Danos Group
04 Apr

With the Prime Minister having submitted the paperwork to enact Article 50 last week, the question on all our clients’ lips is: what does the next two years – and beyond – hold for the industry?

While no-one has the crystal ball that will give the answer to that question, there are some things that we can be confident in:

#1 The media will continue to exaggerate everything

Heard the one about the major financial institution sending thousands of jobs to Frankfurt? In January, we heard that Goldman Sachs was considering relocating up to half of its workforce out of London. Fast forward to last week, and the figure is more like hundreds – and it became clear that the firm is also planning to bulk up its European presence with local hires – not just with London transfers. Growth in Europe doesn’t necessarily equate to a reduction in London.

This is just one example, but as ever, it’s wise to take the reportage with a grain of salt and read beyond the headlines.

#2 Business was evolving before the vote and will continue to do so after we leave

Another thing that’s been glossed over in reporting about businesses decamping from the UK is that many of these plans were in the offing well before the idea of Brexit reached the national stage.

As organisations grow in size and complexity, the way they hire is rapidly evolving – cloud computing and the increasing digitalisation of the industry means that decentralising from London has become a far more viable and efficient option in the last few years. Globally, businesses are looking to create efficiencies by outsourcing and offshoring. The nature of the roles is changing, but there is always demand for top finance talent in the City.

#3 It’s unlikely that the UK will go down the deregulation route

With the credit crunch still a recent memory, it’s highly unlikely that there will be a move towards deregulation following Brexit, as some have suggested – in fact, we might see even more regulations arise from the move.

Far from turning the UK into another island tax haven, parliament is already proposing a bill that would transfer thousands of EU regulations into UK law, with likely many more to follow. This means we’re likely to continue seeing a high demand for talented compliance professionals.

#4 A lot can happen in two years

Since Danos Associates opened its doors in 2004, we have seen seismic changes in the finance industry, from the collapse of Lehman Brothers and the subsequent domino effect across Wall St and the City, to the heightened scrutiny of the Financial Services Act that followed.

It’s safe to say that no-one wants more changes of this kind – and in an industry as valuable as financial services, it’s likely that it will be kept protected from major upset.

#5 Uncertainty = opportunity

When we speak to our clients, one thing is clear – and that’s that nothing is clear. No-one is sure what’s going to happen next; some clients are cautious and risk averse, while others are more optimistic about the possibilities and opportunities. But it’s often out of these challenging circumstances that businesses thrive, and that the talent and ingenuity of their people shine.

We are confident that demand for the best financial services talent to navigate this period of change will be highly competitive.

The bottom line as the clock begins to tick towards April 2019 is that optimistic pragmatism is the order of the day. Whatever happens beyond the UK’s exit from the Union will bring exciting challenges to the financial services industry.

Danos Associates is a boutique financial services recruitment firm, working with blue chip financial institutions to meet their compliance, risk, and legal recruitment needs. To start a conversation about your talent requirements, contact us on info@danosassociates.com or +(0) 20 3542 1605

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03 Apr

Danos Associates has been in the business of providing talent for global financial

services companies since 2004 and is now recognised internationally as a first class source for compliance, risk, and legal recruitment. Over the years we have built up connections with a vast pool of talent from which we can select the ideal candidate for a client’s requirements. We can introduce you to the right person wherever your business happens to be situated in the Americas, EMEA, and APAC.

We know that our clients have stringent requirements and that these can vary considerably as risk functions are constantly changing. We cover every type of risk function including market risk, operational risk, risk data science and transformation, conduct and risk governance, risk innovation and digitalisation, and credit and counterparty risk. We can select from a highly talented and professional pool which displays a combination of many years of experience together with the skills that are much in demand in the financial sector.

All you need to do is to tell us exactly what you require and we will search through both our existing contacts and conduct a contingency search in order to ensure that we cover every possible avenue. Our aim is to find not just the individual with the perfect skills for the position that you need to fill, but one who is capable of adapting to your way of working.

Danos Associates are also at the forefront in the area of compliance recruitment. Since our inception in 2004 we have never yet failed to fulfil our clients’ requirements in compliance recruitment. Compliance is ever-changing and we are proud to be able to lay claim to the fact that we have an extraordinary pool of talent in this sector. We are constantly headhunting and researching the compliance candidate area, and we meet new talent. Typically we aim to produce a comprehensive long list which can be reduced to a short list of perhaps between six to eight individuals who possess all of the skills our client requires.

We also work actively in the legal field and have access to many legal professionals with the experience needed by financial services companies. We acquired Gibson Limburn in 2016 in order to better provide a service to every area of the financial sector including hedge funds, fund managers and investment banking.

17 Jul

UK

Compliance

After recording our biggest ever quarter, the EMEA compliance market shows no signs of slowing down.  We have seen significant increases in demand for top compliance talent across Europe and this quarter we have worked on retained search mandates in Dublin, Frankfurt, Luxembourg, Geneva, Jersey, The Netherlands and Madrid.  The London market remains buoyant with most of the major financial services firms recruiting and we’ve seen a number of firms making significant changes to their senior compliance management teams.   With the MiFID II and GDPR deadlines now past, firms are beginning to look to the next big piece of legislation SMCR and how that is going to affect their businesses.

Risk

We continue to see requirements in model validation with increasing competition for the stronger candidates (experience of pricing and risk models, multiple asset classes and strong stakeholder engagement skills). There are increasing requirements in credit risk across investment banking, corporate and retail and the growth of offshored risk teams continues to rise, especially in European centres (Frankfurt, Dublin, Brussels and also Geneva/Zurich). There is often a preference to fill these roles with London based candidates open to relocating.

Legal

We have continued to see a fairly strong market in buy and sell side institutions in London, defying Brexit (in many cases to staff their Brexit projects) to yield further growth.  The market for lawyers in  FinTech, Hedge Funds and boutiques also continues to develop.

A significant trend this quarter has been toward greater resolve (and now expenditure) on the part of financials to prepare for Brexit.  Growth in Luxembourg, Dublin, Frankfurt and Paris has become a massive strain on existing teams, whose staff members are being used to seed new teams across the jurisdiction and salaries for replacement hiring barely differ from London rates.  A surprise in what were previously mooted as relatively low cost jurisdictions.

The Americas

The second quarter of 2018 has seen a continued surge of hiring activity across the US, albeit across broader fields than the traditional institutional hotspots.  With many bulge bracket firms building out their consumer businesses and pushing further into that space, there is a continued need for consumer compliance expertise both in New York and more broadly across the US.  The buy-side has also seen increased need for compliance support with growth in that space and high levels of movement so far this year.  The FinTech phenomenon continues to provide interesting opportunities for compliance personnel from more ‘traditional’ settings, with much need for talent mostly on the West Coast, but also across the country.

Asia Pacific

Within Compliance the larger international banks are largely focused on replacement hires, which can offer the chance to upgrade positions and reshape teams. Buy Side firms and Regional Banks are looking to continue increasing their headcount across Compliance and Financial Crime in response to continued tightening of Regional Regulations. The alternative fund space has seen new, often more senior, headcount and fairly high turnover as the candidate pool is shallow, whilst more traditional fund managers  are strengthening their China focused teams and those covering investment monitoring and financial crime.

Within the Risk space in Hong Kong and Singapore there is continued replacement hiring in Credit Risk and a shortage of candidates with strong Quant skills. Operational Risk is once again an active area of hiring with many of the positions looking for candidates with a strong line of business knowledge rather than higher level controls oversight.