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Market Overviews

OPERATIONS MARKET COMMENTARY, Q3 2019

• Article by BRUIN Financial

OPERATIONS MARKET COMMENTARY, Q3 2019

MARKET OVERVIEW

Operations recruitment was as buoyant as ever in the third quarter of the year. As usual, processes were slower during the Summer holiday period, but once we got into September recruitment gathered pace as firms looked to fill open headcounts. Roles within regulatory space continued to lead the recruiting field across seniorities in both Investment Management and Banking organisations. High calibre professionals with specific regulatory exposure such as MiFiD II, EMIR or SFTR were still in high demand, particularly those whom brought with them some projects or business analyst experience as firms looked to bolster their regulatory areas.

 

We saw more senior roles at Director/Head of level in Q3 than the previous quarter as they looked to hire strong talent in key areas. We expect this to continue in Q4 though it is more challenging to hire at the senior level in the latter part of the year with the majority of candidates due bonuses in early 2020.

 

At a junior level clients were happy to be more flexible on background as they looked secure the best talent with the right mind-set and then train them in the role rather than like for like experience. The most in demand were proactive junior candidates with strong technical skills who would look to improve processes.

 

ROLE PROFILES

Regulatory Reporting has been a really busy area over the last quarter on both the permanent and contract market. We have seen multiple roles at various levels right up to Head of Regulatory Reporting. The senior roles we saw were in the £100,000 to £150,000 region on base salary, we also saw roles for candidates with 3-5 years experience up to circa £60,000. Clients have been consistently growing their teams and so at a junior level will also look at candidates with the right product knowledge who want to move into a regulatory focused role.

 

Corporate Actions was another area we saw more demand in last quarter, in general the level most in demand was an SME level around £50,000 to £60,000 on base salary or £275 – £350 per day for contract hires.

 

Data has continued to be a busy area for our Asset Management clients. We have seen Senior Data Governance roles around £100,000 to £120,000 and Data Management jobs looking for 3 to 5 years

experience around the £50,000 mark. Data is another area along with Regulatory Reporting where we have seen clients increase their headcount.

 

We have also seen a large number of jobs looking for strong oversight of outsourced operations experience.  We have seen roles varying from £50,000 up to senior manager level at around £100,000 for basic salary.

 

PREDICTIONS

As the year comes to a close, we  expect clients to make last outstanding hires to fulfil headcount requirements to be in a stronger position at the start of 2020. This will most likely result in a surge of contractors as it somewhat gives the client flexibility in the new year.

 

Despite the IR35 changes coming into play next year, contract recruitment seems steady and clients continue to forecast flexible workforce as a result of the unknown Brexit affects. From a permanent perspective, the market normally slows down as we get further into December and the Christmas with clients planning to wait for new budgets to be approved to make crucial hires.

 

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