400 more jobs in London funds industry by year end

Canary-Wharf3Fund management jobs in London rose to 25,300 in June this year and a further 400 jobs are anticipated in the industry by the end of 2014. Employment in London's funds industry saw a 4.5% increase between the start of 2014 and June, according to TheCityUK's October 2014 London Employment Survey. With the exception of investment banking, overall financial services jobs, and those in related services, were also up. "Although cost-cutting across investment banks has suppressed overall hiring in financial services in London, there was a healthy rise in fund management jobs over the first half of the year which is a positive indicator that there is continued momentum in the sector," says Chris Cummings, chief executive of TheCityUK, a financial services lobbying firm. The survey revealed that employment in financial and related professional services across London reached a record high of 703,900 in June 2014, 11% above the lows of 2010 and nearly 2% above the pre-crisis peak in 2007. In the first half of 2014, the net headcount across the financial services industry increased by 11,300, mainly due to a 3.1% increase in professional services jobs. Accounting and management consulting firms were the biggest contributors to employment growth in the capital, but employment in financial services also saw an increase, countering a 5% decline in 2013. Cummings adds: "The record employment level in London's financial and related professional services industry is another strong proof point of the continued economic recovery." According to TheCityUK's survey, a further 1.5% increase in employment is forecast across the second half of 2014. This would bring the overall headcount in financial services up to 714,500 and represent a 3.1% rise in total financial and related professional services employment for the year, up from 2.4% in 2013. ©2014 funds europe

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