Recent figures published by Jersey Finance – showing that banking deposits are rising and the value of the funds industry is at a record high – are encouraging, but success relies on maintaining a good supply of skilled employees to fuel its growth, according to a recruitment agency that specialises in the sector.
Optimus Recruitment is urging industry and the States to work together on ensuring that there are an adequate number of high quality employees available to the sector. Only by matching demand with skills will finance continue to flourish in Jersey, with its particular and well-known pressures on recruitment.
According to Jersey Finance, the net asset value of regulated funds under administration grew by £15 billion during the second quarter of 2018 to stand at £296 billion at 30 June, the highest recorded figure to date, while banking deposits were also higher at £121.2 billion, the most since March 2016. The statistics also showed that all the alternative asset classes, which are central to the success of the funds industry, have grown this year.
Natalie McMullen, a Senior Consultant at Optimus Recruitment, said: “Our observation on funds recruitment is that there are lots of exciting opportunities across the industry at all levels. Clients are winning new business and looking to grow their teams which is great for the island, but there appears to be a particular skills shortage at the 2-6 years’ experience. Clients are becoming more willing to consider transferrable skills from other sectors, and even looking at candidates from overseas to ensure they can deliver the level of service that is required by their clients.
“To ensure we can continue to attract the new fund business to the island, I believe we need to have the right calibre of professionals. Ideally more training options for people willing to move into funds could be available, to make them attractive to clients and demonstrate their willingness to move into a booming industry at a very exciting time for the island.”