Wind gets behind FX sales
Two new studies suggest salespeople were the most sought-after FX species of 2006. Recruiters say they'll be equally popular in 2007.
"The dominant people in the FX market right now are the most successful salespeople," says Simon Head, director of the foreign exchange (FX) business at search firm Akamai Financial Markets. "Banks see money coming from the client side rather than the prop side - a salesperson with three to four years' experience might possibly be making 30% more than a comparable spot trader."
Head's research suggests over 60% of job moves in the FX market last year involved salespeople. Similar research conducted by FX headhunter Michael Williams Associates suggests 43% of hiring in the sector last year concerned salespeople, versus around 17% for traders.
Peter Harwood, FX partner at Principal Search, a financial services headhunting firm, says demand for people to fill trading-related roles is picking up as banks seek to boost their algorithmic and FX prop trading teams. Others say FX prop trading is on something of a downer, however, and point to Royal Bank of Scotland's decision to shut its FX prop desk last month, with the loss of six jobs.
Both Head and Neil Price at Michael Williams Associates predict FX salespeople will remain hot property in 2007, with the focus firmly on hires who can sell to a Middle Eastern and East European client base. Merrill Lynch and Lehman are predicted to be among those recruiting.
Recruiters say FX emerging markets salespeople can now command two guaranteed packages of up to 1m.
