Bank of Ireland to build new fund management team

Bank of Ireland Asset Management (BIAM) is looking to bolster its team for Eire's first social infrastructure fund, but elsewhere fund management hiring has reached snail's pace.

The fund, due to be launched this year, will invest in private finance initiatives, public private partnerships, renewable energy, roads and light rail, according to its managing director, Andrew Robertson.

Robertson joined BIAM in October last year, and was followed by Michael Byron who became investment director in April. The firm now has positions available for a portfolio manager, three investment managers and a financial modeller.

"A whole breadth of experience will be targeted," says Robertson. "Financial transactional skills are important, a good commercial nous and the ability to sit down and read a 700-page legal document without complaining."

Elsewhere in asset management recruitment in Ireland, it's cold, but not freezing.

James Hayes, manager - banking and financial services, at recruiter Robert Walters, says: "Asset managers haven't stopped hiring entirely, like in some areas of banking and lending. Some mutual fund asset managers are putting recruitment on hold, but many boutique firms have continued expansion plans."

But Greg O'Hanlon, executive search consultant at headhunters Dalríada, thinks it's a case of fund managers counting their blessings in a tough market.

"They'll never say no to the right person, but they're not actively creating a raft of new positions aiming to crank up new business. It's very much simply holding on to what they already have."

A portfolio manager can earn €80k-€100k at the mid-level and up to €160k at the top end, according the latest Robert Walters salary survey