eFinancialCareers

It’s a scenario all too familiar. A Scottish fund manager is looking to increase its headcount and, as it’s a global marketplace, has put feelers out to other major financial centres for talent. When asked the question why, say, the UK’s premier fund managers might want to move north of the border from the behemoth that is the City of London, the answer is nearly always the same: “Well, the... Read more

Around 2,000 jobs in financial services could be lost by the end of the year, according to a new report, but these are likely to be in the slumping property sector. The labour market report, by Inverness-based Mackay Consultants, says the credit crunch has begun to bite into financial headcount north of the border, thanks to write-downs at Royal Bank of Scotland and HBOS. Tony Mackay, author of the report,... Read more

Scottish fund manager Martin Currie has been extolling the virtues of being independent, and is set to capitalise on recent strong performance by hiring 18 investment professionals. The firm reported a 60% growth in pre-tax profits for 2007, to £25.6m. And it reckons the credit crunch has yet to affect growth plans for 2008. Willie Watt, chief executive of Martin Currie, says: “We have no plans to cut jobs and... Read more

The indignity of it was too much for one politician to bear. Morgan Stanley, thinking of starting a Glasgow operation last year, was handed £6m by the government to make the move to Scotland. Then it turned out they would have set up here anyway. Fuming, Derek Brownlee MSP, Scottish Conservatives finance spokesman, spluttered: “You can only justify the use of taxpayers’ money to create jobs if they would not... 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

Baillie Gifford’s Pacific Fund has recently lost its co-manager Ben Lloyd, who, according to FT Advisor, is planning to travel in China for a spot of R&R. Stephen Leach, head of human resources at Baillie Gifford in Edinburgh, says it’s all part of a trend: “Modern generations have become less shy about requesting sabbaticals.” According to Leach, Scottish fund managers have made use of extended leave to visit relations... 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

Scottish Widows Investment Partnership (SWIP) has become the first Scottish asset manager to set up an office in the Middle East. SWIP has chosen Saudi Arabia as its Gulf area of choice, and is thought to be taking the joint venture route with local firm Fawaz Alkohair. Other large asset managers, including BNP Paribas Asset Management, Prudential Asset Management, Schroders and Pictet Asset Management have also set up offices in... Read more

As Scotland bids for independence from the rest of the UK, there’s the suggestion that its financial services sector could lose out. Global Financial Services Week (GFSW) looks to highlight Scotland’s importance as a financial centre, and the cabinet secretary for finance, John Swinney, took the opportunity to attempt to assuage fears that an independent Scotland could undermine the industry. He said: “We would have to take decisions about the way in... 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

Forget the credit crunch, Edinburgh’s SVM Asset Management more than doubled its profits in 2007, and has plans to hire. According to chief exec Colin McLean, SVM is on the lookout for new investment analysts after its bumper year. Although past hires have come from London as well as Edinburgh, McLean says there’s a “body of experience” in Scotland’s life offices, which is waiting to be tapped. SVM could... Read more

Scotland’s financial firms might be showing some signs of trimming staff, but their appetite for graduate recruitment remains undiminished. Faye Chua, head of research at the Financial Services Skills Council (FSSC), says graduate hiring isn’t about to plummet: “Financial services in Scotland is expected to continue to grow, however, not as fast as in the last five years. In terms of graduate recruitment, we expect the levels to remain the... Read more

Aberdeen Asset Management is rumoured to be fleeing the granite city for tax reasons. It's also announced its intention to axe staff. The government’s plans to up the rate of capital gains tax have been met with resistance, and Aberdeen becomes the latest firm to threaten an exodus from the UK, according to the Times. It also plans to reduce staff costs across the firm by at least £15m.... 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

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

With commercial property in Scotland predicted to see zero growth this year, the future for property-linked funds – and related recruitment – is looking decidedly shaky. An analysis of the market by consultancy Drivers Jonas has found that whereas 12 months ago there were 10 buyers for every one property on the market, now 10 sellers exist for every purchaser. This has in turn made the climate very tough for real estate... Read more

Scottish financial firms are still looking to increase headcount this year, but seasoned professionals remain thin on the ground. An eFinancialCareers survey in conjunction with Scottish Financial Enterprise polled companies working in asset management, accounting, fund administration and insurance in Scotland. The good news for financial services employees is that of 15 large Scottish financial services firms that responded, 67% intend to bolster headcount this year. The bad news is that... Read more