funds & investment management
salary guide 2024

Ireland’s Funds and Investment Management Sector continues to solidify its position as a globally recognized and respected hub for investment funds, serving as the second largest domicile in the EU and a leader in ETFs and Money Market funds. As of September 2023, Ireland managed €3.7tn AUM. The country’s strong regulatory environment, stable government, deep ecosystem of service providers, and highly educated talent pool remain key attractions for funds and investment managers. The industry saw plenty of M&A activity in 2023 with Caceis completing its acquisition of RBC in July, TMF Group acquiring Goodbody Fund Management, Waystone acquiring Link Fund Solutions, Apex acquiring MJ Hudson businesses and BoA’s Irish depositary business, to name a few.

Hiring trends

Despite global market challenges and geopolitical events in 2023, the funds and investment management sector in Ireland demonstrated resilience. Hiring activity remained strong, particularly for governance roles in Compliance & AML, Investment Risk, and Operational Risk and Internal Audit. The demand for experienced candidates in Head of Function (PCF) positions within the sector continued to outpace supply, driving compensation packages upwards. The Panel was retained by key clients to source more experienced candidates for Head of Function roles, adding bench strength to existing areas to future proof organisations for continued growth and more complex business requirements. With the continued tsunami of regulations affecting the sector eg IAF, SEAR, DORA, ELTIF & ESG reporting etc, The Panel expects another year of strong regulatory hiring from all firms in this space. In 2023, senior governance candidates secured on average a 20% increase in their basic salary to move roles, while those with experience in highly sought-after governance areas were able to command even higher increases of up to 35%.

According to a recent survey by IBEC, the overall expectation is on average 3.8% incremental pay increase in the financial services sector in 2024, however, the governance sector is likely to continue to see higher salary increases due to the persistent shortage of qualified candidates. External moves and promotions remain the most significant factors in boosting a candidate’s overall compensation package. Pay and benefits, upskilling and career development opportunities, and flexible working arrangements, continue to be top priorities for candidates across all sectors of Financial Services.

Recruitment for CEO/Head of Ireland roles was more balanced in 2023 compared to previous years. While several key CEOs transitioned into the independent non-executive director (INED) space, some of their replacements were sourced internally from local management teams or from international executives who moved to Ireland to take up this highly sought-after leadership position.

In terms of new firm set ups, 2023 attracted niche players to set up a presence in Ireland, as most of the key global investment managers have put substance on the ground in Ireland either via their own Proprietary ManCo’s or Third Party ManCo’s. One of the most exciting new players to Ireland this year, is a Renewable Energy Investment Manager who is setting up an AIFM to drive the growth of their funds in Europe. Ireland is well on its way to establishing itself as a hub for ESG and Sustainable funds and as noted below, our agile workforce is upskilling and reskilling in this area at a rate of knots!

Private Markets, PE and Real Estate

We have seen a significant demand for candidates with private equity, private debit, private credit and real estate experience and knowledge across finance/accounting, fund operations, middle office and legal in the fund admin and investment management/ManCo area. It has been the asset class of choice by investors throughout 2023. PWC in their recent global survey indicated that private markets revenues will account for around half of global asset and wealth management revenues by 2027.

Future skills
The industry is undergoing significant changes due to digitisation of the industry. AI is being used in risk management (using AI-powered algorithms), portfolio optimisation and client behaviour analysis. Digital technologies are transforming the way the industry operates from customer onboarding and servicing, investment research and analysis to compliance and reporting. Blockchain developments in 2023 allowed for the tokenisation of Money Market Funds between BlackRock and Barclays using JP Morgan’s Tokenized Collateral Network facilitating a collateral settlement for an OTC derivative transaction for the first time. Larry Fink CEO of BlackRock commented “..the future will be tokenized.” As these technologies gain traction, we are seeing an increase in hiring in the Fund Admin and Investment Management space for AI researchers, digitalization architects and Blockchain specialists.

When hiring specialist skill sets such as Risk and Investment Management, we are seeing clients favour candidates with strong technology skills particularly in Phyton and Power BI. Experience in these applications, enables candidates to assist firms in automating processes and key reporting requirements. This expertise sets candidates apart and can be a real differentiator in the hiring process. With the increased focus on big data, candidates with expertise in data and data analytics continue to be in demand by firms in the funds and investment management sector.

A notable trend in 2023 was the emphasis on upskilling and reskilling, particularly in areas such as ESG/Sustainability, AI, Blockchain, and digitalization. The Panel established a dedicated ESG/Sustainability desk in 2023 in response to client and market demand for talent in this domain. Already we have seen candidates pivot into senior ESG roles in the Funds and Investment Management sector in Ireland namely ESG Risk and ESG reporting. We anticipate that ESG/Sustainability will be a significant focus for hiring in 2024.

Soft skills

Throughout 2023, soft skills remained of critical importance to firms when hiring for talent for the future. Candidates that demonstrate a curious, open and growth mindset, digital literacy, and agility to adapt and drive change are highly sought after. These skills are essential for success in a rapidly changing world, where businesses need to be able to innovate and respond to new challenges quickly. In addition to these specific skills, firms continue to look for candidates who have strong communication skills, leadership qualities and potential, the ability to work independently and as part of a team, and the ability to manage their time effectively. Candidates that invest and develop their soft skills, set themselves apart from other candidates and in today’s world significantly increase their chances of landing their dream job.

After a cautious start to hiring in the Fund Administration and ManCo sector in 2023, hiring picked up in the latter half of the year, with a particular focus on governance-related roles and hiring support staff to work alongside PCF/Head of Function.

Here’s a more detailed breakdown of the key trends:

ManCo

2023 witnessed a surge in demand for support staff and designate professionals to assist the PCF (Pre-approved Control function) across various aspects of the ManCo business.

Driven by CBI (Central Bank of Ireland) requirements, firms prioritized building out their substance. They were committed to ensuring that their Heads of Function (HOFs) received the necessary support to guide the firm through its next stage of development.

ManCo firms typically sought candidates with prior ManCo or Investment Management experience to facilitate a smooth transition. Candidates who successfully transitioned to new roles typically received a salary increase of 10-15%.

There was a significant focus on hiring support staff with strong technology skills (especially Python) in the ManCo space in 2023. We anticipate that technology and digital knowledge and expertise will be critical for recruitment in 2024.

The Third Party ManCo segment experienced a wave of consolidation in 2023 as many independent firms were acquired by major international firms with a presence in Ireland.

Fund Administration

Global Fund Administrators headquartered in Dublin implemented hiring freezes that extended into Q1 2023 beyond the typical Q4 period.

Firms focused on cost reduction, and hiring budgets were allocated on a case-by-case basis.

Candidates with expertise in private equity, private markets, and private debt fund accounting remained in high demand throughout 2023.

Demand for roles in Investor Services, Custody, Financial Reporting, and Middle Office decreased.

Firms responded to the evolving digitization of the sector by expanding their capabilities in niche areas like Technology, Data Analytics/Governance, and Client Reporting.

Overall, the Funds & Investment Management sector showed resilience in 2023, despite the challenges faced by the industry. Hiring trends reflected this resilience, with a focus on building out substance and integrating technology into the business. We expect this trend to continue in 2024.

The Panel Corporate and Individual sponsors of basis.point

The IT Executive market has been busy in 2023 with a number of key openings of senior IT Executives within the Financial Services (including Banking and Funds), Fintech, Data, Digital and Industry sectors. Technology Leaders are driving people centric transformation and change as companies seek ways to deploy new technology, automation, processes and data to increase efficiencies and decision making. This year saw companies in Ireland focused on accelerating growth amidst global economic disruption, a dynamic landscape of rapidly advancing technologies, and shifting operating models. Businesses are seeking to build more resilient and sustainable enterprise models at the same time as future proofing the core.

When it comes to the technology market, the word that probably comes to mind for 2023 would be artificial intelligence (AI). While AI /ML has dominated a lot of tech thinking this year – the Irish market was very busy with Data, Cloud, Software, CyberSecurity, Digital, PMO and Business Change-Transformation searches.

The Hybrid working model is here to stay – so there is a big demand for candidates with experience in Cloud Services – Infrastructure, DevOps, Site Reliability, Systems, Cloud Engineers as well as technical-desktop support specialists at all levels.

• CyberSecurity and Digital Resilience will continue to be in demand into 2024.
• Data – businesses continue to be data driven so candidates with a background in Data Analytics/ Engineering and Science are always sought after.
• Process Improvement – Businesses are continuously looking to automate functions.
• Software – Software engineering background with expertise in Java, .Net, Python, React and Angular JS proving to be highly sought-after skillset.

“Businesses must give the option to full remote work from ANYWHERE not just the country they mainly reside. The mentality must change.”

“My thoughts on WFH are that it should be driven by the function that is performing the work; some functions lend themselves more easily to a hybrid balance than others. It is also very important for junior talent to feel the culture/environment of a company, as this is not something that can be experienced online over a sustained period. If companies are looking for tenure from their employees, then this is something that comes with time and relationships with their team and the management of an organisation.”

“I used to travel 2.5 hours each way for many years. I was always tired and had no time for myself or my family. Well before COVID, I had an arrangement to work from home some days. Then after the beast from the east, I worked from home all the time and only went to the office maybe once a month… my management at the time was so happy with this as my work was done as well as before, and I am also able to help others out when they need me.”

Over half the respondents are allowed to choose when they can work in the office, with a third of employers mandating set days to be in the office. Less than 10% of employers insist that people return to the office full-time; anecdotally, we hear this trend is rising. Other businesses operate fully remotely, albeit at a low figure of 3%.

“An employee starting out in their career probably feels the need to engage more face-to-face in an office environment, whereas a working parent finds the challenges of a commute more stressful. Balance is key, and finding the balance that works for you is important. Employers should embrace people who are different with varying demands on their time.”

“Personally, it’s about flexible hours in the office instead of home/office hours. My view.”

“Employers trying to increase engagement and presenteeism feel like a desperate ploy to tie employees to the work and save the value of their buildings.”

“I am 50. Mostly remote works for me, but I think it must be very difficult for younger employees starting out. So much is learned in an office environment by osmosis! Older workers need to remember that they were mentored and helped, and they need to do the same for this generation of young workers.”

“Some employers seem to be squeezing employees for a return to the office. However, work flexibility is key right now, especially for those with children and then to be the more experienced staff members and harder to replace.”

“In the last 4 years, I have worked nearly exclusively at home, in an organisation with nearly 6,000 employees.”

“Despite efforts to the contrary, I think working from home, either exclusively or through hybrid working arrangements, is here to stay.”

“Working from home must be measured. Young employees may have difficulty putting in 8 hours working at home. Employers must be responsible.”

“Employers need to be more flexible with hybrid working to attract & retain talent. Also, salaries need to be reviewed with rising costs.”

“I generally work with and manage what would be considered a “younger generation” of employees. I feel there would be a broader divide between my opinions on the questions in this survey (I’m in my mid-50s now) to, say, the 25-35 age bracket of office-based professionals.”

“I think there is a strong generational/age aspect to the want to be in the office or not, but it may end up being a different career trajectory for them; only time will tell.”

“Working from home shows a company is flexible.”

“IT workers have no reason to be in the office.”

“Managers feel very threatened by the Hybrid environment.”

“I think people need to work in the office at least 2 – 3 days per week. So much is learnt at the “Water-cooler” and having coffee/lunch with people. It also helps individuals grow in an organisation. For me personally, I am happy with Hybrid, although if I take on a new job in a new organisation, I think it would be more beneficial, at least in the short term, to spend as much time in the actual office as possible, provided others are there also.”

(Respondents who answered the previous question with the answer hybrid, then answered this supplementary question, hence no 5 days (full time) in the office option). 717 out of 2,158 people answered this question.

Most respondents feel that the balance of power is still with themselves, the employee. That less than a third think the balance of power is with the employer is noteworthy. Anecdotally, we believe this number will rise as the jobs market begins to soften.

“There is definitely a change of circumstances when speaking with friends and their working arrangements post-pandemic…”

“My company were one of the first back in office and it’s strictly 3 days which is not ideal. It almost feels like being treated like children.”

“Working remotely or in a hybrid situation is fine if the employer trusts his employees. When that trust breaks down and the employee is tracked through his computer program as to how long he is working then that trust level has gone and is detrimental to the company and overall business…”

“Companies need to establish online training for all employees on how to manage communication remotely, discipline on meetings online, effectiveness and reporting that is necessary. Rebuttals regarding forcing employees to be in the office needs to consider the travel, sustainability, and efficiencies of forcing employees to work in the office. If the role is desk based, it’s hard to understand the sustainable and operational costs benefit of maintaining an office which is hardly populated when hybrid or remote working is in place. Additionally, the property challenges companies need to consider holding valuable office space in cities when employees need accommodation, particularly when a company operates a hybrid/remote working model, that giving up the property to residential use is a real need in cities to re-populate the centres and cultural needs.”

“My current employer is firing people for not being in the office enough. They are very inflexible. A death in the family was not a good enough excuse for not making office day target. People are leaving because of their hard-line, which I believe is what they want.”

“I really think 2/3 day hybrid model is the best of both worlds, it allows you to connect to colleagues but also gives downtime to work on reports and do small things like accept couriers. I think a more even balance of power is what’s needed. The best workplace is where there is open communication and collaboration between employers and employees. Both sides need to feel listened to and their point of view understood, and this is an ideal opportunity for the good employers to rise above and make themselves known and attractive to the best candidates.”

“Pressure on employees has increased in 2023. Companies dictating number of days in the office has caused a lot of dissatisfaction amongst employees.”

“Career challenges are about companies cutting cost in favour of shareholders return. There is work, there is justification for positions, however there is limited budget.”

“Some employers seem to be squeezing employees for a return to the office. However, work flexibility is key right now especially for those with children and then to be the more experienced staff members and harder to replace.”

“There’s an imbalance in how the same employer treats different employees regarding remote working.”

“Salaries must increase. Retention will become an issue otherwise.”

Overall, the mood music is good, with only one in ten of the respondents in a pessimistic mood. This is a good barometer to follow. It will be interesting to see how the trend unfolds in future surveys.

“I have stopped working since May 2022, and home working enforced by the pandemic response was the catalyst for me. On balance, it’s more destructive than helpful, in my experience, and I have spoken to many people whose experience was the same.”

“Business environment for certain sectors will be very tough over the next 12 -18 months.”

That nine out of every ten respondents put a high value on workplace culture is something all employers need to note. The respondents clearly link workplace culture to the success or failure of a business. There is huge “buy-in” from candidates, and companies who foster a positive work environment and culture will retain/attract talent more easily.

“I feel things are still a little polarised. On the one side you have companies who see in-person being critical to culture and performance and on the other end of the spectrum, a portion of employees seeing flexibility as their main priority.”

“Pre-pandemic cultures are creeping back in. Perhaps worse – an expectation to be always on and always available. No consideration for working parents and the difficulties on childcare, cost of living, housing. Insistence on working in office, when it’s not an efficient use of time, is not motivating or helpful.”

“Enforcing a 3-day RTO policy is out of touch, especially considering the impact of inflation on commuting expenses. It’s unfair to mandate RTO for everyone when not all employees need it. If the issue is related to company culture, then it’s more appropriate to allocate budgets for team building and other EVP initiatives. RTO is not the solution to a culture problem, as it’s often deeply rooted.”

“There should be frequent social events in case of hybrid working. Further, there should be designated days for teams so that teams can connect in person.”

We believe in the saying, “You don’t leave your job; you leave your Manager”. A lot of negative workplace cultures are the fault of the leaders within the business; sometimes, it can be just one overpowering presence. That said, three out of four respondents left a role because of a negative culture, which is much higher than we envisaged.

“Employers continue to pay lip service to culture, inclusion, diversity etc. Not so much from an LGBQ perspective but more from an appreciation of opinion, background, experience etc. Will definitely be leaving my current role due to the above.”

“Being connected is not really a function of remote vs in office. It’s about management and culture of the staff. Bad management is just amplified a bit by being remote.”

“The sense of belonging can be difficult to achieve in fully remote working. It takes more effort to instil culture, but it is crucial for success.”

“While the hybrid working model has offered great options in workplace norms, management must be careful that negative organisation behaviours become established do the detriment of culture, equality and inclusion.”

“In general companies need to accept the new norms and understand that culture can still be proactively driven in a positive way. Connectivity is important but needs to be a priority and front and centre with the leadership team.”

“The most important asset within an organisation is its people!”

“Culture of a business is based off our interactions. Productivity is now viewed on time in the office together.”

One of the questions we were keen to ask was about company culture and the possible disconnect that people may feel from being in the office for two days or less. Interestingly, over one in four respondents feel disconnected; we were expecting this figure to be higher. This question was one that generated a large organic response, with some interesting observations from the respondents below.

“Difficult to get colleagues back to the office, a definite drop in connection.”

“Workplace cultures can be very complex these days, often obscured by political correctness and a tendency for certain behaviours and prejudices to be hidden from plain sight. Genuine openness and transparency are thus increasingly rare.”

“I feel working fully remotely is not beneficial. In terms of building relationships with colleagues, some in-office time is important. A minimum of one day a week.”

“Culture is a word thrown around but rarely defined by companies. Most use it as a generic term to force an agenda or change, returning to an office for no reason, as an example. It’s usually set by people at a level who are quite disconnected from the general workforce, so they don’t actually know what they are talking about. I’m a big fan of promoting and embracing culture, it’s just done terribly, and no amount of pizza & beer in a dreary IFSC building will change that.”

“Likely that many firms will continue to ask employees to go back to the office, not just for culture but also so that graduates can learn from experienced employees.”

Anne Keys, Joint Managing Partner

t: 01-6377088 | e: anne@thepanel.com

Anne Keys leads The Panel’s executive search in the Funds and Investment Management sector and is uniquely placed to partner with firms in hiring executives, board members , and independent non-executive directors.

Anne works with a large number of investment firms establishing a presence in Ireland following the Brexit vote and has had great success sourcing Country Heads/CEOs, PCF, and DP roles for her clients.

Anne’s key differentiator is her extensive network developed over 25 years in recruitment and her technical knowledge of the roles she recruits for, in the funds and investment management space.  She provides consultancy advice on the talent landscape, and talent availability and is hugely knowledgeable on the sourcing requirements driven by the CBI under CP86.

Anne was instrumental in the setup and launch of 100 Women in Finance in Ireland and she recently completed her term as Co-Chair of the steering committee in Dublin and is now an advisor to the committee. She is driving 100WF workshops for their executive female members, advising them on how to launch their independent non-executive director careers.

Anne has been invited to speak at key industry conferences in Dublin, London, and Amsterdam on “CP86 Dear Chair – Getting the plan right”, “The talent landscape in the Investment Management Sector in Ireland”, “The War for Talent”, “The benefits of an international board” and “The benefits of a diverse board”.

She also supports basis.point, the Irish Fund industry’s initiative to come together to help make a difference to those in need.

Liam Murphy, Director

t: 01-6377027 | e: liam@thepanel.com

Having previously worked in the Funds industry for 5 years Liam joined The Panel’s Funds & Investment Management division in July 2013 and has since been promoted consistently within the business to his present role as Director in May 2023.

In his role, Liam specialises in the recruitment of roles between Manager and C-Suite/Executive level on behalf of various financial services entities including Asset Managers, Reg Tech and Fund Management companies based in Ireland and overseas. Liam has strong industry knowledge, and he has worked on roles and placed candidates at all levels of multiple operational areas including Transfer Agency, Fund  Accounting, Compliance, Trustee, Custody, Middle Office, Risk, Distribution, Regulatory, Depositary, Data, Operational Oversight, Sales as well as other niche areas.

Outside of servicing multiple PSL clients in these mentioned areas simultaneously Liam has also exclusively assisted firms looking to set up their Operations in Ireland from scratch as well as helping entities looking to relocate roles from other European and Global locations by providing expert knowledge of the designated operational area as well as insights on talent availability, salaries and local market trends. Liam’s “root and branch” recruitment approach and his ability to tailor each solution to suit his clients individual needs has meant he has a proven track record of providing exceptional talent at all levels in this sector. Liam graduated from the University of Limerick with a BBS in Marketing & Finance (2007).

He also holds a ‘Certificate in International Financial Markets’ and a ‘Certificate in Financial Services Modules’ from the Institute of Bankers.

Darina Heavey, Senior Recruitment Consultant

t: 01-6377015 | e: darina@thepanel.com

Darina covers ESG & Sustainability for Financial Services, Industry and Consultancy.

Roles Darina recruits for include:

Risk, Compliance, AML, CTF, ESG, Sustainability, Fund Management, Banking, Treasury and Insurance.

Andrew Wynne, Recruitment Manager

t: 01-6377052 | e: andreww@thepanel.com

Andrew specialises in Accounting, Finance and Tax for the Financial Services sector.

Covering The Panel’s search in the Funds and Investment Management sector and is uniquely placed to partner with firms in hiring Newly Qualified Accountants to Finance Manager level.

Will Kavanagh, Senior Recruitment Consultant

t: 01-6377090 | e: will@thepanel.com

Will recruits Risk, Compliance, and Data Analytics professionals within the Funds & Investment and Banking & Treasury divisions.

Roles Will recruits for include:

Risk Officer, Compliance Officer, Investment Data Analyst, Regulatory Data & Reporting Manager.

Farah Daoub, Recruitment Resourcer

t: 01-6377014 | e: farah@thepanel.com

Farah is a Recruitment Resourcer for our Funds & Investment Management and Banking & Treasury practices.

She supports two partners Anne Keys and Alan Bluett, and this role involves managing and sourcing top-notch talent for both divisions. This includes identifying suitable candidates through the use of The Panel’s leading-edge AI talent sourcing tools, coordinating interviews, streamlining onboarding procedures, conducting reference checks, and engaging with clients on behalf of the partners.

Sustainability

As time moves on the sustainable responsibility of employers are becoming more and more important, therefore we here at The Panel take great pride in doing our best in meeting our target in this area. We take responsibility for our candidates, clients, and every part of our business in order to offer and supply solutions that positively impact those around us.

Knowing that you are partnering with a responsible organisation, should offer you peace of mind.

Read more on our Sustainability Policy here.

Diversity, Equality & Inclusion (DE&I)

In The Panel we actively focus on sourcing talent through a DE&I lens – we know diverse teams make for better functioning and more collaborative teams.

The Panel and our Managing Partner Anne Keys were instrumental in the setup and launch of 100 Women in Finance in Ireland in 2017, she acted as Co-Chair for 100 Women In Finance Dublin location for one year, and is currently driving 100WF workshops for senior practitioner members, advising them on how to launch their independent non-executive director career.

In November 2017, The Panel signed up to the Ibec/30% Club’s “Voluntary Code of Conduct for Recruitment and Executive Search Firms Code”.

This Code recognises the importance of search firms and client organisations working together to deliver change based on four principles:

• Strategy & Goals
• Talent Pipeline
• Prices
• Monitoring & Reporting

What can The Panel help you with?

Regulations– guiding candidates and clients through the Irish regulatory environment.

Market analysis– updating candidates and clients on current trends.

Talent acquisition– for clients we help source the best candidates for the role at hand.

Advice– we provide our candidates and clients with the most up-to-date information available regarding the market, the recruitment processes and the best remunerative options available to both.

Technology & Resources – offering candidates and clients the most up to date in recruitment and AI technology, enabling a quicker and more efficient recruitment process from start to finish.

As a company The Panel has successfully strived for internal diversity and inclusivity and in doing so we firmly believe that puts us in a strong position to be ambassadors for our clients in an Ireland that is becoming ever more progressive, diverse and inclusive.

• We support groups for women in business e.g. 100 Women in Finance& Women Executives.
• We employ 8 different nationalities with various cultural and religious beliefs.
• We have a higher proportion of female employees.
• We have two joint MD’s at the Panel,1 male and 1 female.

We believe we are one of the most diverse and inclusive recruitment companies in Ireland, putting us in a position to help our clients achieve the same.

We instill the following approach through rigorous training of our employees;

• Equal Employment Opportunity is a fundamental right of all employees and applicants for employment.
• The Panel undertakes not to discriminate unfairly against any applicant in respect of the subject matter of disclosures made pursuant to the pre-engagement screening process or any other information revealed during the engagement process.
• All applicants are provided a full and fair opportunity for employment, without regard to race, colour, religion, national origin, disability, gender,age,sexual orientation, genetic information, or parental status
• We promote equality for all candidates.
• We foster and support a globally diverse and inclusive workforce with our clients and place a high value on diversity and equal opportunity.
• We believe it is important for applicants to be considered for the employment of their choice and have the chance to perform to their maximum potential.
• The Panel is an equal opportunity Employer and Recruiter.