Ireland's funds firms are fighting over transfer agents

As a largely administrative back office function in asset management, transfer agency isn't renowned for being the most dynamic of career paths.

However, a lack of experience in the Irish market, combined with an "aggressive" demand for their services, is driving salaries up to relatively high levels in the managerial ranks.

The likes of Citi and State Street are hiring for transfer agency roles, according to recruitment sources, but the big players are also having to fend off competition from smaller firms like HedgeServ and GlobeOp for these candidates.

Transfer agents have responsibility for record keeping in the asset management industry, ensuring that ownership of stocks and bonds is tracked, as well as dealing with any issues related to lost or stolen certificates.

It's becoming an increasingly important function. As the FT pointed out recently, the transfer agency is "at the front line" dealing with asset managers' clients.

Ireland has benefited from a raft of new business in this area, and this previously under-represented job is suddenly witnessing a surge in demand.

"It's not a hugely technical area, but a lack of experience at manager level and above is driving salaries up," says one recruitment manager at a large fund house in Dublin. "Some smaller houses have been very aggressive in pursuing our transfer agents, and this means a lot of our transfer agents are asking for pay rises of 10-15% to stay."

The result is that there are some decidedly front office looking salaries for what is essentially a back office role. Recruiters suggest that a transfer agent with five years' experience should expect around €50-60k, while salaries for senior managers come in at around €70k.