Investment Banking


Published on

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Investment Banking

  1. 1. Investment Banking & Asset Management Compliance Salary Survey 2009 PSD
  2. 2. Contents 01 PSD: An Overview 02 Compliance Overview 03 Industry Comment: Investment Banking 04 Industry Comment: Asset/Investment Management 05 Market Activity: Investment Banking 06 Market Activity: Asset/Investment Management 07 Salaries: Investment Banks Salaries: Asset/Investment Banks 08 Salaries: Wealth Management Salaries: Hedge Funds 09 Salaries: Stockbrokers 10 Contact Details PSD
  3. 3. 01 PSD: An Overview PSD is an international recruitment services organisation. The Group is listed on the London Stock Exchange and operates internationally. Recruiting at all management levels across support functions up to Board level, we deliver innovative recruitment solutions for the world’s leading organisations. Our strength lies in our dedicated approach to and expert knowledge of our specialist sectors and functional disciplines. Each specialist division of PSD is well established as a market leader within its specific field of recruitment. Functional Disciplines Global Vision FTSE4GOOD Compliance Our international experience PSD is a member of Risk allows us to handle assignments FTSE4Good and is listed as an Audit across the globe with particular All-Shared Index Constituent. Legal focus upon Europe and Asia Corporate Social Responsibility Pensions & Investment Pacific. (CSR) Standards are becoming Finance increasingly more prominent in a Purchasing and Supply Chain Our People client's selection of a supplier. Customer Contact Standing out in the recruitment Marketing & Sales The CSR standard incorporates market is never easy, most company policies, management Property/Facilities Management consultancies tend to offer Human Resources and reporting on environmental, similar services. However, at social issues and stakeholder IT & Technology PSD we have a key point of Operations relations criteria. This includes difference - the quality of our areas such as diversity, equal Recruitment Services people. opportunities, health and safety, It is the skills and knowledge of training and development and Our reputation has been built employee relations. upon our ability to deliver highly our consultants and support effective recruitment solutions to staff that provide clients and our client companies. Each candidates with exceptional recruitment consultant is fully service. All staff successfully trained in file search, advertised work within a values based selection, executive search and organisation. contracting, ensuring that we Commitment to Quality are in the strongest position to recommend solutions which are PSD is committed to the training appropriate to the individual and development of our people PSD needs of our clients. and to the continuing improvement in the quality of our The skills and experience of our services. We continue to adhere consultants and the resources to the Investors in People and capability of the Group standard and ISO 9001:2000 enable us to handle a wide variety of recruitment requirements, from single key appointments to large scale recruitment projects, in both international corporations and small private businesses.
  4. 4. 02 Compliance Overview Preparation of the Survey PSD in Compliance Our Strengths This survey is designed to give Having been established since - Professional experienced companies guidance when 1991, PSD have been specialising Consultants. considering remuneration for their in compliance recruitment from - Strong market presence. compliance staff, and also to give the very beginning. We have seen - Specialisation within the employees an insight into their the changes in industry brought investment banking & market value, based on their about by an increase in regulation experience. from the introduction of the fund/asset management Financial Services Market Act in compliance market. The information has been collated 2000, to the more recent - In depth understanding of from a questionnaire sent out introduction of TCF and MiFID, clients’ needs. earlier this year to over 2000 and the on going move towards - Agreed timescales for delivery. compliance professionals who are principles-based regulation. registered with PSD or with the - Over 50% of candidates specialist compliance websites. The Team referred. - Up to 70% of positions handled This survey focuses on Investment We have a team of 8 consultants exclusively. Banking and Asset/Fund who specialise solely in - Repeat business on over 70% Management Compliance and will compliance with a national of our accounts. include: Hedge Funds, Stock coverage of retail and investment brokers, Private Wealth and banking, fund/asset management, - Contingency or retained basis. Private Equity organisations. insurance and other regulated - Handle permanent contract or industries. interim assignments. A survey that focuses on Retail Financial Services Compliance is Who We Recruit For available, to obtain a copy please email We have a strong track record recruiting at all levels from junior We would like to thank everyone Compliance Analysts up to who has contributed towards this Directors and Global Heads of survey by providing valuable Compliance. We are a preferred information. supplier to the majority of the If you have a specific salary major players and SME’s in the question please do contact us. Financial Services sector, and We would be delighted to provide have built our reputation on you with more detailed information excellent customer service tailored relating to your sector and level. to clients’ and candidates’ needs. PSD
  5. 5. 03 Industry Comment Investment Banking At PSD, we are fortunate enough to have a healthy client For the purpose of the survey, base, and an even better Investment Banking refers to sell- candidate database. With all of side organisations in London, who the turmoil going on in the are involved in Corporate Finance, Financial Services markets of M&A, Sales and Trading and late, if there's a place to be Private Equity. within the Financial Services world then Compliance has to One of the major effects of the be one of the more sustainable credit-crunch on the recruitment markets. We are hopeful that industry has been the switch from 2009 will be a fruitful year for us, a healthy number of job as new rules and regulations are opportunities and very few undoubtedly about to be available candidates, to a market released by the FSA which in where there are now a turn will have a positive effect on considerably larger amount of the regulated sectors. candidates available for every job vacancy. This in turn has created Bonus & Benefits a buyers market where employers are able to pick and choose at 2008 bonuses for the majority of sell-side organisations have their own pace, and be very been dramatically reduced, specific about the skill sets and although surprisingly a number attributes of the person they hire. of front office workers have still With the majority of unemployed received a fair bonus for their candidates in the market being efforts during 2008. open to considering reductions in Middle and back-office functions their earnings, means that there seem to have been affected the are some highly qualified most, with a large proportion individuals looking for work. As a receiving little or no bonus for result clients can take advantage 2008. of this and hire at a reduced rate. In most instances clients have There are some Investment been wary of this, appreciating the Banks which have honoured fact that when the market 2008 bonuses, but as a whole the bonus being paid in 2009 is improves those who have a shadow of what was accepted lower salaries will either expected. PSD insist on an increase or leave for more salary aligned positions. Historically people have been motivated via basic salary and For positions which call for a more potential bonus, either targeted approach i.e. discretionary or guaranteed, but Headhunting has become a as the market has tightened and tougher task than ever, as many the level of salaries stabilised people have witnessed friends this has led to benefits and colleagues being made becoming increasingly more redundant and feel thankful to still important to anyone be in employment. contemplating an offer.
  6. 6. 04 Industry Comment Asset/Investment continue to feel the force of the Although benefits have remained Management regulators which has in turn at a similar level throughout 2008, required Compliance to remain a bonuses during this time for many For the purpose of this survey critical area. There is therefore an buy-side organisations have been Asset/Investment Management additional need to have the impacted substantially as a result refers to buy side organisations in highest calibre Compliance of the economic downturn. In the London and the North of England professionals on board. same way employers have frozen involved in institutional or private salaries or even cut pay this year client investment via assets or Whilst Hedge Funds have seen a to cope with the recession. funds. This includes Hedge decrease in numbers over the last Funds, Stockbrokers and Wealth 12 months, it has been the The problem is that employees Managers. Stockbrokers and Wealth believe the grass is greener Management businesses which elsewhere and have therefore Businesses in the Asset/ are maintaining the most amount started to consider other Investment Management sectors of stability in the market. opportunities within the buy-side were looking set for another market - the truth is that other exceptional year of growth during Specifically within Wealth companies are experiencing very 2008, however by the end of the Management, Private Investors much the same financial problems year it was evident that these continue to become more and there are in fact few sectors were more likely to shrink sophisticated through offering organisations who are in the and be consolidated. Similar to innovative and more comfortable position of handing the Investment Banking market comprehensive solutions in order out competitive bonuses. the credit crunch has had a to compete in the market. As a result we have seen an increase in In respect of Compliance profound impact on most bringing the best Compliance professionals, given the lack of businesses across this field. specialists on board to oversee increase on basic salaries and the The economic situation will always the new variety of products being small amounts in the bonus pot, dictate the need for recruitment used. benefits are having more of a activity within any organisation, profound impact on those however, whilst both these sectors Again similar to the Investment considering suitable opportunities. have undoubtedly suffered Banking world, Treating Without the guaranteed or considerably over the last 12 Customers Fairly (TCF) and Anti- discretionary bonus over the last Money Laundering (AML) have 12 months, pension contributions months, there still remains a had the most amount of focus and other benefits such as continuous flow of recruitment. during 2008 and will no doubt healthcare, holiday allowance are From a compliance perspective continue to play a big part with becoming more critical in the the Investment Management and Wealth Managers throughout decision making process. PSD Real Estate sectors have been 2009. increasingly shaped by a wave of new regulations in areas ranging Bonus & Benefits from governance to financial reporting and continues to do so Bonus and benefits are often seen moving into 2009. as a crucial element for candidates considering positions Although redundancies have in the Banking sector, in particular gradually found their way into the at the Senior end and 2008 was Compliance field, businesses certainly no different.
  7. 7. 05 Market Activity Investment Banking With the volume of deals being The MLRO, otherwise known as reduced there have been less CF11 has also been quiet on the Compliance Officer recruitment activity for compliance recruitment activity front. (AML/Monitoring) advisory positions than previously experienced in a healthy market. Financial Crime still remains a key Monitoring is the most active area part of any financial services of Compliance this year for PSD, However, PSD has experienced an increase in demand for organisation and being such a with KYC and AML still being a critical position requires specialist key part of compliance and Equities and Fixed Income knowledge and expertise. Again remains a manageable cost in specialists. in some cases we have seen the terms of salary. Money Laundering Reporting Compliance Manager/Head of Officer merge into the Head of Although the majority of PSD's Compliance/MLRO (CF10/11) sell-side clients have not actively Compliance position. been developing this side of their The level of breadth and business, there have been a responsibility for this position number of positions which have varies between one Investment become available for both Bank to another, and typically permanent and contracting depends on a number of factors monitoring staff in 2009. This area such as size and structure of the in particular tends to have a large organisation in question. amount of contractors to assist on specific projects or complete There have been fewer Heads of short term assignments. Compliance and MLRO positions on the sell-side for the beginning of 2009. A large number of Compliance Advisor organisations have opted to move This is a senior post within any the Head of Compliance post, sell-side organisation and one otherwise referred to as the which is typically taken on after CF10, to the group or spending several years within the organisations’ Financial Director in compliance field. order to reduce costs. This position requires the Candidates have also been individual to have a good reluctant to move due to job understanding of the FSA rules security, although we expect this and regulations, in which they are to improve towards the end of tasked with advising the desk on 2009 as more confidence is PSD whether a trade can be legally restored to the financial services executed. industry.
  8. 8. 06 Market Activity Asset/Investment Whilst this role will entail elements The position will normally Management of core compliance, the majority encompass oversight of the will encompass advising on compliance team and although particular products which are they will be responsible for the Compliance Officer relevant to that specific business. day-to-day running of the core (AML/Monitoring) There has been less recruitment compliance function, much of this This area typically consists of at this level during 2008 due to will be delegated to the junior graduate type professionals or organisations looking to keep the members of the team. The main those with between 1-3 years highest calibre of Product area of their focus will be on experience within Compliance. Specialists on board. assessing the risk control There has been a reduced framework from a higher strategic Although perhaps fewer of them level. amount of recruitment at this level now, Product Specialists continue due to organisations requiring to be the most sought after type There are historically always fewer candidates with previous of compliance professional in the opportunities at this level in the experience. This is mainly due to market and this can often lead to market and 2008 was no additional time constraints in demands for higher salaries. different. It can often be the case providing the adequate training Bonuses are consistent with other that when a Head of Compliance for junior staff. areas and have suffered in light of leaves, the organisation looks However, within smaller the economic climate. internally to promote and then organisations there does continue recruit at the lower level. to be the need for junior staff to Compliance Manager/ As for remuneration, with the undertake the core compliance Head of Compliance/MLRO majority of organisations tasks ie PA Dealing, Financial (CF10/11) withdrawing most bonuses and Promotions, Approved Persons, basic salaries remaining static, it Watch/Restricted Lists. Salaries The content and responsibility of seems the only way to achieve have remained the same and this role will vary depending on any potential increase is to bonuses continue to suffer given the size and internal structure of consider a career move. the current market conditions. the business. The CF10/CF11 responsibilities will either be with the Head of Compliance/ Compliance Advisor Compliance Manager or An experienced compliance alternatively with the CEO/Finance professional typically with five Director. years plus specialist product knowledge. Candidates will have an in-depth understanding of FSA rules associated with the PSD development, marketing, distribution and selling of these products.
  9. 9. 07 Salaries: Investment Banks London/ South East Compliance Assistant/ Analyst 30-35 Compliance Monitoring 35-55 Control Room 40-50 Compliance Product Specialist/Advisory 50-80 Head of Monitoring/ Advisory/Control Room 70-90 MLRO 70-110 Head of Compliance 100-130 Global Head of Compliance 120-150 Salaries: Asset/Investment Management London/ South East Compliance Assistant/ 30-35 North England Analyst 25-30 35-50 Compliance Monitoring 30-40 PSD 40-65 Compliance Advisory 35-50 55-75 Compliance Manager 45-60 Head of Compliance/ 70-100 MLRO 65-85
  10. 10. 08 Salaries: Wealth Management London/ South East 25-35 North England Compliance Assistant 25-30 Compliance 30-55 Monitoring/Advisory 28-36 50-75 Compliance Manager 40-55 70-90 MLRO 65-85 90-120 Head of Compliance 75-110 Salaries: Hedge Funds London/ South East Compliance Assistant 30-35 Compliance Monitoring/Advisory 40-60 Compliance Manager 50-80 MLRO 70-90 Head of Compliance 90-120 PSD
  11. 11. 09 Salaries: Stockbrokers London/ South East 30-40 North England Compliance Assistant 20-30 Compliance 40-65 Monitoring/Advisory 25-40 60-70 Compliance Manager 40-55 65-85 MLRO 60-75 80-110 Head of Compliance 75-100
  12. 12. 1 0 Contact Details We hope that this information has been of benefit to you. Should you require more detailed information or if there is a particular recruitment need with which we can help, please do not hesitate to contact us. Your views are important to us and we would be pleased to receive your feedback on this survey. South Stuart Vines Edward Manson Senior Consultant Consultant 28 Essex Street 28 Essex Street London London WC2R 3AT WC2R 3AT Direct Line: 020 7970 9639 Direct Line: 020 7970 9759 Email: Email: North Richard Abelson Director 2nd Floor, Abbey House 74 Mosley Street Manchester M2 3LW Direct Line: 0161 234 0392 Email: PSD