The uncertainty in the run up to the Brexit vote meant that recruitment was lower than usual for that time of year, as a result of a lack of confidence in what we could expect in terms of a country and a global market. However, following the result, despite there being a somewhat surprise in the outcome, business continued as usual and recruitment started to pick up due to already planned contingency strategies.
Client-centric roles have been a large focus for Q3 with companies acknowledging the increasing importance of maintaining and strengthening relationships with clients during times of uncertainty. Roles we have seen in this space have included Client Services, Client On-boarding, Client Implementation and Relationship Management, all at both the junior and senior ends (analyst through to head-of positions).
It has become apparent that many Asset Managers have undergone structural changes in the client servicing areas, splitting up the function into separate client services, implementation, on-boarding and transition teams. Due to the splitting out of these areas, there has been volume recruitment into these roles, particularly at the junior end/analyst end. The client on-boarding area in particular has seen a lot at the head-of/senior end of the market, whereby companies have decided to recruit people to operationally set up a new area focused specifically on the on-boarding process, whilst historically this has been part of client services or other areas of the business. Many of these roles have been focused in the DC pensions space, a continued area of growth into 2016.
The Client Reporting area has continued to be high volume for us over the Summer and into the Autumn months. The majority of the roles have focused on the institutional space, looking for candidates around the £40-50k mark. Due to the nature of the position, many candidates use this area as a stepping stone to move into a client facing or performance role which can create a lack of quality candidates looking for such roles. Some of our clients have resorted to attracting stronger candidates from a broad operations backgrounds, as invariably these candidates will see this reporting role as a step up and a more focused/specialised role. Furthermore, due to the large number of roles, quality candidates are also being snapped up fast or are seeking positions which will be able to offer more competitive packages or progression opportunities.
Performance teams have also been an area which have had high turnover in 2016 and we have mainly had positions focused on the junior to mid level. Knowledge of Fixed Income attribution has been in high demand and firms have been finding it hard to attract talent at this level with some of the salary restrictions which have been in place. A number of performance candidates continue to want to progress their careers into either risk teams or investment aligned roles, which restricts the pool of candidates in this area.
Product aligned roles have also been a focus this quarter, including roles within product management, development, strategy and also market research. These roles have typically being at the mid level paying around £65-85k and have been looking for people with product specific backgrounds, especially UCITS and AIFMD regulatory knowledge.
In general, we have learned that clients are setting budgets for the following year earlier than they have done previously. Budgets and possible sign off for 2017 are already in full flow, so we are hoping that once these are granted that processes will commence in Q4 in the hope that new starters can join at the beginning of next year.