250 roles at BlackRock another boost for Scottish investment ops market
BlackRock's decision to an additional 250 roles in its Edinburgh is reflective of the increasing appetite among investment operations firms in Scotland to recruit and could create a fresh round of job-hopping in the sector.
According to reports in the Scotsman, which have since been confirmed, the world's largest asset manager is set to announce a significant expansion of its Edinburgh operation. Currently, around 350 people are employed in its office in the Scottish capital.
After acquiring Barclays Global Investors (BGI) last year, BlackRock now manages $3.6trillion making it the biggest money manager by assets globally. In Scotland, the firm manages around 9bn.
However, the expansion will focus on its investment management support functions.
Over the course of the last year, following the BGI acquisition, BlackRock has been bolstering its Edinburgh investment operations headcount in line with the increase in assets under management. Recruiters suggest the firm is unlikely to have any shortage of applicants.
"We've been involved in recruiting for BlackRock since they first came to Scotland, and the company has one of the lowest attrition rates I've ever seen," says Mike Stirton, associate director, finance at Change Recruitment in Glasgow. "There's a very collegiate working culture there, so even if you're performing an administrative function you're very much part of the process. Let's hope this continues as they expand."
But BlackRock is far from the only investment ops firm adding to its headcount in Scotland. Alan Thornburrow, chief executive of Scottish Investment Operations, says most of its members are recruiting again in "reasonable quantities".
BNY Mellon, Franklin Templeton, State Street and Morgan Stanley are among those currently hiring. But is the talent pool likely to become strained this year?
"If Blackrock is looking for experience hires, there's inevitably going to be some churn in the market," concedes Thornburrow. "A lot of people have been staying put in the last couple of years and are now looking for the right opportunity. But, although a lot of firms are recruiting, I don't think we're facing a talent crunch just yet."
Stewart Carracher, head of BlackRock's Edinburgh office, said: "BlackRock has for many years recognised the attractiveness of Edinburgh as a financial centre and the high calibre talent pool that exists within the financial services industry across Scotland. We have made a firm commitment to expand our operations in Edinburgh and look forward to the next stage of our development here."
