Derivatives specialists seek interim management roles

Hundreds of unemployed senior derivatives specialists in London are looking for work as interim managers.

Derivatives has not traditionally been a sector where interims are in demand. But Michael Moran, executive director of Penna Consulting, the human resources group, said: "'Large fluctuations in trading volumes make back office derivatives roles particularly suitable to the rapid deployment and withdrawal of skilled staff."

He said staff with experience of back- or middle-office derivatives functions were hoping for up to 1,000 (€1,600) a day working on short-term contracts, such as three months, in roles such as custody and settlement.

Penna launched an interim recruitment service focused on derivatives in June and says it has 300 names on its books, 80% of them newly redundant staff drawn from outplacement companies.

The firm said it was too early to say if there would be much demand for their services, at a time when many banks are shedding permanent staff. But Bill Smit, who is running Penna's interim derivatives operation, said he believed that eventurally 25% of derivatives staff would be on interim contracts.

"We are looking for specialists in corporate actions, IT projects and custody and settlements," he said.