Channel Islands want Irish funds expertise

With opportunities drying up in the Irish funds industry, firms based in the Channel Islands are keener than ever to sway talent to their borders. However, it seems the prospect of a higher salary and lower income tax has yet to convince many to make the move.

"Over the past few months there has been a noticeable increase in roles on the Channel Islands advertised in the Irish market," says Andrea Clarkson, manager, financial services, at Premier Group in Dublin.

The logic, says Clarkson, is that the number of fund accounting and fund admin roles in Ireland is drying up and the Channel Islands, which is still facing a talent shortage, is naturally turning to Ireland's expertise.

The upside is that you can earn up to 20% more, the income tax rate is lower, and firms are offering incentives like relocation packages and discounted accommodation. However, it seems that candidates above mid-level are reluctant to leave Ireland.

Ken Harbourne, country manager for Robert Half in Ireland, says: "It is more difficult to attract senior-level candidates to the Channel Islands for various reasons, including their age, marital status, longevity with a company, and their career development in Ireland."

Clarkson adds: "There hasn't been a huge take-up of these opportunities just yet. However, it is likely to appeal to those who may find that they are hitting a ceiling on career advancement."

One of the reasons for the talent shortage in Jersey and Guernsey is possibly their reliance on external expertise. Both Clarkson and Harbourne agree that candidates typically stay for no more than two years, which creates something of a revolving-door effect.