Escaping the City in fund management: what you can expect to earn
If you’re a fund management professional in the UK seeking opportunities outside of the City of London, Scotland is the next obvious place to look. Scotland’s fund managers were hiring throughout 2013, and recruiters are anticipating a surge in front office recruiting within the sector this year.
The likes of Standard Life Investments and Aberdeen Asset Management, as well as smaller players like Martin Currie and Baillie Gifford, were seeking to bolster headcount by hundreds of people in 2013, and specialist headhunters are optimistic that this will continue.
Kim Bower, senior consultant focusing on fund management at recruiters Core Asset Consulting, says that there’s like to be a “big push” to hire front office staff in Scotland this year.
“Investment analysts will be in high demand, as asset management look to better support the investment decision-making process,” she says. “We expect a similar surge in activity on the business development side – both sales and relationship management – as fund managers seek to win and service more mandates.”
There’s traditionally been a lot of movement of portfolio managers between fund houses north of the border, but they also seek to bring in talent from outside the country. The selling point of working in Scotland, rather than being based in the City, has always been the lifestyle and spending power compared to London.
However, the 2014 salary survey by Core Asset Consulting suggests you should be prepared to take a pay cut to work in Scotland. Senior portfolio managers earn up to £170k, it says, compared to £220k at the senior end in London, according to figure for PwC.
Here’s what you should expect to earn working in fund management in Scotland: