Infrastructure funds fishing for linguists

The infrastructure market is continuing to power ahead. But recruiters say a growing number of jobs in the sector are for European language speakers.

"London-based infrastructure funds are taking an increasingly pan-European approach," says Tim Smith, head of the debt and structured finance team at search firm Walker Hamill. "Demand is predominantly for people with pan-European deal experience and the relevant foreign languages."

Having recently hired an Italian speaker for an Australian fund in London, Smith is currently advertising for London-based Spanish speakers to work in the sector. "This is typically the way," he reflects. "Many funds are headquartered in London, and will cover France, Germany and Italy from here."

John Laing, the UK private finance specialist currently being pursued by the private equity arm of Henderson Global Investors is among those understood to be building its European footprint. And ING this week announced the launch of five news funds, including a €1bn central and eastern European-focused fund, a €1bn Nordic fund and a €500m French residential fund.

Simon Stevenson, managing director of Stevenson James Search & Selection, predicts growing demand for German speakers. "There are plenty of big A road deals on the cards in Germany and Austria," he says. "Banks and developers generally need people on the ground, but they're also going to need London-based financiers."

The market for UK-focused infrastructure jobs is quiet by comparison. ABN AMRO is said to have cut its PPP PFI team, which was savaged earlier this year following a poaching raid from Macquarie, and recruiters say the redundant staff may not walk straight into new roles.

"At the end of the day, the UK is saturated in terms of infrastructure players," says one recruiter. "Growth potential is stronger in mainland Europe."