Big growth in small jobs
According to a Bank of Scotland report released last month, business and financial services employment accounted for 65% of the net increase in Scottish jobs over the past five years.
Fidelity is among those hiring – the fund management group recently poached David Urch from Scottish Widows to lead institutional UK equity portfolio management activities and build a team of UK equity portfolio managers at its new Edinburgh office.
However, most of the new Scottish jobs are located further down the value chain – in fund administration or clearing and settlements. David Bond, a director of Edinburghbased Cairns Bond, says growth in frontoffice fund management and executive roles has been limited by comparison. It is very much a backoffice trend.
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Nevertheless, Scotland’s need for skilled financial services personnel is definitely on the up – with technology a key area of growth. JPMorgan and Morgan Stanley have been adding staff in technology and settlements respectively and say they are increasingly reliant on Scotland for the development and support of sophisticated banking applications and technology systems.
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As a result, Scots recruiters are looking south to fill the skills gap. Graham Burns, of recruitment firm Robert Walters, says Scottish jobs are increasingly filled with London hires.
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