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Market Overviews

REGIONAL MARKET COMMENTARY, Q1 2019

• Article by BRUIN Financial

REGIONAL MARKET COMMENTARY, Q1 2019

MARKET OVERVIEW

Getting “Brexit” discussion out of the way, we have seen a slight decline in the number of Finance vacancies across the North West based on 2018’s Q1 comparative figures. Whilst most of our clients haven’t directly attributed this to Brexit, at least within the finance field, conversations with candidates have led us to believe ‘would be’ job seekers are deciding to stay where they are for the time being reducing the number of replacement roles across the industry.

The North West economy has continued to be resilient despite the lack of clarity around Brexit, the latest quarterly economic outlook for the UK shows that the ongoing uncertainty has resulted in a downgrade of the country’s short-term outlook. Despite this, the North West has registered the lowest slowdown in output growth.

In the Tech industry, Q1 has been quiet in comparison to the past few quarters; most clients have just been continuing the with the work remaining from Q4 of last year. Manchester is still the focus of growth for two of our global clients who are establishing a centre of excellence in the city for their development teams after realising the potential of the city in the Tech space. This realisation seems to be on the candidate side as well as with client; movement of candidates seems to be more in favor of South to North currently with much more permanent candidates looking away from London and towards the Northwest & Yorkshire.

 

ROLE PROFILES

Operations

BRUIN Investment in Manchester has continued to increase with firms expanding within the region especially within the FinTech space. Planixs has secured an initial £3.5m investment from BGF and AccessPay has received £9m investment which is one of the largest ever investments in a FinTech company based in the North.  Operations have also increased at Handlesbanken who have expanded its footprint in Manchester City Centre and at OakNorth who have announced that it will be expanding its lending operations to deal with increasing demand for its loans across the North of England. AJ Bell is expected to enter the FTSE 250 in this week’s quarterly index reshuffle, with shares in the online stockbroker having surged 82% since floatation in December.

The continued investment and positive noise from businesses throughout the North-West has led to an increase in job flow, with a particular increase in Operational Risk, Trade Analysts and CASS specialists. The continued demand for graduates has seen an increase in recent weeks with the aim of recruiting the fresh graduates who will be graduating in the summer. Not all businesses have managed to survive as technology evolves, IPSL who process manual cheques for the big banks has made massive redundancies which is a result of cheques now been cashed automatically, this seems to be the area which has seen a decline as businesses continue to automate there operations.

 

Finance

We have seen a 30% surge in interest from London based A&F candidates who are looking to make the move to the North. This could again be down to the “B word” as the City feels the effects of the government’s stalemate but with continued investment into the North West it would be unwise to suggest that this is not in part due to continued job creation. For the region this is a massive coup with the experience and skillset this provides. The next generation of Accountants will be sure to benefit from the knowledge that can be passed down – in turn this will further convince organisations that the talent is here to expand their operations.

A SQL developer, UNIX, AGILE Fully Qualified IT Accountant Regulator?? We’ve seen some interesting job titles in our day and a lot of people are worried that as we move forwards our jobs will be become increasingly IT focused with a particular lean towards coding. We aren’t quite there yet but there is a strong desire for firms to cross-train with roles becoming multi-functional. Up on last quarter 35% of our new vacancies in A&F have had a specific technical request (IT or System-based) which gives those workers’ diverse skillsets the edge in securing roles. If your employer gives you the opportunity to cross-train – Take it!

Top 3 Accounting roles Q1 (by volume):

  • Financial Reporting Accountant
  • Regulatory Reporting Accountant
  • Assistant Accountant

 

Regional Risk & Compliance

The top 5 risks that organisations face are Cybersecurity, Compliance, Digitalisation, Regulatory change and Political Uncertainty (Brexit).  There has been a significant increase in banks recruiting to deal with the forthcoming Brexit regulations and changes.  There has also been a notable increase in credit risk (analyst – senior managers) requirements with major banks across the UK.  In regards to Compliance, MiFID II will continue to effect financial services firms and FinTechs, strategically and operationally, as they look to continue to grow. This is a trend which should continue to be observed throughout 2019 and in particular around the uncertainty of a Post-Brexit world.  We have seen a 30% increase in the Risk & Compliance jobs in the regions sector from last quarter to this years Quarter 1.

 

IT, Projects and Change – North

As the year moves forward we anticipate that we will continue to see clients committing to growth and ramping up their hiring requirements. We also believe that some clients may be waiting for the results of BREXIT before committing to hiring plans for the year.

 

In contrast to this, we are currently working on projects for a large number of US and UK based Financial Services and Fintech businesses that are opening new offices in European locations such as Poland. Technology in Poland is taught from an early age and experience of Xamarin, .NET, Java and C# is more readily available due to this.

 

BRUIN News

BRUIN has welcomed the brand new Regional Insurance team headed up by Andrew Pasiczynk who joined us in February. The team cover all aspects of Insurance on a contract and permanent basis, from Graduate to Executive search.

BRUIN recently hosted a breakfast seminar ‘Achieving EthniCity’ focusing on BAME (Black, Asian and Minority Ethnic Group) representation in financial services. We were delighted to be joined by hiring managers, HR business partners, D&I professionals and talent acquisition specialists to share strategies for change and overcoming challenges to inclusion. Our guest speakers and panellists were Maktuno Suit, Psychologist and Executive Coach, and Richard Thompson, Head of Investment Risk at Merian Global Investors. For more information on this or similar events, please contact your consultant.