Hedge funds fuel custodian hiring fire
Hedge funds' ever increasing need for administrators to tot up how much money they've made is proving good news for Ireland. Recruiters say jobs in the area are booming.
Paul Cotter, managing director of Irish operations at Joslin Rowe says, "We have had an ongoing request for hedge fund custodians this year. Hiring in this area has not abated at all."
BISYS, the financial services multinational, already has a hedge fund administration arm in Ireland, as do the likes of International Financial Services and PFPC. In January it emerged that DPM Mellon, the hedge fund administration subsidiary of Mellon Financial Corporation, was planning to set up in Ireland as well.
Demand for hedge fund administration staff is being driven by growth in the hedge fund industry. According to Hedge Fund Intelligence, a research company, hedge funds managed about €1.2 trillion in assets globally at the start of 2006. This was up from €314bn in 2000.
Cotter says graduates with up to one years' experience can earn about €24,000, and those with one to three years' experience can earn between €27,000 and €30,000. Seniors can earn between €30,000 and €35,000.
