Overview

The UK’s decision to exit the EU two weeks ago will have many ramifications for both clients and candidates alike within the Risk & Compliance and Investment Management & Asset-Servicing space.

The Brexit result has resulted in demand in this market being high, with work either continuing on ongoing work, or restructuring changes necessitated by Brexit. Current pressures from regulators are also placing demands across the market. These pressures are driving up the salaries for risk professionals while roles within stress testing and risk modelling will see the highest salary growth with operational risk roles following closely behind.

Talent

Talent is always required within the Risk & Compliance field, and at the moment market risk, credit risk, technology audit, asset management, model governance, methodology and assurance professionals are in particular demand. Specific skills and experience currently being coveted include IT (SAS, SQL and VBA), FRTB (fundamental review of the trading book), Basel II, risk framework model and credit risk assurance.

Investment Management & Asset Servicing

Within the Investment Management & Asset Servicing side, the market remains very mixed with businesses either extremely busy or extremely quiet in terms of their recruitment requirements. The asset servicing and asset management industry remains buoyant with a number of organisations relocating roles from London to Scotland, though this is being offset slightly by a few organisations who have made the decision to offshore their operations to India.

I have found in the last month that some organisations are being prevented from hiring by internal budget constraints, even where there is a need for new talent. That said, in general, roles continue to be recruited across all levels and on both a temporary and permanent basis. Salaries are continuing to increase, as are the levels of counter offers, as a result of the demand in skills such as fund accounting.

Steven Fairlie is Managing Consultant of Investments & Asset Servicing

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