Property recruiters going Dutch

A shortage of property talent in London is prompting recruiters to turn their attention towards Amsterdam.

"There are a lot of real estate specialists in Holland," says Chris Manfield, head of the European asset management practice at search firm The Whitney Group. "The Dutch got their fingers burnt in the direct space a few years ago and started investing in the indirect space earlier than anyone else."

According to headhunters like Manfield, Holland is a haven of "indirect" real estate specialists - namely people who invest in real estate funds of funds and listed real estate companies rather than actual property itself.

Timothy Rowe, managing director at Cobalt Recruitment, also confesses to having turned to Holland in the search for indirect real estate expertise. "We placed someone from Amsterdam a few months ago," he says. "Holland has a relatively established market."

By comparison, the London market for indirect real estate funds is small and growing. The likes of Schroders, Arlington, Fortis Bank already run funds that put money into property unit trusts, but a high proportion of investment is currently direct.

Dutch talent not withstanding, Rowe says the people best equipped to decide which property funds to indirectly invest in are usually fund managers with a background of investing in property itself. "People who have a background investing in bricks and mortar know all the right questions to ask," he says.

Pay:

Indirect property fund manager: Salary 85k-125k. Bonus: 80%-150%

Associate (c5 years' experience): Salary 60k-70k. Bonus: 50%-100%

Analysts (c1-2 years' experience): Salary 45k-55k. Bonus: 35%-60%

· Source: Cobalt Recruitment