[ I N D E P T H | P R I V A T E M A R K E T S ]
The issue , however , is that there is only a limited number of people in the jobs market with the right expertise and qualifications in technology and data to fill these vacancies at asset servicers , a point made by Paul Chapman , founder at HornbyChapman , a specialist recruitment firm focused on post-trade . “ There are a lot of asset servicing firms chasing too few people for roles in this area . Often , the same individuals are receiving two or three job offers ,” he notes . According to some , this acute labour shortage plaguing asset servicers is a by-product of the so-called ‘ Great Resignation ’ along with growing competition from technology giants for digital talent .
“ Given the fact that good candidates are more difficult to source , asset servicers need to go back to what their thinking was like pre-2008 and hire people who might not be finished articles , but who - through solid training - will become so .”
PAUL CHAPMAN , FOUNDER , HORNBYCHAPMAN want the ability to access this data set on demand and typically will require integration of that data back into their in-house architecture .”
Is the talent there ? As the demand for data tools multiplies , asset servicers are having to hire more talent – principally individuals with extensive expertise in digital and data . “ Private capital is one of many industries going through a data and compliance evolution . This is a common transition point as an industry matures . The challenge arises as we are going through this evolution at a time when demand for technology and data expertise is so high , while at the same time , the labour markets themselves are transforming . We have been fortunate in adding staff significantly since the beginning of the year to support our continued growth ,” says Anne Anquillare , head of US fund services at CSC Global Financial Markets .
Often , the latter will offer new hires generous remuneration packages and flexible working arrangements , at least when benchmarked against asset servicers . Although Chapman concedes there are labour shortages in asset servicing technology roles , he does not believe that big-tech is wholly to blame . “ The Great Resignation is more like The Great Reshuffle , as people move into different roles within the same industry . The pace at which people are moving is certainly increasing and this is resulting in the talent pool shrinking ,” he says . “ Similarly , there are very few senior technology experts within asset servicing who have jumped ship to big tech ,” he adds . This is echoed by Jill Calton , executive director , alternative investments at UMB Fund Services , who says that most of the competition for data and technology talent is coming from other asset servicers as well as investment managers . “ The
Fund Services Annual 2022 globalcustodian . com 35