Insights

Europe

EUROPEAN MARKET COMMENTARY Q1 2019

• Article by BRUIN Financial

EUROPEAN MARKET COMMENTARY Q1 2019

MARKET OVERVIEW

2019 is an exciting year for our Central Europe recruiters at BRUIN. Developing strong relationships with our clients here, and placing consistently across our key verticals, has opened the door to other regions, such as Frankfurt, Madrid, Munich and Paris. With our European footprint consistently growing along with our successes, our specialists within each market have given an overview of their area and the trends we are beginning to see in Q1 of the year. As a team we have seen a great deal of growth in Q1 and we predict that this will continue, especially with the levels of uncertainty in London with regard to BREXIT. When speaking to clients, the general consensus is companies will continue to solidify their BREXIT strategies and as such our business in Europe will continue to flourish.

If you have any questions regarding our European team, or would like to discuss any of the above in more detail, please do get in contact with one of our consultants.

 

MARKET TRENDS

Credit & Risk Management

BRUIN contact: Amy Brown

It’s been a busy start to the year for Risk recruitment in Europe, particularly across the Investment Risk space. We have been working successfully on multiple Investment Risk Analyst and Manager level positions focusing on alternatives and Private Equity, and it appears those candidates are in high demand across the Luxembourg market, especially within Asset Management firms. We are seeing a lot of activity in other areas too such as Paris, Frankfurt and Brussels, often within either the Credit Risk or Operational Risk space at Senior Manager level. Large Investment Banks in these regions are in high demand for candidates within the First Line of Defence and teams seem to be expanding significantly across this area. A lot of these roles come with travelling to other locations to meet with senior stakeholders

 

Compliance

BRUIN contact: William Brown

Our Compliance team has been very busy so far this year, with a significant number of our roles coming from Central Europe. This was to be expected due to

the ongoing Brexit uncertainty and the job flow we started to see in Q4 of 2018. Our predictions were confirmed as we have now been recruiting roles across Luxembourg, Paris, Madrid, Munich and Frankfurt.

The majority of positions have been concentrated in Luxembourg, and as such, this has been one of our key markets for growth moving forward. As a great deal of our clients have either bulked or completely rebuilt their Compliance teams as part of their Brexit strategy. This, combined with our candidate pool growing substantially, means we can confidently predict that 2019 is going to be a busy year for European Compliance recruitment. The mandates seem to fit into two main categories: AML/KYC focused positions from junior through to senior levels; and Compliance ‘Generalists’ in some of the smaller wealth management firms where candidates are required to understand wider Compliance responsibilities. With the latter, the challenges pertain to the limited volume of such candidates who are reluctant to move from the larger houses, or who are looking for significant pay increases to do so.

 

Projects & Change

BRUIN contact: Ellen Clarke

There has been a growth in the Projects and Change market in Europe as team and office sizes grow, especially within Luxembourg. The main reason clients are coming to us is that they are keen to hire temporary candidates from the London market to supplement or rival the Big 4 consultancy offering.

We are seeing the demand due to our buy-side clients needing change candidates who have extensive experience from within Asset Management. As many firms on the ground do not have substantial change functions, the candidate pool is limited, hence firms are looking to the London market.

On the candidate side, we are seeing a healthy interest in candidates looking to move over to Luxembourg for contract positions. The exchange rate risk has been a consideration when discussing rates for these roles, however most candidates are keen on the opportunity to gain a broader experience on their CV through working abroad.

 

Operations

BRUIN Contact Arjaree Shackleton

Investment management firms are committed to strengthening their Operations presence in Europe, which has resulted in high demand across various disciplines, such as Fund Operations & Oversight, Valuation, Pricing and Data Management. The utilisation of Robotic and Automation techniques to improve operational efficiency has remained one of the biggest focuses for investment management firms, which has resulted in a high demand for experienced contract and temporary professionals with this experience

 

Legal

BRUIN Contact: Amaan Haji

As an increasing number of financial institutions start to open offices and expand legal teams in their

respective countries, we have seen legal professionals becoming more flexible with movement across different European jurisdictions.

Fund lawyers have been increasingly in demand, especially in Luxembourg where candidate are able to carry out company secretarial responsibilities, as well as carrying out the funds work (UCITS, AIFMDS and SICAVs). Additionally, firms are seeking lawyers from top-tier law firms who are looking for a new opportunity in-house to work on the more strategic side of the business as well as the carrying out the legal work.