FX players offer bonus bounty
The comments come in the wake of Custom House setting up shop in Edinburgh, as part of the Canadian FX heavyweight's plans to gain a greater foothold in Europe, and describing its new operation as a "gateway to Scotland's foreign exchange market."
Custom House promises an initial staff of four should grow quickly as it widens its local client base.
Recruiter Nicholas Furse, financial services practice consultant with Odgers Ray & Berndtson out of Glasgow, says: "Scotland has one or two FX and treasury players, like HBOS and Lloyds TSB, and pay and bonuses are often at a high level.
"In this part of the financial world those engaged in FX are paid significantly more than their peers in retail, asset management and equity.
"Whereas an asset management salary may carry with it a bonus of 20/30%, FX bonuses can be 50 even 100% or more," adds Furse, who recently moved across to Odgers from HBOS.
However, George Renouf, head of treasury at Cornelian Asset Managers, points out: "It is a very highly-charged and stressful environment, and I would suggest that pay is lower than expected and bonuses are often performance related.
"It is only a small percentage of people who go into this niche area of the financial services industry. And of that number it is few, as opposed to the many, who make it," Renouf warns.
