entice them, poor fluidity in this
area of the market will persist.
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Finance
Major Drivers
Q1 has seen a schematic shift in financial regulation from
the restoration and correction of balance sheets to the
creation of jobs within the regulatory space. This has
led to a positive transformation from proposition of new
regulations to implementing those established over recent
years, which in turn has triggered an influx of newly-
created Regulatory Reporting and Regulatory Accounting
roles.
In turn, candidates with a desirable background
within regulation are seeking opportunities that offer
consultation in policy decisions and broad involvement in
projects. Firms that are able to offer this can distinguish
themselves in a crowded market place.
As global investment in Real Estate continues to increase
this year after positive returns in 2014, so too has demand
from our Real Estate Investment Management clients.
Growth is currently centralised in commercial, European
Real Estate, as a cautious approach to investment is still
being adopted by investors.
Opportunities across both commercial and support
functions are plentiful, and candidates with both
experience and passion for property investment
management are highly sought after. Accountants with
Real Estate experience are becoming increasingly aware
of the demand for their skill set and we have seen a slight
increase in salaries offered to these candidates (circa 6%).
Outlook for 2015
There will be a need to adopt a strategic approach to
managing regulatory requirements on an on-going and
evolving basis that will impact hiring within Finance
departments. The main challenge this brings to our
clients is finding candidates who possess a deep
understanding of how evolving regulatory change will
affect their role and their company’s position. The
market has become increasingly candidate led, and
with budgets still constricted, being able to attract and
retain the talent needed to navigate the landscape has
never been more difficult.
There is demand for newly-
qualified accountants with
foundation training from the
‘Big 4’. Candidates with this
background are required
in the regulatory space,
as well as across multiple
disciplines. Typically, newly
qualified candidates will have
an appetite to be involved
in client facing activities,
strategic decision making and,
due to the high demand for
their skill set, a competitive
base salary. Candidates
who possess a recent ACA
qualification will demand in
excess of £45,000.
Throughout 2015, several initiatives will
combine to make data and reporting
once again critical for Investment
Management institutions.
Opportunities across both
commercial and support
functions are plentiful
Accountants with Real Estate
experience have seen a slight
increase in salaries offered
(circa 6%)
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Risk
Moving With the Market
Certain areas in this Risk market are experiencing a severe
candidate shortage, causing an increase in daily rates for
candidates and hugely competitive recruitment processes.
Wholesale Credit, Ops Risk (3rd Line of defense -Internal
Audit) and Quantitative specialists are in particularly
high demand and clients will need to either show great
flexibility when hiring, or be able to move incredibly
quickly to avoid disappointment.
Organisations Recruit People,
not Robots
Although we are seeing several niche roles that require
specific skills, clients still want to hire someone that
fits the culture of the immediate team and the broader
organisation. It is vital that good communication lines
exist between the hiring manager and the agencies,
as this will enable a more effective search in terms of
balancing hard to find technical skills with the equally
important company fit.
Candidates Need to be Enticed
In current conditions, with candidates hard to come by,
it is important that companies are prepared to promote
the benefits of their organisation and entice candidates
to join them. This is not purely a case of remuneration.
While higher salaries and better bonus potential might
encourage some candidates to move into a similar role,
opportunities to grow and develop their skill set can
prove equally effective. We have seen people move, as
an example, from Audit to Operational Risk, and quickly
become an integral part of the team.
Outlook for 2015
We expect to see continued levels of high demand
across the Risk and Audit markets, with an
anticipated growth in Operational Risk teams to
meet new regulatory requirements as mentioned
earlier. This will also impact demand for 3rd Line of
Defence professionals. Quantitative risk, as well as
wholesale credit risk professionals coming to the
market will find no shortage of opportunities on
both a temporary or permanent basis.
The ever-changing regulatory landscape mean there has been a continuous
demand for regulatory risk and control professionals to help set up, re-design
and roll out frameworks and policies that ensure banks do not fall foul of
regulations. With new budgets now released, we expect to see an increase of
about 30% across Risk and Control departments.
We expect to see continued levels
of high demand across the Risk and
Audit markets, with an anticipated
growth in Operational Risk teams to
meet new regulatory requirements.
We have seen people move, as an
example, from Audit to Operational
Risk, and quickly become an integral
part of the team.
While higher salaries and
better bonus potential might
encourage some candidates
to move into a similar role
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Legal
Market Analysis
Having seen a positive sentiment return to the UK economy over the
latter part of 2014, 2015 has started with mixed feelings, ranging
from the EY Item Club predicting that the UK is likely to suffer a
slump in growth (anticipating 2.4%, well below the 3.1% growth
expected), through to the British Chamber of Commerce suggesting
that the UK will exceed its growth expectations. It is highly likely
that the economy will remain subdued as a result of the looming
General Election, speculation about a referendum on the UK exiting
the EU, and the impact of the ongoing crisis in the Eurozone.
The Organisation for Economic Co-operation and Development is
expecting The Bank of England’s Monetary Policy Committee to raise
interest rates in “mid-2015”. This has created a fear of the impact
that a rise in interest rates will have on individuals and SMEs.
Hiring Activity
Following a particularly busy end to 2014,
2015 started with strong market confidence.
Both January and February proved much
quieter than we had initially expected
although it transpired to be the ‘calm before
the storm’. March has seen a large number
of new roles arising across the market,
within asset management, investment
banking, alternative finance, the insurance
market, general commercial, corporate,
general banking and trade finance, litigation,
commodities, funds and regulatory across a
number of PQE levels.
Pay Rates / Salaries
It continues to be difficult to clearly denote ‘market rate’ as salaries wildly differ
across institutions and many longer term employees have yet to be aligned to their
more recently hired peers. As with previous quarters, we have seen a slow and
continued rise in base salaries being offered across the market as organisations look
to incentivise candidates to join their teams and as a response to the increased base
salaries being offered within the leading City law firms. On the interim side, rates
have remained steady across the quarter with niche roles continuing to offer day
rates at £850+ but with c5 PQE lawyers remaining at the £600 - £750 level.
Challenges & Outlook
We continue to see candidates involved
in multiple processes, or receiving
multiple offers, with organisations able
to run recruitment campaigns in a matter
of weeks. The ability to move quickly
is often proving a deciding factor in
securing the best talent.
A large number of the new roles arising
have been signed off as ‘new head-count’
(rather than attrition) and this is a trend
we have seen to continue throughout the
last 6 months.
Badenoch & Clark is fortunate to have a dedicated headhunting
unit attached to the legal financial services team and, as the level
of activity increases, access to passive job seekers and the ability to
utilise this function on contingent as well as search assignments, is
increasingly important. It is highly likely that Quarter 2 will be full
of activity, especially as bonuses will have been banked and many
candidates will look to make a swift move following on from this.
The resulting ‘attrition’ hires, combined with continued investment
and expansion, should ensure a busy job market in the months to
come for legal professionals.
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Market Drivers
Following several years of reduced and limited budgets,
Marketing & Communications is a now a major growth market
across the Financial Services sector. In the last 6 months there
has been a significant increase in job volumes demonstrating
that companies are proactively looking to bring in new business
through their marketing and sales strategies, reflecting a
renewed sense of optimism in the market conditions and
outlook.
This relatively quick resurgence in the Marketing &
Communications market has, however, led to a candidate
shortage, with organisations competing to attract (and retain)
the best talent available on both a contract and permanent
basis.
Skill Sets in Demand
Several clients are undertaking projects to review their
internal communications in the first 6 months of 2015
(particularly their intranet), leading to positions with a
more internal journalistic feel. Alongside the increase
in demand for candidates developing the infrastructure
and oversight of Marketing & Communications, the need
for quality content remains vital and as such, we have
seen a significant demand for strong and experienced
professionals from creative backgrounds such as freelance/
financial journalist and copywriters. Prior experience
within the financial services remains important, as a clear
understanding of the sector and products means shorter
bedding in periods for new starters, which in turn allows
companies to quickly pursue their growth agendas.
Recruitment Challenges
Candidates have found their negotiating position strengthened by the increasing
market demand, enabling many to justify increased salaries/rates or more ‘enticing’
job titles. With bonuses still in a ‘recovery’ stage, we have found many candidates
prepared to capitalise on market conditions and make good long term career moves
at the expense of their bonus.
With candidates in demand and able to consider multiple options, clients will
have to adapt in a number of ways when recruiting. Hiring managers will need to
remain up to date with salary and rate levels, to ensure that their expectations are
inline with market conditions. They will need to adapt their recruitment processes
in order to keep pace with the competition and ensure that candidates have a
smooth, positive and speedy experience during the process. The ability to make
quick decisions can prove the difference between securing and losing your chosen
candidate.
Outlook for 2015
A number of our clients predict
that their teams will grow by
approximately 33% over the course
of the year, with the majority
of new possibilities being for
Writers (especially those with
RFP exposure). More jobs does
not equate to more candidates
however, so we expect salaries
and rates to increase throughout
the year along with demand. This
is likely to cause frustrations for
companies that don’t get their
recruitment process spot on.
Marketing & Communications
Firms see investment in the right talent as absolutely critical,
and have therefore shown far greater flexibility towards
contract/interim options in particular. With clients often
prepared to review candidates on a 1 month notice period,
those coming to market will not have had such a broad range of
options available to them in a long time.
A number of our clients
predict that their
teams will grow by
approximately
over the course
of the year
33%
With candidates in demand
and able to consider multiple
options, clients will have to
adapt in a number of ways
when recruiting.
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HR
Market Drivers
HR functions within the Financial Services had a quiet start to 2015, with
many Investment Banks and larger Asset Management firms putting a freeze
on hiring until final budgets and bonuses had been agreed and announced.
With what investment available seemingly directed elsewhere and work loads
increasing, the roles that were released tended to focus on the more ‘junior’
side. We saw high demand for Generalists and Administrators, particularly
to focus on bonuses and salary reviews, although clients showed a strong
preference for those with broader HR exposure, therefore enabling them to
utilise new hires across the HR function as business demands dictate.
Candidates
Q1 saw many HR professionals putting
fresh challenges and cultural changes
ahead of compensation in their list
of priorities. For many, a change of
scenery and the chance to broaden their
own experience in another company
are serving as the key motivators.
This includes candidates considering
roles across different industry sectors
outside of Banking & Financial Services.
HR Managers confirmed that multiple Investment Banks would
hold off on hiring until the General Election is completed, in
anticipation of any tax increases that might impact hiring
activity for the rest of the financial year. Aside from more
‘junior’ hires, there has been demand for candidates with
strong Data Analysis skills, primarily to support projects
focused around head count planning and analysis.
Outlook for 2015
We expect the market to pick up in terms of both
interim and perm assignments in Q2/Q3, once
bonuses have been announced and paid. With
increased confidence in market conditions, HR
professionals are ready to look externally, which in
turn should create more ‘attrition’ hires.
As the above plays out, we expect to see those with
hard to find skills or experience within a particular
specialist area benefit from an increase in salary/
rates, as companies look to attract and retain top
talent in a shrinking candidate pool.
