London fund management talent eyes Scottish job opportunities

The Edinburgh fund management community has traditionally been a relatively tight-knit group, with many key figures moving between various firms north of the border. The industry has also struggled to lure talent away from London's financial hub. This, however, appears to be changing.

A recent round of musical chairs in Scotland's fund management sector has meant some firms are recruiting again, while others - such as Martin Currie, Standard Life Investments (SLI) and Scottish Widows Investment Partnership (SWIP) - appear to be expanding.

SLI has 50 vacancies across fixed income, property investment and private equity, according to reports in Financial News, and has extended the search to the City.

"The headhunters have typically told us that there is a difficulty in getting people to move to Edinburgh, but this seems to have changed. I was in London last Friday interviewing people for a vacancy we have in high-yield credit that is based here in Edinburgh. We had five candidates for the position, each one a different nationality," said Carolyn Dyer an HR consultant at Standard Life.

Similarly, Martin Currie has found it easier to persuade City talent to make the move to Edinburgh.

"Fund managers are definitely more open to the suggestion of moving to Edinburgh now," says Katie Crook, HR business partner at Martin Currie. "Edinburgh is home to successful and growing investment management companies. With fewer positions in London, people will move to Scotland for the right opportunity rather than discounting it straight away, as may have been the case previously. Our remuneration is like for like in Edinburgh and the City, so this is not a determining factor in attracting talent."

Still, opportunity to exchange a crammed northern line tube train for a leisurely walk into the office often isn't enough to persuade more seasoned fund managers to move to Scotland, says Richard Barry, HR manager at Edinburgh-based Baillie Gifford.

"Traditionally, we have struggled to recruit people for senior roles who have little or no Scottish connection," he says. "However, this has become a little easier recently because of current market conditions, but remains a tough nut to crack. Interestingly, though, around 60% of our graduate intake was from outside Scotland."