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Wealth & Investment Management sector: market overview

by Sellick Partnership | 30 April 2019

The North-West Wealth & Investment Management sector is flourishing and we expect this growth trend to continue throughout the remainder of 2019. In this blog, we provide an overview of the current state of the market, and why we think roles in both Front and Back Office are on the increase.

Alderley Edge has more millionaires per square mile than anywhere else in Britain, making Manchester a prime base for Independent Financial Advisors (IFAs) and Private Banking. Liverpool is also performing well, with the city’s Wealth Management industry boasting a combined total of around £15 billion assets under management (AUMs).  These figures showcase that the region is an exciting place for Wealth & Investment Management, and as a result the market continues to flourish within the North-West

Increased costs in London having a positive impact on the North-West market

The cost of having an office in London continues to increase as space becomes an expensive luxury and salaries continue to rise, causing many Wealth & Investment Management houses to outsource their Back Office functions to Northern cities. This has been hugely positive for the market here in the North-West and has been instrumental in its growth over the past 3-5 years.  This growth has resulted in an increasing number of Wealth & Investment Management firms expanding to offer North-West based candidates Front and Middle Office roles. This is encouraging as it allows candidates with skills that lie outside of Back Office Operations to work in the North-West as opposed to having to base themselves in London.

Back Office, Middle Office and Compliance and Risk candidates remain in highest demand

That being said, Back Office operations continues to be the area where we see the highest volume of roles. Candidates working these roles are required to have excellent levels of accuracy and strong attention to detail, as well as needing a good working knowledge of Excel. Back Office roles give candidates the opportunity to get a ‘foot in the door’ within the Wealth & Investment Management sector (particularly if they have no previous experience) and allow initial exposure to working within an Investment environment.

It is also great to see that roles within Middle Office are on the rise. As a result of Brexit (which is creating more investment transactions), custodians in particular need additional candidates to process and monitor trades, as well as supporting the trade life cycle. To be successful, candidates within Middle Office need to have good numerical skills (a background or degree within Finance & Accountancy is useful), be comfortable with calculations and have an understanding of vanilla products (Unit Trusts and OEICs are those most sought-after).

Compliance and risk remains an area in which candidates are in high demand and short supply. Those in the highest demand at present are candidates with a working knowledge within the institutional investments arena. Candidates who have written policies and procedures, have been involved in compliance testing and monitoring and can interpret and analyse regulations are those in highest demand. Due to the lack of candidates within Compliance with experience in Wealth or Investment Management specifically.

Front Office roles are increasing at a positive rate

It is positive to see an increase in the number of roles in the Front Office across the North-West. Traditional Fund Management positions come up less frequently in the North-West as opposed to London, but other roles within Front Office Fund Management seem to be increasing. We have recently had recruitment requests for Private Client Managers and Private Client Executives (largely within Private Banks), Investment Strategists, Investment Analysts and roles within Distribution (Sales, Relationship Management and Business Development), which actively feed into the Investment Managers.

For more information on the current state of the market, feel free to contact Alice or a member of her team directly.

Alternatively, you can check out Alice’s current roles here.