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SALES & MARKETING MARKET COMMENTARY, Q3 2019

• Article by BRUIN Financial

SALES & MARKETING MARKET COMMENTARY, Q3 2019

MARKET OVERVIEW

There have been a number of notable trends in Sales & Marketing recruitment in Q3. One example is heightened demand for PR and Media Relations positions, both for positions based in the UK as well as regional European offices. Working closely with the local press and managing the brand growth for the respective region we are increasingly seeing these roles become incorporated with aspects of internal communications.

 

Another area of continued investment is digital marketing. Again these roles can be split into generalist  and those which have more specialist requirements; and alongside the increase in broad e-marketing opportunities, we have seen strong demand for social media and CMS dedicated candidates. Interestingly, clients who have typically sought candidate with extensive asset management experience are now open to looking outside of these channels and to industries such as FMCG, aviation and retail. Perhaps with the increasingly creative approaches required to reach a new target audience in millennial investors, we may well continue to see such shifts in the investment industry.

 

Distribution roles have also been increasing over the past 3 months, with the most significant being seen on the advisory and third party distribution space. A number of clients are bulking up these teams on both the support/investor relations side as well as the asset raising roles.

 

SPOTLIGHT ON

 

European Recruitment

BRUIN has been instructed on a significant number of European roles across Luxembourg, Belgium, Amsterdam, Frankfurt, Paris, Switzerland and Poland over Q3. Another area of notable growth has been Ireland, which is now the fourth largest provider of wholesale Financial Services in the EU. With more than 400 International financial institutions, Ireland has become a world-leading centre for a variety of activities ranging from fund administration to aircraft leasing. Financial firms in Ireland employ over 42,000 people, contribute €2.3bn each year in taxes and provide financial services to every major economy in the world

 

IR35

The rollout of IR35 in the private sector could lead to a modification in earnings for private-sector limited company contractors who find themselves inside IR35 unexpectedly. Contractors will always be sought after, they are essential for a flexible working organisation. However both  contractors and employers need to understand where they stand.

According to the Office of National Statistics, 15.1% of the UK labour force is self employed where 46.4% of professionals within Financial Services work as contractors. IR35 is a conversation that needs to be had as it determines your tax position with HMRC and affects your take-home pay levels.

From our perspective, although HMRC are still consulting to the new legislation, we are taking a proactive approach and planning for the multiple scenarios that could arise. By consistently taking advice from Recruitment and Employment Confederation and independent advisors we are keeping updated on any changes. We are actively looking at a number of options for payroll to ensure a smooth transition and also working closely alongside out clients to tailor them and their process.

BRUIN has designed a unique IR35 calculator to ensure all of our clients and candidates are aware of their situation in order to prepare in time for the regulation. For more information on this tool, please contact one of our consultants.

 

Parental leave

Standard Life Aberdeen has recently announced plans to offer 9 months’ fully paid parental leave, which comes at a time that asset managers are under pressure to be more family friendly. They have unveiled one of the UK’s most generous parental leave policies, joining a small band of asset managers pushing to improve the financial industry’s poor image as unfriendly to families.

The £577bn group will introduce a new policy of nine months’ fully paid leave for all parents — regardless of gender — from the beginning of next year. The company said “By equalising the opportunity to take paid leave for parents of all genders, the policy is a tangible step to ensure that becoming a parent does not limit anyone’s career potential at Standard Life Aberdeen.”

This follows in the wake of Aviva’s lead in offering the same parental leave policy to men and women.

PREDICTIONS

Brexit still looms large for many companies within the financial services industry, with the outcome still widely unknown. We expect the flow of European roles, both based in mainland Europe and the remote positions with headcounts in the UK to continue. Although the deadline may be at the end of this month, the aftermath of such a large economic and political event is yet to be seen.

As well as Brexit, the upcoming IR35 legislation at the start of 2020 will mean that in Q4 we may see a shift in the contract market with a lot of our clients. The means testing and requirements surrounding the policy change implicates that being a day rate contractor for a BAU role may alter slightly.

This could mean that we see an increase in the amount of FTC and permanent positions being signed off, and candidates being encouraged to be employed as PAYE contractors rather than via their Limited companies. This is something that BRUIN is going to be investigating and providing education to clients about in the coming months.

The end of the year also signals the beginning of the bonus season. December typically is where candidates begin to receive the additional compensation that they have accrued throughout the year which always brings around an increase in recruitment. Usually this reflects in the hiring uptick in Q1, but Christmas time and the New Year is when candidates begin to look to the market.

 

MOVERS AND SHAKERS

Following on from quarter 2 Janus Henderson continue to add to their distribution team. This time Simon Hillenbrand, the Head of UK distribution, has made three senior appointments all from rival asset managers.  Mark Buckley is the new UK South East associate director after leaving Kames Capital. The new Business Development manager is Christopher Garcia who has been hired from Old Mutual Wealth. Finally, Dipesh Amin has joined from Aberdeen Standard Investments as UK Sales Executive.

There seems to be a bit of a trend appearing as there is yet another change in distribution this quarter. River and Mercantile has hired a new Global Head of Distribution in the form of the David Hanratty. He spent 15 years at Pioneer Investments where he was responsible for global distributors across the whole business.

Charles Stanley are looking to increase their presence as an Asset Manager. They have done this by hiring Jeremy Hippolite who was the Head of International Business Development at Standard Life Wealth. He has been hired in order to increase sales of its managed portfolio services on third-party platforms.

Theresa Russell has now joined CG Asset Management as the Head of Sales and Marketing. She joins the investment boutique which is worth £2bn from GVQ Investment Management.

Ocorian, a provider of trust, administration and fiduciary services to corporate, institutional and private investors, has made three senior additions to its management team in Luxembourg.

Vistra has appointed a 25-year Citi veteran as its country managing director for Luxembourg, adding to a rapidly-growing fund services team. Jervis Smith joins after three years as Citi’s head of investor services in Luxembourg.

 

BRUIN News

BRUIN is delighted to have won the Deloitte Diversity & Inclusion Award at the TIARA 2019 awards and were commended by the judges for “incorporating D&I initiatives into their recruitment process, the broad range of diversity & inclusion initiatives they are involved with, and the high level of visibility in their market”.

 

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