Brexit

By Richard
Twumasi
the factors effecting them.
As a specialist recruiter at
Harrington Starr we pride ourselves
in our ability to learn the markets
in which we operate in, whether
that be going to the wide array
of networking events available,
reading through a mountain load
of publications or speaking to our
current/prospective clients and
candidates to learn more about the
specialist markets we operate in and
Our position as an intermediary allows us to have an
overview of our market. This gives us a unique perspective
about what is happening, linking the information we learn
from the events and publications to the information we
learn from speaking to everyone in our market to find out
where the current pain points are and reconnect these
factors back to our fundamental ability of being able to find
the right person for the job.
One of the core spaces which I operate in is the buyside
space and in particular the Asset Management
sector, which happens to be in my view one of the most
exciting places to operate in. There are over 3,300 Asset
Management companies in Europe which directly employ
over 90,000 people and indirectly is responsible for
employing another 400,000 people, which is more than the
entire population of Liverpool. Imagine that, every Scouser
in a job!!! I’m joking I love Liverpool, I hope they win the
Europa League, Not!
However, what makes the Asset Management sector
such a great place to operate in is not the large
amount of people the industry is directly/indirectly
responsible for employing nor is it the £5.5 Trillion,
YES! £5.5 Trillion in Total Assets Managed in the UK
alone, by Investment Association members (as
at December 2014), Nope, what makes the Asset
Management industry a joy to operate in, is the
constant state of flux the sector finds itself in.
STARR INSIGHTS
A recruiters view of the asset management
sector in 2016! Regulation and data
The Asset Management sector is currently under constant
pressure from all fronts, like Floyd Mayweather in a Royal
Rumble surrounded by UFC fighters, (disclaimer for the
sporting metaphors). Increased competition, regulatory
disruption, new technologies, reducing margins, the
portrayal of the financial services sector, slow economic
growth, Brexit, oil prices and even with all the factors and
uncertainty effecting the industry the sector manages to
knock back obstacles like confetti off a steam train.
However, with all the above being said I’ve been to
a number of networking events aimed at the Asset
Management Industry, none more so relevant then the
yearly TSAM Europe event held at the Lancaster Hotel.
One of the surprising things for me when I attend events
like this is not realising actually how many people in the
Asset Management sector I actually know, instead of
being stuck in a corner waiting for someone to notice me
(I probably wouldn’t take much noticing I’m 6ft 4), I was
moving effortlessly between IT Directors, Risk Consultants
and HR teams, like a McLaren F1 car through a chicane in
Monaco, and no matter who I spoke to, everyone tended to
agree on the same key priorities for the businesses they
worked in.
1. Regulation
2. Data
Whether I was speaking to a Head of IT from an Asset
Manager or a Head of Performance and Risk, these 2
fundamental issues caused more concern above all others
in 2016.
There are 101 articles about regulations so I’m not going
to delve into the nooks and crannies of the regulations
themselves but it’s important to note according to a survey
from EY over 50% of Asset Management CEOs see the
benefit of regulation noting increased cross-border capital
flows. However, how the regulations such as MiFID II etc.
are being rolled out is a major concern, especially with the
changing goal posts.
Data also has been a hot topic across in Asset Management
for a couple of years, ‘data redundancy’, ‘data consistency’,
‘data duplication’, data ownership or golden source of
data are all phrases thrown around as firms try to solve
their data issues and software vendors create solutions
to solve them. This is all the more important in the Asset
Management sector as so many firms outsource their backoffice
solutions so the need for data to be consistent and
correct and give firms the ability to generate the correct
reports is important to keep the regulators away and also
make better business decisions.
Still, 69% of asset management CEOs believe that
regulation will disrupt their industry over the next five
years. Which I think is good, Asset Management is going
through an exciting transition, as organisations try to
embrace talent diversity, leverage digital technology and
enter new markets. There have been countless mergers,
acquisitions and take overs and the landscape is changing
daily.
It’s a great time to be in the buy-side and for someone like
me, who is immersing himself in the sector, all I have to do
is to prick the ear of an IT director, CTO, CIO, COO is mention
Regulation and Data and watch the conversation begin.
If you are looking for a new opportunity in the buy-side
space with a Hedge Fund, Asset Manager, Wealth Manager
or Investment Manager then get in touch with Harrington
Starr. We have a team dedicated to delivering in the space
recruiting for Technology, Business Change, Projects,
Performance and Operations both contract and permanent.
Increased competition,
regulatory disruption, new
technologies, reducing
margins, the portrayal of the
financial services sector,
slow economic growth, Brexit,
oil prices and even with all
the factors and uncertainty
effecting the industry the
sector manages to knock
back obstacles like confetti
off a steam train.
www.harringtonstarr.com
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