The growth of public private partnerships (PPP) in Australia has opened up a variety of jobs in different types of organisations for both local and foreign financial professionals.

PPP is an end-to-end industry involving several stakeholders, including banks, funds management firms, superannuation funds, accounting firms and governments. “You can transfer your experience so much more readily than in many parts of financial services,” says Marcus De Luca, partner, global financial markets, Korn/Ferry.

Last month, for example, AustralianSuper appointed Jason Peasley to the newly created role of head of infrastructure. In his 16-year career in the sector, Peasley worked in senior roles for firms including Deutsche Bank, Hastings Fund Management and Artisan Investment Managers.

De Luca says the most commonly sought-after move between different stakeholders is still from banking to the buy side, in particular people in debt-based project finance teams joining investment management funds or direct investment teams at super funds.

Although infrastructure funds may not offer the same base salaries as banks, there are potentially better long-term wealth creation opportunities thanks to carried investment schemes, says Lee Humphrey, head of financial services, Futurestep. “But in reality, most people change for personal and career-progression reasons rather than for better compensation.”

However, as the sector matures, the transition is becoming more difficult, especially at a more senior level. “Ten years ago the people who pioneered infrastructure investment typically came from the banks. Now investors are more sophisticated, so they often prefer candidates with investment backgrounds, not project-finance debt backgrounds. My advice is to make the change early if you’re a banker. MDs are less able to move away from debt,” says De Luca.

Demand for roles

Senior positions are scarce, reflecting the broader downturn in the financial-sector job market. And with employers selective about who they hire, the recruitment process can be protracted.

Mid-level PPP candidates – with financial modelling experience, technical know-how and eight to 12 years’ experience – are more in demand, says Humphrey. These people are typically managers or junior directors at the big four accountancy firms, junior directors at banks, or funds professionals who are on the cusp of managing a portfolio of assets.

“It’s challenging; they are hard to extract,” adds Humphrey. “There are few people at this level and they are generally well looked after at their current job, so not always open to new opportunities. Moreover, they have probably moved in the last two to three years and now want to stick around and build to a more senior role in their firm. They are consolidating their tenure and experience.”

Overseas candidates

Mid-level talent shortages and the allure of Australia as an innovative and expanding PPP market mean that for some vacancies there is both a demand for and a strong supply of foreign candidates and overseas-based returning Australians. “We get many global mandates. It’s widely believed that Australian PPP is a pioneer, so roles here are attractive for career-development purposes at all levels of experience,” says De Luca.

Working in Australia can also lead to future opportunities overseas as Australian firms expand abroad, he adds. “People can relocate back to, say, Canada, or move elsewhere in the world. There’s lots of super-fund money pouring into PPP, but there are only so many opportunities to invest in Australia.