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03 Sep

Quantitative Recruitment Market Trends – September 2019

As a specialist in quantitative recruitment for financial services, I work across buy-side and sell-side and therefore get good visibility of market movements. Here are my views and what I can see happening in the quantitative market.

Main Trends

Sell-side

In the past few years many banks and consultancies have been offshoring new offices or “centres of excellence” in other European destinations. Cities such as Lisbon, Luxembourg, Warsaw, Krakow, Amsterdam and financial hubs such as Paris and Frankfurt have been very busy in the past two years. This has largely been a cost cutting exercise, but Brexit has also had an impact.

What Brexit has done is potentially increase the number of recruitment opportunities across Europe than originally planned. Most of these European locations now hold the second and third-line operations, with the operations in London being scaled back, but still taking the lead within Quantitative Risk.

Consultancies

With huge uncertainty around the new regulations coming in for a post IR35 era, consultancies have been getting busier, offering their services and ultimately winning more projects. The upcoming IR35 changes have not stopped interim recruitment altogether as most institutions can see past or a way round this, using consultancies has been the easier way to do this.

We have seen recruitment in consultancies remain active and even pick up. Interim consultants are becoming more open to the idea of joining a consultancy, but so have permanent candidates as well. Consultancies are now being able to give candidates the exposure to new interesting projects at many reputable organisations.

Most senior individuals in banks who lead their respective functions will be given a hiring budget and a consultancy budget. There may be hiring freezes and the slowing down in hiring, but the consultancy budget is still available and at times being increased to bring in the expertise needed for particular projects.

Consultancies can give candidates the stakeholder management piece and the experience of liaising with clients, some at a very high level, which is a skill not to be underestimated. A lot of roles within the industry now require the need for this capability and often turn to candidates with consultancy experience as they know this is something they will have.

Summary

I work with a number of leading organisations who are looking for the best quantitative talent across financial services. I am experienced working on opportunities across Europe and the US, and collaborate with my colleagues in our Singapore and Hong Kong offices, who remain active within quantitative recruitment too.

Roles are varied from Counterparty Credit Risk interim opportunities, eFX Quant Development and XVA Model Validation roles at global investment banks, to Quantitative Risk Analysis and Quantitative Research opportunities at leading top tier hedge funds.

There are also multiple consultancy opportunities available such as Credit Risk Modelling with the need to apply machine learning techniques, Derivative Pricing Model Validation and LIBOR transitioning.

For a personal discussion on how I can assist you with your search or just to discuss the market, please do not hesitate to get in touch.

  • Author

    Bradley Handelaar

    Associate, Risk and Quant Practice

    View profile