Fund Administration Salary Survey 2017 Q3 &Q4
Financial Services are rolling into Q2 with a somewhat clearer picture of the post-Brexit landscape. Frustrated by the lack of progress in divorce talks and reported early walk outs by British Representatives to the EU, several large firms have finally begun to set in motion their plans to either move jobs out of London, or expand their European bases. At the time of writing notable organisations include; Citi, who will extend their footprint in Dublin and Frankfurt, with Frankfurt set to become their primary EU trading hub. They join Morgan Stanley and Legg Mason in applying to the Central Bank to establish MiFID licenced Fund Managers in Ireland. Others of note include Bank of America Merrill Lynch whose Broker-Dealer trading unit will now run in both Dublin and London. Frankfurt is certainly the early favourite in winning the battle with those elusive Front Office Trading positions, although MUFG and HSBC have announced interest in Amsterdam and Paris, respectively.
Current estimates show that as many as 35,000 positions will be moved out of London, with at least 1,000 additional jobs currently ear-marked for the Irish Market and this figure expected to rise steadily for the remaining calendar year. This will take time, and money. HSBC predict a cost of over $300,000 per job transitioned from London to their Paris office, although this may include the physical cost of incumbent relocation.
Download full market update and salary survey here ——> 2017 Salary Survey Q3 & Q4 Fund Administration