Five roles still defying the slowdown

It's Ramadan, it's summer, and capital markets are tanking across the globe - a toxic combination that means recruitment in the Middle East financial sector has, by and large, ground to a halt.

However, amidst the new-found gloom and traditional seasonal lull, there are some roles that financial services firms continue to hire for. Based on conversations with regional recruiters, here are five areas that remain relatively hot.

1) Fee-earning roles in corporate banking

Corporate banking recruitment within the Middle East has been relatively subdued for some time now, but latterly local institutions have been focusing on fee-earning roles in what is generally perceived to be an increasingly competitive market.

"Over the last few weeks we've seen an increasing proliferation of roles that fall under the corporate banking sales umbrella," says Samia Hafidi, managing consultant at Hudson in Dubai. "Local corporate banks have brought in management consultants to conduct a major shake-up of their business over the last few months, and the result is more of a focus on fee-earning positions."

2) Private banking (and private banking skills elsewhere)

Wealth management has, of course, remained an ongoing area of recruitment in the Middle East despite a relatively subdued job market over the last two years. Demand is still high, and now private equity firms are looking to recruit private bankers for their capital raising teams in order to tap ultra high-net-worth individuals, suggests Susie Hingston, director at Dubai-based headhunters Loxley Partners.

"Private equity firms want to recruit wealth managers, and a number of new international private banks or existing players expanding means demand remains high," she says. "However, private bankers are increasingly reluctant to move, because they fear only a fraction of their client book will move with them, and it's increasingly challenging to find the right people.

3) Risk solutions roles on the trading floor

With capital markets, trading and M&A activity in the Middle East tumbling this year, there's little appetite for many investment banks to recruit for front office positions. However, banks are still recruiting for risk solutions professionals, suggests Bill Allum, managing director at headhunters Execuzen.

"Roles that allow banks to manage or mitigate their own risk or that of their clients remain key in the current climate. This means that demand for risk solutions professionals in sales or trading has remained high, even at this point in the year," he says.

4) Infrastructure positions

We've mentioned previously, the proliferation of senior back office positions in the GCC financial sector, and now this is beginning to filter down to the lower ranks. Compliance, risk, regulatory reporting and audit jobs are still emerging despite the summer slowdown, says Martin McDermott, operations manager at recruiters Gulf Connexions.

"Corporate governance in local institutions used to just be about box-ticking," he says. "Now there's an increased focus on recruiting sophisticated compliance, risk, audit and regulatory reporting professionals and empowering them so they can independently assess the external and internal risks to the business."

5) Sales and distribution roles within asset management

At around $90bn, the asset management industry in the GCC is still relatively small. Still, an increasing number of international firms have been bolstering their presence in the region over the last couple of years, and the various financial centres have been adjusting their rules to attract more fund managers.

While the number of portfolio managers on the ground is still comparatively diminutive, more fund managers have been hiring sales and distribution staff to increase awareness of their products and services among local investors, says James Collin, business manager, banking at Reed Specialist Recruitment.

"A combination of new firms coming to the Middle East, coupled with local institutions rolling out new asset management capabilities has meant that sales and distribution staff have been a key area of recruitment recently," he says.