eFinancialCareers

Scots who have built themselves successful financial careers in London are beating the drum homewards and driving inward migration in Scotland. So says research from the Bank of Scotland. The bank’s study suggests the returning Scots are mostly in their mid-to-late 30s. In the last decade, 53,000 more people have come back to live in Scotland than have left. Professor Allan Findlay, a lecture in demographics at Dundee University who’s done... Read more

What was hot and what was not in the Scottish financial services industry over the past twelve months? Here’s our considered opinion. Good year Fund servicing: Fund servicing jobs may not be as well paid or prestigious as front office roles, but they are plenty of them, and their numbers are growing. Figures from Joslin Rowe suggest there were 30 per cent more asset servicing jobs in Scotland in 2006... Read more

A bumper year in financial services is helping drive earnings at Scottish recruitment companies. For the second year in a row, recruiters report no sign of a seasonal slowdown in hiring. Julie Bodger from the Edinburgh office of Change Jobs told us: “We have probably had one of our best year’s ever. As a team we are possibly dealing with 30 to 40 vacancies each, a few years ago it would... Read more

Last week’s launch of a new Islamic finance qualification could offer Scottish bankers opportunities for higher salaries, career advancement and even international relocation. The UK has around 2 million Muslims, 80,000 of them based in Scotland. They are forbidden under Sharia law from earning or paying interest which means many mainstream banking products such as mortgages and savings accounts are unsuitable. Lloyds TSB Scotland, which began offering separate Islamic banking products to... Read more

With Standard Life searching for at least four new non-executive directors, our research suggests Scots non-execs can now earn just as much as their English counterparts. Non-executive directors at Scotland's largest listed financial companies are paid handsomely. Those at Royal Bank of Scotland and HBoS receive a standard £55,000 and £50,000 respectively for their services. And last year, most RBS non-executive directors were paid another £25,000-£50,000 for sitting on additional group... Read more

The Scottish financial services market is home to a growing number of highly qualified temporary financial services employees - and not just in call centres. Recruiters tell us there’s a growing appetite for senior finance professionals willing to take on short term contracts. Margaret Dyer, a director at recruiter Joslin Rowe’s Scottish operation, says a survey by the company last year revealed that 42% of Scots financial services clients were preparing... Read more

Junior Scots finance employees have seen a mighty pay rise since the turn of the millennium. And they are well placed to ask for more. Alan Thornburrow chief executive of Scottish Investment Operations, tells us that starting salaries for investment operations staff have risen by around 40% in the last five years. Juniors are still far from rich, but they are marginally richer than they used to be. Thornburrow says typical starting... Read more

Clydesdale Bank will move more than 200 jobs to Clydebank in a major review of its back office operations. The shakeup will see 146 staff transferred from the group home loan centre in Glasgow, and 77 jobs transferred from the Westhill account management centre in Aberdeen, the Herald reports. “In addition to the jobs moving to Clydebank, we want to grow this centre in the longer term,” Simon Gaunt, head of customer... Read more

The Scottish executive is seeking to attract up to 12,000 skilled Chinese to Scotland over the next four years to plug skill shortages in financial services, IT and electronics. The Times says the move is part of the Scottish executive’s plan to strengthen links with China. “Chinese universities are producing large numbers of highly skilled graduates. I’m sure there would be a lot of benefit to the Scottish economy if some... Read more

Scottish payroll company Activpayroll is looking to hire in Edinburgh as it expands its servicing of financial sector clients including Aberdeen Asset Management, First State Investments and Petroleum Services Network (PSN). “We are actively hiring in Scotland for our offices in Aberdeen and Edinburgh,” says Julie Buchanan, international tax director at the firm. “We are hiring at all levels, from those with no experience whatsoever up to payroll manager level. Inexperienced... Read more

Barclays bank is said to be looking for office space in Scotland that could house up to 850 jobs, in a venture that could see jobs transferred from down south/London. The Sunday Herald says the bank has plans for two new commercial projects in Scotland. The bank already has a strong presence in Glasgow through businesses such as Barclays Stockbrokers and Gerrard Investment Management. Barclays told the paper last week that it... Read more

The Scottish labour market is still suffering widening skills shortages at a time when opportunities are growing. The Bank of Scotland Labour Market Barometer showed that in July employee appointments were increasing, along with vacancy levels, but the lack of qualified candidates for many positions was restricting growth to an 11-month low. “There has been increased demand for financial services staff in Scotland in July, but demand was stronger in other... Read more

If you’re an investment professional with an urge to work in a cosy environment where teamwork takes precedence over individual performance, Scotland’s asset managers could be the places to choose. Amin Rajan, chief executive of consultancy firm Create, says Scotland’s asset managers are both more collegial and more likely to pay on a discretionary basis for qualitative attributes like leadership, mentoring and teamwork than their English counterparts. “In London, fund management... Read more

Aberdeen Asset Management, which is reaching the end of its integration with Deutsche Asset Management, is turning to the US to develop investment teams and beef up its marketing effort. Aberdeen has shifted its US equities team to the Philadelphia office inherited from Deutsche and added three managers to make a team of six. It has replaced the fixed-income high-yield team that stayed with Deutsche by training managers and adding more.... Read more

Scotland’s fund managers and private brokers have been adding charities specialists. Is more hiring on the way? Diane Wilde, formerly of Aberdeen Asset Management, has joined Scottish investment firm Gerrard. Her former employer has launched three new charities funds and announced a new head of its charities division. And Edinburgh-based Cornelian Asset Managers has bolstered its charities arm with June Jessop from Adam & Co. Wilde told The Scotsman that... Read more

From call-centre to investment director? It is possible. This week Mike Bessell was appointed as investment director of Standard Life Investment’s UK equities team. It’s an impressive move, particularly given he was working in a call centre for Royal Bank of Scotland just four years ago. Bessell had fallen upon hard times after moving back to Scotland following staff cuts in the wake of September the 11th, the Financial Times reports.... Read more

Figures from the Bank of Scotland suggest Scottish IT and financial services hiring are on the increase, but talent is scarcer than snow in July and pay is rising. “In June we saw continued demand for financial services employment for both temporary and permanent roles, and even stronger demand for IT and computing staff," says Bank of Scotland economist Tim Crawford. “We’re noticing evidence of skills shortages in key industries, which... Read more

London-based stockbroker Williams de Broë has closed its Birmingham office and is set to close its Scottish office. Scotland on Sunday reports the Edinburgh office, which deals primarily with mid to small cap institutional investors and research, will close in the next few months. Staff at the Edinburgh office are said to have been offered jobs in London, but it is unclear whether they will take the company up on the offer. Williams... Read more

A new survey by recruitment firm Joslin Rowe suggests that financial services hiring activity in Ireland is soaring, while growth in Scotland is more modest. Recruitment in Dublin soared between April and May, with permanent hiring activity increasing by a massive 53% month on month. “The financial services sector in Ireland is booming. One of the biggest areas is the funds area, and the fund administration area,” says Helen O’Reilly, head... Read more