Market Updates
Actuarial Market Update - Investment Consulting
October 2009
Below is an update on the current Actuarial recruitment market covering investment consulting and related roles in asset management or banking.
Market Overview
Since our last update in July the Investment Consultancy market has continued to hold firm. We have seen clients recruiting at a variety of levels across the country with roles in Leeds, Bristol, Birmingham, Surrey and London. Whilst companies are still looking for specific people at specific levels there does seem to be fluidity in the market and to a greater extent demand for strong candidates is outstripping supply.
Outside of consulting we have seen a marked pick up in roles in Asset Management and Banks for actuaries or investment consultants. As the financial markets have recovered opportunities in these companies have picked up and we are aware that a number of people have recruited successfully from the consultancies and that there are a number of banks and asset managers still currently looking or giving us an indication that they are likely to recruit in the not too distant future.
If you are thinking about making a move now or in the next 12 months and would like to have an informal conversation to discuss your options in more detail, please do not hesitate to contact me on the details below. Alternatively please email me an up to date copy of your CV, and I will contact you at a convenient time.
Below are some examples of the type of opportunities available in the market at the moment, depending on your level of experience and area of interest. Please click on the link that best describes your level. Please note this is only a sample of the vacancies available, if you would like to discuss a specific location or level that is not covered below, please give me a call.
- Investment Analysts - Consulting (1 - 4 years experience)
- Investment Consultants (4 - 8 years experience)
- Senior Investment Consultants (8+ years experience)
- Banking and Asset Management (All levels)
Please note that I recruit for locations all across the UK, including London, Reading, Bristol, Birmingham, Manchester, Leeds, Glasgow and Edinburgh and I am also doing an increasing amount of work in Ireland.
I am very interested to hear your thoughts and comments on this quarterly market update, and what you would like to see covered in future editions. If you would like to give feedback, please email me with your comments.
Matt Bullock
t: +44 (0)20 7324 0505
e: mbullock@goodmanmasson.com
Investment Analysts - Consulting (approx 1 - 4 years experience)
Client Services Associate
£30 - 35K plus Bonus and Benefits
London
My client is a niche investment consultancy that is rapidly growing and it's this growth that has led to the need to expand its team. You will be involved in supporting client managers to ensure day to day management of client portfolios and will act as a first point of contact for ad-hoc queries. You will also be exposed to a wide variety of investment topics and will train to become a client manager in future. This opportunity would suit either an existing investment analyst or a pensions consultant looking to switch to investments. Ideally you will have a minimum of 6 months experience, although a strong graduate with an internship may also be considered. This is a fantastic opportunity to get significant client contact at an early stage and also to fast track your career.
Investment Analyst - Structured Products
£30 - 40K plus Bonus and Benefits
Surrey
My client’s investment consulting practice is one of the largest in the world, its significant reach and depth of knowledge sets it apart from its competitors. It is now looking for a couple of Analysts to join its structured products team. The main purpose of the role is to help with, as necessary, the designing, modelling, structuring, presenting, arranging, implementing and monitoring of derivative-based investment strategy solutions for (mainly) UK-domiciled pension schemes. This can be in both a pure-matching capacity as well as a tailored, more efficient deployment of the growth (i.e. risk-taking, return-seeking) portfolio. The successful candidate is likely to have some liability knowledge, likely obtained through pursuit/achievement of CFA, Actuarial or Financial Engineering qualifications and some knowledge of traditional asset classes. Ideally you will also have some knowledge of derivative based products and be an excellent communicator with drive and ambition.
Investment Analyst
£30 - 40K plus Bonus and Benefits
London
This top tier consultancy is looking to hire an investment analyst. The work will involve supporting consultants who provide investment advice to a broad range of large institutional clients. This work involves advice on risk budgeting, asset allocation strategy, investment manager structure, manager selection and manager monitoring. The ideal candidate will have some experience of investments already in their career and will be progressing with either the actuarial or CFA exams.
Investment Consultants (approx 4 - 8 years experience)
Nearly/Newly/Recently Qualified Investment Consultant
£Top quartile plus Car, Bonus and benefits
Surrey
My client’s investment consulting practice is one of the largest in the world, its significant reach and depth of knowledge sets it apart from its competitors. It is now looking to hire a couple of consultants at the newly/recently qualified level.
The key focus of the role is to provide advice to a broad client base on a range of services which include: setting of investment objectives, strategic asset allocation, liability hedging, manager selection and monitoring and transition advice.
This role sits in one of its client facing teams so the successful candidate will enjoy client contact and be a very strong communicator and presenter able to influence at all levels up to board level.
Ideally you will have prior investment consulting experience but candidates from an investment management, or in-house investment role would also be considered. You will also ideally be a recently qualified Actuary or CFA.
Investment Consultant
Up to £75K plus Car, Bonus and Benefits
Central London, Liverpool or Leeds
My client is a leading global provider of investment consulting services. It offers customised advice at every stage of the investment decision and has developed a number of specialist teams thereby ensuring it offers a full range of services to its clients.
It is now looking to recruit consultants in its London, Leeds and Liverpool offices. The job holder will work as part of a team, using their understanding, knowledge and experience to reach sound judgements and develop client focussed solutions. The role can also be developed to include specialist interests, such as producing intellectual capital or team management responsibilities.
Key duties will include attending and actively participating in client meetings, presenting reports and solutions, providing insight into manager developments and driving investment issues. You will also assist clients with the development of appropriate investment strategy, structure and selection arrangements and oversee any changes to the investment manager arrangements. You would be expected to contribute to new business proposals and seek to extend the range of services provided to clients.
The ideal candidates will be nearly/newly/recently qualified actuaries or CFA’s with strong investment knowledge across all asset classes and types of advice. You will need to be a strong communicator and someone who makes things happen.
Senior Investment Consultants (approx 8+ years experience)
Senior ALM Consultant
£100K plus Bonus
Central London
My client set up its investment practice in 1970 and has been providing advice to pension schemes since then. Investment consultancy is a core service; it is one of the most rapidly growing segments of the consulting business and represents a sizeable proportion of revenue.
The investment practice provides a full advisory and implementation service for its clients. It advises on all aspects of investment including forming investment objectives, medium and long term asset allocation, asset liability modelling, portfolio structures (including mainstream and alternative assets), manager selections, monitoring, governance, training and compliance.
A new role has now come up in the Asset Liability Modelling team for a Senior Consultant to help model UK Defined benefit pension liabilities and the associated risks and to provide this information across the business and externally to clients.
The ideal candidate will either be an experienced investment consultant or will have ALM experience from a Bank or Asset Manager. You will need to have knowledge and experience of UK Defined Benefit pension schemes and an aptitude and interest in consulting. In return the client offers a competitive salary and bonus package and excellent prospects for further career development.
Banking and Asset Management (All Levels)
Insurance and Pension Advisory - Investment Bank
£40 - 120K plus Bonus and Benefits
Central London
My client is a respected and well known investment bank. It is looking to expand its Insurance and Pensions Advisory team who provide strategic solutions that comply with the best accounting, regulatory and risk management practices. Its advice covers LDI Strategies, Derivative overlays, Risk Management and Risk Budgeting. It has a core of strategic clients with contacts at the highest level where it advises on Insurance and Pensions solutions. The ideal candidate will be an experienced Investment or Insurance Actuary with significant knowledge of the solutions that a bank can offer its clients or will already be in the banking industry with experience of this area. Knowledge of derivatives, risk hedging, ALM, strategic asset allocation and LDI strategies would be highly sought after. Opportunities exist at various levels as they look to build out the team and expand in this area.
Senior Pensions Structurer - Investment Bank
£100 - 120K plus Bonus and Benefits
Central London
This successful financial institution is looking to hire a senior investment consultant into its structuring team. You will actively market the bank's pension solution capabilities to UK pension funds and investment consultants and be responsible for working with investment consultants to gain acceptance for ideas where appropriate. You will also be responsible for analysing and modelling pension data from UK pension schemes. The ideal candidate will be either a qualified actuary or CFA with post qualification experience gained in either investment consulting or a similar team in another bank or asset manager. This is an established team offering real growth opportunities.
LDI Manager - Asset Management
£80 - 120K plus Car, Bonus and Benefits
Central London
My client is a respected and well known asset manager whose LDI team has been experiencing growth.
This role is part of the solutions group and will have a strong client focus. The team is responsible for marketing risk solutions to pension funds and the consultancies which will include not only interest and inflation swaps but also LDI solutions as well as some equity and credit derivative solutions. The successful candidate will also be responsible for helping with new product development and devising new risk management strategies.
The ideal candidate will be an experienced senior consultant who understands derivatives, ALM and LDI. Ideally you will have some experience within an investment consulting environment but candidates who have asset management or banking experience will also be strongly considered.
ALM Actuary - Investment Bank
£70 - 90K plus Bonus and Benefits
Central London
The Asset Liability Management (ALM) team at this investment bank is a quantitative group based in Fixed Income (FID). It advises a broad range of clients – including insurance companies, banks and corporates – on the impact of risk on a firm’s income statement, balance sheet, and capital; structuring optimal benchmarks for asset allocation and liability management; analysing and recommending efficient capital structure; assessing the impact of regulatory and accounting changes on asset and capital allocation and pricing decisions, etc.
The team is at the centre its efforts to offer complex customised analysis and advice to premier clients. In addition to being a client-facing group the ALM team works closely with many coverage and product teams within Global Capital Markets, Fixed Income, Equity and Investment Banking.
It is looking for a qualified actuary to join the team in an associate role. The associate role touches all parts of their business.
Ker responsibilities will include:
- Building top down liability models, particularly in the pensions and life insurance fields, with a focus on liability linkage to capital markets variables.
- Evaluation of the likely impact on profits and capital development of changes to investment strategy including the use of derivative overlays and alternative assets.
- Working with the actuarial function at pan-european clients to model liability development in terms of both emerging cashflows and mark to market behaviour.
- Developing enhancing liability and capital models including current regulatory capital vs solvency II, rating agency vs IFRS vs economic capital.
The ideal candidate will be a qualified actuary with knowledge of investment strategy, derivatives understanding and fixed income mathematics. You must be able to communicate effectively, both orally and in writing and have advanced Excel ability and programming skills (C++, Turbo-Pascal, etc).
