Fund accountants lured to London

"We're seriously thinking of advertising in Ireland," says Alex Henderson, a consultant at London hedge fund recruiter Emerson Chase. "There are a number of third party administrators in the country who employ hedge fund accountants, and those people could be earning a lot more here."

Demand for hedge fund accountants in London has been given a boost by hedge fund industry growth, and allegations that funds owe hundreds of millions of pounds to the British taxman.

Henderson says accountants with strong academics and several years' fund accounting experience can expect multiple job offers in the City. Reflecting the tight market, compensation is generous. An accountant with three years' fund experience can expect a 40,000 to 50,000 salary, plus a bonus of 40% or more, says Henderson. After two more years, salaries rise to 70,000 to 80,000 and bonuses increase exponentially.

With departing London accountants difficult to replace, Henderson also says funds are doing their best to hold onto those they already have: "One fund offered a candidate 20k just to get her to stay on for an extra month and a half while she completed a project."