London's lure for hedge fund talent

London-based hedge funds are looking to entice Ireland's administrators across to the UK with the promise of fat pay packets.

Over the last 10 years, Ireland has set itself up as a centre for hedge fund administration expertise. But now hedge funds themselves - many of which are based in London's Mayfair district - are eager to tap the Irish talent pool.

"We're looking for people with a good accounting qualification, who would be effectively reviewing the NAV calculations of the fund accountants in Dublin," says Peter O'Connell, director of CuttingHedge Recruitment, a London hedge fund recruiter which is specifically targeting Dublin's finest. "London hedge funds want them to fill trade support roles in the operations departments," he says.

The money's pretty tempting. O'Connell reckons a senior fund accountant can bring in 70k (€92k) in London. By comparison, the typical senior fund accountant salary is €37k in Ireland, according to recruiter Joslin Rowe's salary survey, only rising to €75k at senior manager/director level.

Money isn't the only draw, however. O'Connell says London offers better career prospects: "You'd also be exposed to a wide range of products, as well as taking on responsibilities of trade support and finance."

Londoners' interest in Dublin's fund accountants isn't necessarily great news for Ireland, however. Jobs in hedge fund administration in Ireland are on the up - with Citco and Bank of New York Mellon recently doubling headcounts in Cork - and the surge has meant the positions are increasingly hard to fill.

Paul Cotter, director, Joslin Rowe Ireland, doesn't appear unduly worried, though. "It makes sense to look to Ireland as we have such a large base of expertise," he says. "We have clients in London, asking for us to tap the Irish market because it's difficult to find people in the UK. If you don't look to Ireland for these roles, you're not doing your job properly."

And before the finger gets pointed to another brain drain of Irish talent, O'Connell is keen to point out that it's a two-way channel: "The people who make the move to London are generally very ambitious and keen to progress their career, it's not just a monetary incentive. The skill-sets gained in a UK hedge fund would make them very attractive to firms back in Ireland."