by Rachael Brooks | 19 December 2016
Recruitment within the Wealth Management industry across North West is predicted to remain buoyant, despite the UK’s vote to leave the EU, which caused sterling markets to fall sharply earlier in the year.
However, despite the outcome of Brexit, the implementation of The Markets in Financial Instruments Directive (MiFID) is still set to go ahead in January 2018 on the basis that withdrawal negotiations will not have been finalised by this time. This will inevitably result in an increase in positions within the regulatory and compliance space, as well as a rise in demand for Project Managers to work on MiFID II launch assignments.
Real estate funds and property investments may halt for the short-term, but the wider alternatives market is set for growth. According to City AM, the investors who have benefited most since Brexit are those who have strayed from traditional asset classes such as bonds or equities and have instead looked to alternatives such as fine wine. Alternative investments offer three key benefits to buyers; higher return potential (given that they are continuously active) market protection and diversification. Furthermore, in spite of the controversial election of Trump, US Equities are set to remain popular for 2016. If the “special relationship” between the UK and the USA continues as expected in 2017, we should see an increase in the number of US investment houses in the UK (Bank of America and Bank of New York Mellon are already two of the largest employers in the North West).
On the other hand, in Europe there are talks of migrating the London offices of some financial services firms to German cities, which could result in an increase in the demand for European speaking Change and Project Managers to become involved in migration projects. The French and German elections of 2017 may or may not also add to the plea for European linguists.
Roles in the pension space are likely to increase following recent changes to the UK pensions industry. The state pension is set to rise by 2.5 percent in April 2017, which correlates with the recent demand we have been seeing for SIPP and DC pension administrators across the junior end of the market. With this also comes an increase for paraplanners and financial planners able to prove their experience in winning business through top-class advising.
A trend of 2016 which we expect to continue through 2017 is a rise in the request for Business Intelligence (BI) and Management Information (MI) analysts. With clients of Wealth Managers demanding more information regarding their investments, individuals with strong technical capabilities with good experience in report production are desirable within financial services companies across the North West, and we see no sign of this trend halting in 2017.
As ever, Chartered Wealth Managers with the ability to bring with them a client base to a new company remain the most sought-after candidates in the North West, with the most desirable being those with experience in the London market. These candidates will have excellent product knowledge as well as a wealth of experience dealing with institutional and/or private clients.
As we have seen in 2016, we see 2017 wealth management recruitment being equally as fast moving.
If you are looking for a new role or need assistance with your recruitment needs, please give us a call on 0151 224 1480 or register your interest.