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market is very competitive . As a firm , we therefore have to create opportunities and demonstrate that we are a place that talented people will want to work ,” she says . In order to remedy this labour imbalance , Chapman says firms need to rethink how they train people internally . “ Pre-2008 , when there was also a supply-demand mismatch in the jobs market , an asset servicer would hire someone who was broadly decent , take them off the market and train them internally . Post-GFC , it became
“ Private capital is one of many industries going through a data and compliance evolution .”
ANNE ANQUILLARE , HEAD OF US FUND SERVICES , CSC
an employers ’ market meaning organisations had the luxury of being very selective with their hiring and were only appointing so-called ‘ perfect candidates ’ who would hit the ground running without any training needed . The market has now switched back . 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 . They also need to think more laterally about where they hire from ,” says Chapman . Others agree . “ It is an ongoing challenge to attract and retain talent , whether it is accounting , legal , technology or data experts at fund administrators . One of the things we are doing is hiring technology and data experts from places that are outside of the traditional financial services centres of London , New York and Luxembourg . For instance , there is a lot of demand for data and technology roles in centres of excellence such as Ireland and Asia , including India and the Philippines ,” says Femy Mouftaou , managing director at IQ EQ Fund Management .
Asset servicers chasing talent As private capital managers increasingly demand access to quality data and technology , asset servicers are having to up their game . Given the scarcity of talent with technology and data expertise in the market today , this will be easier said than done .
36 Global Custodian Fund Services Annual 2022