Financial services recruitment slows in Northern Ireland

It was supposed to usher in a new era for financial services jobs in Belfast, but Bank of Ireland Securities Services' (BOISS) plan to recruit 149 people over five years for its new hedge fund administration centre has so far resulted in just 15 hires. What's more, it seems other opportunities aren't exactly plentiful.

When BOISS announced its plans for the new centre in Belfast, it was expected that other firms would follow its example, but so far take-up has been lacklustre. Wider problems within the Bank of Ireland group have meant that hiring plans in Northern Ireland have been put on ice for the time being.

The Northern Irish capital is home to operations centres for Citigroup, HSBC, Abbey and HBOS. They have been expanding in 2008, but these companies have had a presence in the city for a number of years.

The only new player to set up this year is financial technology firm, Fidessa, which created 26 software development roles in February. Similarly, other firms, such as First Derivatives, Allstate Corporation and Liberty Mutual have been bolstering development teams in Belfast.

Recruitment for the BOISS positions is ongoing and the target remains intact. However, a spokesperson for Invest NI says: "Over the first three years, Bank of Ireland aims to create 89 jobs, and by the end of October 2008, 15 positions will have been filled. The current global situation has slowed the recruitment process but this is not expected to have a major impact on plans."

Helen Leiton, who deals with financial services roles at recruiters Brightwater in Belfast, says: "There are a few financial services roles at the moment, but largely firms are sitting tight. What's more the candidate flow has slowed, as people remain in their current roles. This has been the trend all year."

New initiatives have been launched in Northern Ireland to develop a pool of financial services talent, including the Investment Administration Qualification (IAQ) at Belfast Metropolitan College.

Lorenzo McMullen, director of the IAQ, says that appetite to hire students remains robust in spite of the global financial crisis.

"With the move to greater regulation of the financial industry, we're not anticipating a decline in demand for back-office staff. We're optimistic that there will be ample opportunities for students with the Investment Administration Qualification."