According to new research from Joslin Rowe, a City recruitment consultancy, whilst the investment banking sector has been hit hard by the credit crunch, investment management firms have suffered less from market volatility.
The figures from the latest Joslin Rowe research shows that despite the difficult financial climate, there are still a number of pockets of hiring, particularly within performance analysis jobs.
“There’s been a real surge in performance measurement jobs and there just aren’t enough job seekers in the market to satisfy demand”, commented Ms Jalpa Chandarana, manager of the Joslin Rowe investment management job recruitment division, “For every 10 performance analysis jobs on the market, there are just 2 candidates.”
According to the research, the demand for performance analysts is having a positive impact on the length of the recruitment process, salaries on offer and progression opportunities. The premium for a performance analyst to move jobs is, on average, at least £5,000 more which is exceptionally competitive.
Ms Chandarana explained, “This is a big rise. Most employers in other sectors just can’t offer this and even within the investment management world, which is doing comparatively well, there still needs to be some caution – so salaries are remaining steady. So it’s clear just how in demand candidates are for performance analysis jobs, if this is the increase on offer.”
Hiring time is also much faster across performance analysis jobs than within other finance jobs and investment management roles at around 2-3 weeks rather than 4-5 weeks. Investment managers are also keen to tempt new jobs seekers to their firms with better than usual career progression prospects – particularly moves from performance analysis into more front office positions.
“Moving from a performance analysis job to the front office is usually very tricky. Investment managers realise this so are trying to build clearer progression plans between the two areas to tempt people on board”, Chandarana confirmed.
Another area feeling the benefits of increased demand across the investment management industry are business analysis contractor roles. The position of investment management firms in the overall financial services space means it’s an attractive proposition for contractors.
James Guttridge, the head of Joslin Rowe’s interim recruitment offering, explained,“The asset management and global custody clients are a lot busier than banks. Any interim jobs coming in from the banking community are generally project related, whereby the client is conducting preparatory analysis of existing processes or systems to determine whether a project should go ahead – or they have already committed to implementing a new system, and the position is focused on the planning, delivery and post-implementation phases of that new system.”
According to Joslin Rowe, the difference on the investment management side, is that whilst many contractor jobs are again project implementation related, business analyst contractor jobs have also come in that focus more on market research and product development.
“Where organisations are looking to use this time to stabilise and maintain their assets under management, they also see this as a good time to find seek out market opportunities for the future,” explained Guttridge, “Put simply, business analyst contractors and project managers are really in demand.”
About Joslin Rowe
Established in 1982, Joslin Rowe is one of the leading UK banking jobs and financial services recruitment firms and a Randstad company. In 2008, the company won the UK Recruiter award for “Best Secretarial Recruitment Agency”