Possible Scottish financial services job opportunities in 2010
Considering the nearly unremitting gloom surrounding Scotland's financial sector in 2009, we thought we'd kick-start the new year by offering our projections on where the jobs are likely to be created in 2010.
Asset management:
Scotland's asset management firms had shown a tentative appetite to recruit once again towards the end of 2009 and this looks like gaining a little more momentum in 2010.
"Growth in global equity funds plus absolute return regulated funds could remain positive in 2010," says Colin McLean, managing director of SVM Asset Management. "I'd expect this to result in some demand for additional staff in Scotland."
Similarly, Dougie Adams, senior economic adviser to the Ernst & Young Scottish Item Club, believes that unexpectedly good performance in 2009 could lead some firms to replenish their ranks.
"I suspect most asset managers would have been restricted in adding sales and marketing staff in 2009, so this is an area we're likely to see some growth," he says.
Investment operations:
Scotland may already boasts significant investment operations houses in the form of BNP Paribas, Citigroup, State Street and Morgan Stanley, but previously fevered recruitment levels were thin on the ground in 2009.
However, Scotland could easily become the beneficiary of investment banks expanding their back office capabilities in 2010, and indeed its reputation for expertise in this sector could induce new entrants to set up shop north of the border.
"We will see growth in finance and fund operations within the investment sector in 2010 as companies transition more business areas to Scotland," says Margaret Dyer, director of Joslin Rowe in Scotland.
Risk and compliance:
Yes, risk and compliance professionals have been much sought-after throughout 2009, but ongoing regulatory pressures continue to ensure they remain in demand.
"We've seen demand from retail banks, investment managers and wealth managers for risk professionals this year, and I think it will be a winner again in 2010," says Mike Leeman, senior consultant, financial services at Bright Purple Resourcing in Edinburgh.
Business transformation:
Ongoing restructuring challenges in Scotland's banking sector may have been bad news for many, but they've also provided new job opportunities for business change professionals.
"Large, complex financial organizations are undergoing significant business transformation, both from an IT systems perspective and business point of view - the demand for technology professionals and traditional accountants continues unabated," says Mike Dickson, director of recruiters Hudson in Scotland.
Wealth management:
By sheer political will, there's a chance that wealth management firms will continue to be attracted to Scotland in 2010. In terms of hiring, numbers are small, but recruiters tell us that opportunities persist.
"A number of wealthy individuals will be re-assessing their relationship with their current advisers, which presents an opportunity for other firms to exploit," says Ben Walker, director of headhunters Walker Selection. "There's a lot of positive sentiment around the sector currently."
Corporate banking:
This is relatively speaking, but there are some cautious signs of optimism around the corporate banking space in Scotland. Lloyds' new corporate division, led byAlistair Gardiner, says it is "open for business" and ready to lend to companies in Scotland.
This could, of course, be construed as a bit of politicking to distance itself from the battered reputation of HBOS's old corporate banking arm. However, other firms, such as Tesco Personal Finance and HSBC, have hinted at expansion plans in Scotland.
"It's not going to be business as usual for corporate lending in 2010," says Adams. "However, you would hope for increased loan volumes and an appetite to borrow from businesses. If this happens, some banks may find themselves short on resources and need to recruit again."
