OVERVIEW
With the end of the financial year looming most of the candidate pool where awaiting their bonus schedules. When speaking to candidates it seemed that most where expecting to receive “small” bonuses compared to previous years. This feedback was seen more in the banking sector. In Q1 there was a lack of appetite from candidates to explore the market and discuss potential opportunities. Typically after bonus season we see a larger appetite of candidates wanting to explore the market and think especially this year we will see a lot more candidates than usual doing so.
We saw that clients had been interested to see how their competition were addressing work from home policies. Most companies were being flexible with the 3 days in 2 from home, we did see some companies use a 4-1 method. In most cases companies were suggesting sporadic hours, so you may come in later and leave later vice versa. This is still a very big priority for candidates in the market to have a sense of flexibility when joining a new company or it may be a reason they explore the market.
ROLE PROFILES
Risk:
The main area of focus for companies is to bolster their Risk Management teams with candidates with strong AIF’s focus. This has mainly seen Private Equity and Real Estate as the most desirable asset classes with Infrastructure becoming a growing interest and one we will see more development on in the coming years. With most of the roles that are being created they are focused more on the regulatory side, candidates are more interested in analytical roles within risk management or at least roles that have a 50/50 split and aren’t just regulatory focused. We have seen that some companies have been more inclined to find people with strong AIF’s experience and not necessarily directly in Risk Management. Financial Auditors and Valuations experts within the alternatives space have been interesting profiles for Risk Management roles for companies.
Compliance:
There is a very big need for strong AML candidates across Financial Services industries in Luxembourg. This is a need at all levels, if you are a strong AML professional there will be an opportunity for you. We have been specifically mandated on multiple occasions to have candidates with not only Luxembourg regulation knowledge but European related business practices too. Echoing the note in the Risk Management section the Real Estate and Private Equity exposed candidates were desirable.
Diversity:
Bruin’s first in person event of 2022, “Advancing Black Women in Financial Services” was recently held in partnership with networking group Black Women in Asset Management (BWAM), an industry association that promotes the retention and advancement of Black women working in asset management. Attendees from across financial services came together to learn about the latest research on creating inclusive organisations for Black women, how to remove the barriers blocking progression in the industry and BWAM’s transformative Leadership Accelerator programme.
We were delighted to be joined by Chair and Co-Founder of BWAM, Jacqueline Taiwo, who took part in panel discussion moderated by Emily Ayre, MD of Bruin, with representatives from Delta Alpha Psi and Ferdisha Snagg, Counsel at Cleary Gottlieb Steen & Hamilton LLP, to discuss the impact of the BWAM Leadership Accelerator course and perspectives on how senior leaders in asset management can create work environments that provide equitable opportunities for Black women to advance and thrive.
Luxembourg Live Roles in Risk and Compliance:
- MLRO Senior Financial Crime Manager (Asset Management)
- Investment Risk Manager – AVP (Private Equity)
- AML Specialist (Real Estate Fund)
- AML Officer (Asset Management)
- Risk Officer (Asset Management)
- AML Officer (Banking)
- Compliance Officer (Asset Management)
- Compliance Officer (Banking)