eFinancialCareers

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

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

Scottish financial services professionals have seen an astronomical 25% wage hike over the last year. Front-office roles north of the border have shown signs of problems, with both HBOS and Aberdeen Asset Management announcing plans for redundancies. But in the middle and back-office space though, there are still plentiful roles waiting to be filled and a shortage of people to fill them, and firms are shelling out to get... 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

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

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

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

Scotland’s about to be ravaged by a new breed of global competitor. An ill-prepared and under-qualified workforce won’t do it any favours. At a briefing organised by Scottish Financial Enterprise, Trevor Hatton, managing director, Scotland, at Accenture, peered into his crystal ball to paint a picture of financial services north of the border in 2018. Out of the mists he saw new threats appearing from emerging markets like Dubai, Poland, Mexico... Read more

Not yet. Scotland’s doing its best to attract finance employers, but the best that can be said about its global profile is that it’s ‘stable’. The results of the latest Global Financial Centres Index (GFCI) are in, and it’s been a relatively successful one for Scottish cities – Edinburgh is up two places to 18th, and Glasgow has jostled its way into the league for the first time, coming in at... 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

Amid a global downturn, the mainstays of Scottish financial services – back and middle office functions – are still booming. While investment banks globally might be wielding the axe more than Jack Nicholson in The Shining, financial firms in Scotland are still suffering from a talent drought in investment operations and fund accounting, and salaries are heading northwards. The latest salary survey by recruiters Robert Walters predicts an increase in pay... Read more

Plans for a local income tax in Scotland could discourage quality candidates from making the move north of the border. Owen Kelly, chief executive of Scottish Financial Enterprise – which is backed by such financial powerhouses as Royal Bank of Scotland and Standard Life – has told the Scotsman that Government plans for local income tax are troubling his members. He said: “Anything that starts to look like we have people... Read more

Confidence in financial services recruitment in Scotland has dipped back to the dark days of post-9/11, but some areas could see double-digit pay rises. Accountants, settlements professionals and those in investment operations, will be in the money to the tune of 15-20% more this year, according to research from recruiters Joslin Rowe and Scottish Enterprise. The reason for the surge in salaries is simply a matter of supply and demand,... Read more

Forget the difficulty in finding the people for financial services jobs, Scotland might struggle to find offices to put them in. Property consultant Jones Lang Lasalle has warned that Edinburgh faces a shortage of office space, but it seems it’s not just space in the Scottish capital that’s in short supply. Scotland is fast becoming the region of choice for back-office roles. Citigroup employs around 235 people in Edinburgh, BNP Paribas... Read more

Education, education, education. The skills shortage in the Scottish financial services market has prompted action at a grass roots level, and its targets are getting younger. The Chartered Institute of Bankers in Scotland (CIOBS) offers a Certificate in Financial Services in schools, which looks to fast-track pupils into a financial career and is now on its second intake of students. The class of 2006 were the guinea pigs, but last year... Read more