Fund managers are top hirers
Fund managers are engaged in frenetic hiring according to a new survey.
The CBI quarterly survey of the financial services sector, published in collaboration with PricewaterhouseCoopers (PwC), pinpoints fund management as the sector in which hiring is at its most buoyant.
The survey, which was carried out between May 25 and June 7, shows 79% of fund managers plan to increase headcount in the next three months, compared to 53% of securities trading operations, and just 6% of general insurers.
While cost concerns seem to be ebbing in the securities trading sector, there are signs that fund managers' enthusiasm for adding staff is starting to pinch. 76% of respondents in the sector say staff costs are rising as a proportion of total costs, and nearly two thirds say staff shortages will damage short term growth prospects.
The survey also unearthed a degree of gloominess. 95% of securities trading respondents say they were less optimistic than previously about the overall business situation in the sector.
John Hitchins, UK banking leader, PricewaterhouseCoopers LLP says: "Among the sectors experiencing a drop-off in confidence, the major driver of change has been recent falls in the equity markets. However, given that equity values remain at year-end 2005 levels, the dip in sentiment could represent a short-term over-reaction."
