| Moving back to Dublin doesn't mean lowering career expectations |
Back |
| Where once moving back to Dublin from top financial centres London or New York meant a step down in career or salary, this is no longer necessarily the case, writes Cara O'Leary, in an overview of Dublin's increasing prominence as a global financial centre from a recruitment perspective. |
Since the establishment of the IFSC in 1987, Ireland has become one of the leading locations for international financial services companies including banking, fund administration, fund management, corporate treasury and investment management.
The financial services sector has always shown a strong recruitment requirement through the various economic cycles in recent years, and it is truly thriving in the current market. At Hunter Marshal we have noted that the majority of fund companies are continuing to expand, either with expansion of a new fund or with new client business coming through.
Similar expansion can be seen in many other areas within financial services including compliance, risk management and private banking.
Another notable change recently has been the number of senior roles coming in which we have been asked to work on by our clients. These roles include director of fund operations, risk management, transfer agency director and client relationship managers.
The confidence in recruiting these roles is certainly there. Twenty years on and the IFSC is going from strength to strength. The fact that Dublin based employees are amongst the best qualified in their respected sectors, adds to the confidence, as Dublin is now considered to be at the forefront of the international financial services arena, offering candidates excellent career opportunities, excellent exposure to European and world markets, senior level positions and a very competitive remuneration package.
In fact, like never before Dublin is becoming increasingly able to lure back talent from cities such as London and New York. Where once moving to Dublin meant a step down in career or salary, this is no longer necessarily the case.
You only have to look at Daiwa (Japan's second largest securities firm) to see how things have developed so well. The firm has recently announced its Irish development plans, which involve opening a new office in Dundalk which will create 300 high-calibre financial services jobs over five years. Also, interestingly both the managing director and the chief operations officer have been with the company since its inception in Ireland in 1990.
As the IFSC has matured, more senior roles within the sector have evolved due to the ongoing expansion of the funds industry. Companies no longer have to look outside Dublin for the experience they require as they are finding candidates in Dublin with up to 20 years industry experience. Whereas previously many of the jobs would have been responsible for the Dublin office, more and more the senior roles have European exposure.
For example we are currently recruiting a risk manager role for a leading US hedge fund administration company. The role involves responsibility for designing and implementing risk management tools and processes across Europe. The role acts as one of the key decision makers for the risk policies across Ireland and Europe.
US firm Guggenheim Partners has recently announced its plans to establish a European leveraged finance operation in Dublin. Adrian Duffy, who is designated to run the operation, has recently admitted that Dublin was chosen because it has been difficult for US firms to find the right level of experienced people in London, and to retain them. |
|
| Article appeared in the March 2007 issue.
|
|
|
