eFinancialCareers

This time last year, with the influx of new players in the Scottish market and a pronounced skills shortage, staff in the fund administration space were able to command steep salary rises as companies competed for their services. Has the picture now changed? The main concern in the financial services sector generally in Scotland, it seems, is the degree of uncertainty over the fate of the market and this has... Read more

Is the credit crunch making the Scots bluer than the Saltire, or do the Scots just need cheering up? BNP Paribas in Glasgow has apparently hired a culture consultant who’s prescribed more laughter for its staff (The Independent). But Margaret Dyer, director of Joslin Rowe in Scotland, pours cold water on the notion that Scots financiers are unduly dour: “BNP have expanded their business in Glasgow. They will have... Read more

Financial services professionals are no longer the most in demand in Scotland, but recruiters insist the market is as active as ever. The Bank of Scotland Labour Market Report acts as a barometer of employment in the country, and shows that the number of financial services jobs in Scotland fell slightly in May. In February, accounting and finance had the largest number of vacancies in Scotland. Now the sector ranks... Read more

Could the Scottish reputation for prudence encourage bankers burned by the credit crunch to seek solace north of the border? It seems doubtful, but Simon Thompson, chief executive of the Chartered Institute of Bankers in Scotland, seems to think it might be a possibility. Speaking at a conference recently, he said: “One of the big strengths of the Scottish financial services industry is our emphasis on prudence and professionalism. It's... Read more

US giant Federated Investors has emerged as the favourite to acquire Edinburgh’s Artemis Investment. But could the corporate influence shatter the boutique culture? In spite of running £15.7bn in assets under management, Artemis is tiny. It was founded in 1997 by Mark Tyndall, John Dodd, Derek Stuart and Lindsay Whitelaw and has since recruited 12 other asset managers. Belgian Dutch bank Fortis acquired Artemis after it bought pieces of ABN AMRO last... Read more

The Financial Services Advisory Board’s (FiSAB) annual report on Scotland, conveniently timed to coincide with Global Financial Services Week, attempts to paint a pretty picture north of the border. But surely it can’t be that rosy? The report waxes lyrical about various educational initiatives designed to encourage a skilled financial services workforce, and the fact that the industry has grown by 96% since 1998. It’s predicting more success on the... Read more

You arrive at work. You’re asked for your pass, phone and company car keys. After being accompanied to your desk to collect your belongings in a black garbage bag, you’re escorted from the building. Edinburgh is rife with rumours of redundancies conducted in the mode that symbolised the demise of the “Loadsmoney” boom in the City in the 1980s. Is this the modern picture of redundancy in banking and financial... Read more

Scotland’s back-office roles continue to outstrip supply and salaries have surged by over 11% over the last year. While in London financial services professionals quake in their boots over job security, candidates in Scotland are in control of their own destiny and have enjoyed a pay rise of 11.4%, according to a study by recruiters Joslin Rowe. Joslin Rowe focuses on back and middle-office roles, such as investment operations – the... Read more

Scottish financial firms have finally had a reality check and admitted they need to reduce employment numbers after all. In the latest industry survey by Scottish Financial Enterprise, 19% of financial institutions reported a drop in headcount in Q4 of 2007 – up from 7% last time around. Firms looking to bolster their teams this year fell by 11% to 35%, and 46% expect headcount to remain stable. “These quarterly results... Read more

Scotland’s fund administration professionals are still paid less than their counterparts in Ireland. However, the gap is closing. According to a survey by recruitment firm Robert Walters, an Irish fund accountant with two years’ experience is likely to command a salary of around €33k, while a counterpart in Edinburgh will be on €30k-€31k. After five years the gap is just as wide, with an Irish fund accountant on between €52k and... Read more

As Scots plans for a local income tax steam ahead, recruiters have begun warning of the dire effect it could have on jobs. One recruiter says the tax proposals, introduced by the SNP as a replacement for council tax, will spell the death of Scotland’s financial services industry. William Finlayson of Scottish search firm Finlayson Wagner Black agrees: “People would think twice about taking up opportunities. The pool of talent... Read more

Manual reconciliation work in Scotland’s fund administration sector could soon be a thing of the past as firms increasingly embrace automation. The Dublin office of Fortis Prime Fund Solutions is spearheading a new automated reconciliation platform that it will eventually migrate across to its 18 offices worldwide. “We began with the Dublin office as a proof of concept to senior management, to understand the merits of installing such a system,”... Read more

Contractors in Scotland may be forced to bite the bullet as financial services firms look to cut back on temps. The temp market has been booming in Scotland over the last year, as soaring headcount requirements and limited talent have forced companies to fill the gaps with contractors. Rates have soared from £250-£300 a day to £350-£400, according to recruiters, which might be the reason the party looks set to end. Steve Shields,... Read more