Boutiques bereft of talent

Ireland's investment boutiques are hiring. But a lack of local talent is forcing them to look overseas.

"It's hard to get the people," says Damien Cahill, recruitment consultant at

the banking and finance division of recruitment firm Qualitas People Solutions. "We normally look towards France or Italy as they have skill sets we don't."

Another recruitment consultant points out that boutique firms often have niche requirements, such as emerging markets experience, which are more abundant in the Asian markets.

Fideuram Asset Management, a subsidiary of the Italian banking group

Sanpaolo IMI that's boosting the size of its Irish business, is currently

looking for portfolio managers. So is Ireland's own Tilman Asset Management.

Irish stockbrokers, including Bloxham, Davys, Goodbody's, NCB and Dolmen,

are also seeking to expand their teams of portfolio managers, according to

Cahill.

The recent Robert Walters survey suggested the dying months of 2006 witnessed a similar surge in demand for experienced investment professionals, with both foreign and indigenous firms ramping up staff numbers.

Irish portfolio managers with between three and five years' experience can typically command a basic annual salary of €75k to €90k, according to Robert Walters. Those with more than five years' experience earn between €100k and €140k.

At boutique investment firms, bond portfolio managers with five to six

years' experience can expect to earn €70k to €100k, with a 45% to 75% bonus if they outperform the market, according to Cahill. In exceptional cases, bonuses might even rise to 100%, he adds.