“Surprise” uplift in City of London job market

Office buildingsFinancial services job opportunities in the City of London rose 5% in August – a month that normally sees a lull. It was the first time in three years that the City saw financial services job vacancies rise at this time of year, though volumes remained significantly lower than a year ago. Regulatory trends drove employment, with many opportunities in risk and compliance prominent, and salaries were up 21% for those starting new jobs. “It is a surprise to see a 5% uplift in jobs in August” said Hakan Enver, head of permanent recruitment at Morgan McKinley Financial Services, which runs the Morgan McKinley London Employment Monitor. “With many people traditionally taking holiday at some point during this month, it is typically the quietest time of the year for hiring in most industry sectors.” 
However, the Employment Monitor data suggested there was still a limited appetite for hiring, partly as a result of eurozone concerns, Britain’s double-dip recession, and overall reductions in trading flows.
The 5% increase drove the new jobs total to 2,709. But compared with the same month last year, it was a decrease of 34%.
The number of professionals looking for financial services roles fell by 9% to 4,315 between July and August this year. Compared to the same month last year, there was a 58% decrease in the number of professionals in the job market.
Pay for those starting new jobs in August this year was, on average, 21% higher than for those who started new jobs in July.
Enver said: “Looking at where the demand is coming from, there has been little variation: professionals with a regulatory bias, namely those in risk, compliance and audit are still in demand more than other skill sets. There has also been a noticeable increase in the release of back office roles, with a particular concentration on risk and control; again the stricter regulatory stance being set by relevant bodies being a result of this.”
Enver added that more people were currently passive rather than active seekers in the hiring market, something that is likely to change once the summer period ends. ©2012 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.