Insights

Europe

EUROPEAN MARKET COMMENTARY Q2 2019

• Article by BRUIN Financial

EUROPEAN MARKET COMMENTARY Q2 2019

MARKET OVERVIEW

In Q2 we have been busy recruiting across Brussels, Poland, Frankfurt, Munich, Paris and Luxembourg. After another successful trip to Luxembourg this quarter we have found the market to be continuously busy with a lot of growth still happening due to the new regulations that are being put in place and our Asset Management clients developing their ManCo.

Candidates are more open than ever to opportunities elsewhere in Europe and we have had many successes relocating candidates from London as well as people from a variety of countries across continental Europe. Clients will often give a broad range of options for where a role can be based, for example we are currently working on a Relationship Analyst role with an Asset Management client that can be located in Zurich, Frankfurt or Luxembourg, and a CIO role with a Global Investment Bank that can be located in Frankfurt, Brussels, Luxembourg, Italy or Paris. It’s an exciting time in the European financial markets with plenty of opportunities for candidates to make their next move.

It has become clear that Luxembourg is our biggest and most competitive market in terms of relocation – read more about ‘Why move to Luxembourg’ here, with thanks to our clients and candidates based locally for their insights!
If you are considering a move to Europe or would like some assistance recruiting a position, please do not hesitate to contact one of our consultants to discuss further.

 

MARKET TRENDS

Credit & Risk Management

BRUIN contact: Amy Brown

We have seen a lot more activity this quarter in Brussels and Frankfurt with a focus on Operational Risk and Technology Risk roles across the Banking space. These roles seem to be a split between the first line and second line, and candidates need to be strong communicators as they are often dealing with senior stakeholders, regulators and sitting on senior management committees. We are seeing a lot more Credit Analyst roles appearing in Paris and Luxembourg, with a focus on commodities and in the Investment Management space we have seen strong demand in Private Equity and Real Estate experience in roles from Analyst level to Conducting Officer. In Luxembourg especially we have noticed an increase in budgets and salary expectations compared to last year, due to the high demand for talent and an increasingly competitive market.

 

Compliance

BRUIN contact: Harry Warwick

In Compliance we are seeing teams grow across our Asset Management clients in Europe with a noticeable number of junior Compliance/AML Analyst requirements, for which UCITS experience is often desirable, as well as having an internship experience or a year within the industry. Salaries for these types of roles are competitive; pushing budgets significantly upwards by comparison to previous years.

 

Projects & Change

BRUIN contact: Ellen Clarke

As firms grow their offices in Europe there has been more interest in adding headcount in the Projects and Change space. Consultancies such as the Big 4 continue to be the preference for delivery change programmes but there are growing discussions surrounding independent contracting options. Some firms are choosing to second project professionals from their London offices to cover European projects in smaller offices. However, as these offices grow across Europe we expect to see a growth in the contracting market.

 

Operations

BRUIN Contact Arjaree Shackleton

Luxembourg has been a very active market over the past quarter both in Investment Management and Banking. I Across Corporate and Private Banking, where clients are looking to build a new team or to cement their presence in the market, we have seen a wide variety of recruitment activities from analyst level up to directorship across operations disciplines. Equally, hiring demand on Investment management remains high but with some specific requirements such as strong exposure in Real Estate or Private Equity.

 

Legal

BRUIN Contact: Amaan Haji

Over the past 3 months the Legal team have been extremely busy across Luxembourg, Paris, Munich, Frankfurt and Brussels. We have been working on a variety of roles ranging in seniority, from Paralegals to Senior Legal Counsels whilst also being involved in Company Secretarial recruitment. The consistent trend amongst all the roles is funds knowledge in their respective jurisdictions and corporate governance experience. Understandably, candidates who are fluent in another European language are particularly desirable.

 

Investments, Middle & Front Office

BRUIN Contact: Sophia Deen

Across Q2, the Luxembourg market has shown positive momentum with a steady level of hiring across Middle and Front office roles. Investment Management firms are committed to growth across Product Management and Client Servicing, however, we have also seen hiring across wider Distribution, with a focus on Oversight and Strategy based roles.

Hiring for these specialist roles with the current local talent within Luxembourg, has challenged the industry to compromise on certain positions and consider being flexible on profiles. Many of the Private Banking players have focused on their recruitment efforts in Q2 with new team builds and new roles across Front office. Most of the new hires have been in middle-office roles, such as Risk Management, Compliance and Transfer Agency — areas in which Luxembourg specialises. However, we expect more volume across front office roles in Q3 as Investment Houses look to mirror their London counterpart.

 

Accounting & Finance

BRUIN contact: Andrew Mackay 

The Accounting & Finance team have been busy this quarter, predominantly across the Luxembourg and Paris markets. Within Luxembourg roles have been split across Fund Accounting and Financial Control across the Associate to Senior Manager level. There has been an increase in opportunities seeking language speakers as shared service teams grow, and the most requested languages have been Italian and French.

Paris has seen roles within Audit predominantly, with the requirement to relocate London based professionals into the local market to meet regulatory burdens created as continental European businesses grow. Salaries are competitive to incentivise mobility but London based candidates often do not see opportunities in the region as broad enough to stimulate significant interest.

Finally, the offshore market of Jersey and Guernsey have been active areas of recruitment within the Fund Accounting space, both for In-house & Third Party Administrators but similar challenges exist to Paris with the additional hurdle of obtaining licences and accommodation.

 

Regional

BRUIN contact: Rachael Fish

Q2 has seen an increase in recruitment within European Finance, and our specialists have made an increase of 80% in senior placements throughout Poland and Switzerland by comparison to Q1. The majority of these roles have been filled with Fully Qualified candidates from the UK. As there are a number of UK candidates relocating to Europe and interest in moving abroad has increased, could this signal the possibility of potential Brexit unrest? At the end of Q2, Poland hiring throughout Finance has slowed down and we do not expect this to pick up again until Q4.

Throughout Poland, the requirement for additional skilled hires locally has increased. Our clients are seeking .NET Developers, Test Analysts and Technology Risk Management candidates within Investment Banking, Asset Management and Fintech. We have also noticed a high density of Mobile Developers across IOS and Android. It is very clear that flexibility is important to candidates within Poland with 1 in 4 asking if they can build this into their contract. Our team have been
successfully working on a retained search in Krakow for a brand new office set up, that now have a dynamic technology team in place.

 

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For more information about the market or current opportunities please contact one of our Consultants.