SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLONDONOPERATIONSINVESTMENTMANAGEMENTLONDONOPERATIONS-INVESTMENTMANAGEMENTOPERATIONS-INVESTMENTMANAGEMENTRobertWaltersGlobalSalarySurvey201335Ourinvestmentmanagementoperationsdivisionworkswithanumberofspecialistclientsandcandidateswithintheinvestmentsector.Theseclientsincludehedgefunds,traditionalfundmanagers,wealthmanagers,custodians,securitiesservicesandthird-partyadministrators.Wespecialiseinoperations,middleoffice,clientclearingandoperationalprojectrolesfortemporary,fixedtermcontractandpermanenthires.MarketOverviewJoblevelswererelativelyhighinthefirsthalfof2012beforefallinginthesecondhalfoftheyear.Thisreductioninhiringactivitycouldbeattributedtofewerfundlaunchestakingplacein2012andtheoverallperformanceofindexedlinkedfunds.Asfirmshavebecomemorecautiousintheirhiringapproaches,recruitmentprocesseslengthened-particularlyforcontractroles.Wherethiswasthecase,employerswereoftenmissingoutonthebesttalenttothebankingsector.FundManagementThefundmanagementspacewasrelativelystable,withlargerfirmsmoreactiveintherecruitmentmarket.Mostdemandcontinuedtobeatthemid-level,withfirmstypicallyfocusingonhiringgraduateswith2-4years’experience.Projectmanagersweresought-afteronapermanentbasisduetosystemsimplementationsasfirmssoughttoreducecosts.Inaddition,wesawdemandforclientreporting,transferagencyandoversight,fundaccountingandcorporateactionprofessionals.Therewasalsocontinuedgrowthintheexchange-tradedfund(EFT)space,withUCITSfundstructureknowledgeespeciallysought-after.Performanceanalysisspecialistswerealsoindemandwithinthefundmanagementsector,withratesincreasingforprofessionalswithnicheskillsets(e.g.candidateswithfixedincomeandmulti-assetknowledgeand2-7years’operationsexperience)duetotalentshortages.However,oneexceptiontothiswasequitiesperformance,whererelativelylittlehiringoccurredduetoongoingoutsourcingandoffshoringinthisarea.HedgeFundWithfewerfundslaunchingin2012,hedgefundoperationsjoblevelsfellin2012.Themajorityofhiringthattookplacewaspredominantlyonapermanentortemp-to-permbasis.Inparticular,projectspecialistswereindemandasfirmssoughttostreamlineprocessesandmakeefficiencyimprovements,whileunfunctionalisedoperationsprofessionalsspecialisedincreditandalternativefundswerealsosought-after.Custody&SecurityServicesJoblevelswithincustodiansremainedsteady,withmostrecruitmentinthisareacontinuingtooccuronacontractbasis,duetooffshoringinitiativestolowcostlocations.Specifically,transferagencyandtransitionsprofessionalswereindemand,withclientservicesexperienceandpreviousexposuretooff-shoringaparticularysought-afterskillset.PrivateWealthManagementDuetothemajorityofprivatewealthfirmsputtingastrongfocusonhiringin2011,recruitmentlevelssubsequentlyfell.Thistrendwasalsopartlycausedbyagreaternumberofmergersoccurringinthemarket,whichledemployerstore-deploystaffinternally.Mostvacanciesthatbecameavailableweretypicallysupport-focused,withfirmshiringinvestmentadvisorysupportprofessionalsandbothKYCandFSAremediationspecialiststosupportprojectsintheseareas.Wesawanincreaseindemandforseniorcontractorsduetouncertaintysurroundingfutureoff-shoringinitiatives.CandidateSupply&DemandAcrossthebuyside,permanentprofessionalswerebeingwelllookedafterbytheirexistingemployersandwerenotactivelyseekingnewjobs.Thiscreatedtalentshortagesinsomespecificareas,suchasshareholderservices/supplymanagementandperformanceanalysis.Amongthosethatwerelookingtomoveroles,candidatesweretypicallymotivatedbyamorediverseroleandimprovedwork-lifebalance.Salary&RatesThemajorityofsalariesandratesremainedconsistent,withjobseekersmotivatedbyfactorsotherthanpay.However,contractratesformorefunctionalisedbackofficerolesfellinanumberofcasesduetoincreasedoutsourcinginthemarket.Outlookfor2013Whileexistingmarketconditionsareexpectedtocauserecruitmentlevelstoremainrelativelylow,therearestilllikelytobesomenotablegrowthareas.Inparticular,performanceanalystswillremainindemand.Regulatorypressuresarealsolikelytohaveagreaterimpactontheinvestmentcommunityin2013,whichwillcauseprojectmanagers,businessanalystsandoversightspecialistswithrelatedexperiencetobeincreasinglysought-after.