uk financial services operations salary guide 2020
TRANSCRIPT
SALARY GUIDEUK
INTRODUCTION FROM DAVID LEITHEAD - UK CHIEF OPERATIONS OFFICER
DAVID LEITHEAD
Chief Operations Officer | UK
Generally, the most prominent theme in the UK’s professional recruitment market throughout 2019 was how Brexit caused uncertainty, with employers reluctant to commit to hiring and job seekers hesitant to make the leap when offers did materialise. The quantity of jobs available and hires completed were both heavily impacted, as reported in the results of all the major PLC recruiters as the year progressed. According to Bank of England research, UK businesses expect more clarity and certainty to return in 2020 and a key question for recruiters is whether demand has become pent up in the system, in which case we could see a spike in hiring and an escalating war for talent in 2020.
As well as Brexit headwinds, another spectre hanging over a major section of the professional workforce in the private sector is the much publicised reform of IR35. This reform aims to transform the enforcement of these 20 year old tax rules that were designed to prevent workers from using Limited Company entities to disguise employment. If the plans are rolled out in April 2020 and not delayed by the new government, it will result in a largely negative transformation of the private sector contracting landscape, with much collateral damage, at least in the short term.
2020 will see the recruitment market further impacted by the use of technology tools and particularly Artificial Intelligence. The development and deployment of these tools continue to accelerate, along with the debate about whether they are good or bad for the industry.
AI is held out to be a game changer in eliminating bias from recruitment, but as well as doubt over how we can trust the machine to get it right, there are ethical and moral dilemmas. And it seems job seekers don’t like it - research in 2019 showed that 86% of job seekers would prefer a human being to review their CV, and 73% feel a highly automated recruitment process worsens their perceptions of an employer. So it will be interesting to see how things play out in the next 12 months and where progress is made.
Technology advances are affecting recruitment in other ways too, as many jobs are changing and the skills sets sought after are adjusting as well. Managing this new breed of employee is something that traditional managers are not always equipped to do, and development around that will be a major theme of organisations’ hiring in the coming year.
Our individual market reports show that the topic of flexibility in the workplace and a greater focus on wellbeing and work life balance are big themes for 2020. Organisations will face real challenges with engagement as more of their employees disappear from the traditional office set up. Employers will also need to be diligent because, in 2019, it became clear that increased levels of flexibility seemed to drive up working hours - an unexpected and generally unwelcome consequence.
Overall many recruitment companies in the UK will be looking forward to 2020 in the hope for a more positive market. There will be challenges but also lots of opportunities!
Salary Guide 2020FINANCIAL SERVICES OPERATIONS
FINANCIAL SERVICES OPERATIONS
OVERVIEW OF FINANCIAL SERVICES OPERATIONS RECRUITMENT
2019 was very much a stop start year for the recruitment of Financial Services Operations professionals. Heavily influenced by Brexit, political uncertainty and changes around IR35, the confidence of contractors and those organisations who hire them was severely affected. As a direct result of the impending changes to IR35 legislation, a larger proportion of roles throughout the year were on Fixed Term Contracts as opposed to day rates which has been the more common choice in previous years - this was employers protecting themselves and getting ready well in advance of the IR35 changes due in April 2020 (unless the new government delays them for a year). Further to this, and due to a combination of concerns around Brexit and IR35, there was a noticeably greater number of Operations professionals who were eager to secure permanent roles. This, and all of the above, culminated in the volumes of both vacancies and professionals looking for new roles being lower than 2018.
Throughout the year, recruitment processes were slower than they’ve ever been. Hiring organisations were seemingly hesitant to commit to decisions around new recruits - most probably due to the constantly changing political landscape, in addition to the lack of active and suitable jobseekers.
Top 3 Financial Services Operations roles
• Operations Analyst (Asset Management)• Client Services Manager• Client / Performance Reporting
Prominent benefits across Financial Services Operations
Firms are becoming increasingly open to offering their employees flexible hours which allow them to accommodate for their personal lives. This is particularly important if firms want to try and attract junior level job seekers, as the younger generations value a healthier work-life balance more than previous age groups.
This reflects the sentiments from across financialservices as a whole, where a level of flexible workingor the opportunity to work from home are now being made available by employers as the fight for top talent continues. This increased access to flexible workingis being empowered by the availability of the latest technology, tools and platforms, making it easier for each individual employee to work remotely.
Beyond flexible working patterns, firms that provide cross product and cross team training to Financial Services Operations professionals display a clear dedication to their employees’ career development. Giving this greater breadth of experience to employees can be a useful tool for both the attraction and retention of Operations professionals.
Predictions for 2020
By no means were firms recruiting prolifically in 2019, but this said, whilst many areas have been restrictedby Brexit unpredictability, it has created a number of opportunities for Operations professionals. This has come from many professionals being seconded onto specific Brexit projects, resulting in the need to backfill headcount in their BAU roles throughout 2019. Whether this will continue for the entirety of 2020 remains to be seen.
The general school of thought is that the recruitment market won’t really pick up again until banks and Asset Managers know exactly where they stand following whatever happens with Brexit. If and when there is an agreement, there could be a large spike in Financial Services Operations hiring activity as businesses look to secure much needed resources to accommodate for any changes.
The aforementioned changes to IR35 may well negatively impact the number of day rate contract roles released to the market in the first half of the year ifthey go ahead in April. We expect that the temporary side of the market will gather momentum as employers become used to the new regulations and processes gradually become the norm.
ASSET MANAGEMENT & PRIVATE BANKING | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
Our 2020 Financial Services Operations Salary Guide introduces hiring trends and remuneration forOperations professionals in London.
PERMANENT
Asset Management & Private Banking (£ Per Annum)
Job Title Low Average High
Asset Servicing £35,000 £50,000 £65,000
Cash Management £35,000 £50,000 £65,000
Client Onboarding £35,000 £50,000 £65,000
Client Reporting £35,000 £50,000 £70,000
Client Services £35,000 £55,000 £75,000
Collateral Management £40,000 £55,000 £75,000
Data Analyst £35,000 £45,000 £50,000
Fund Accounting £45,000 £55,000 £70,000
Fund Administration £40,000 £50,000 £65,000
Head of Operations/COO £70,000 £100,000 £140,000
Loans £40,000 £50,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Performance Analyst £45,000 £60,000 £75,000
Portfolio Analyst £45,000 £60,000 £75,000
Private Banking Assistant £45,000 £60,000 £75,000
Product Development £50,000 £65,000 £80,000
Reconciliations £35,000 £45,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £45,000 £65,000 £80,000
Settlements £35,000 £45,000 £55,000
FINANCIAL SERVICES OPERATIONS
ASSET MANAGEMENT & PRIVATE BANKING | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
2020 FINANCIAL SERVICES OPERATIONS SALARY GUIDE
Our 2020 Financial Services Operations Salary Guide introduces hiring trends and remuneration forOperations professionals in London.
PERMANENT
Asset Management & Private Banking (£ Per Annum)
Job Title Low Average High
Asset Servicing £35,000 £50,000 £65,000
Cash Management £35,000 £50,000 £65,000
Client Onboarding £35,000 £50,000 £65,000
Client Reporting £35,000 £50,000 £70,000
Client Services £35,000 £55,000 £75,000
Collateral Management £40,000 £55,000 £75,000
Data Analyst £35,000 £45,000 £50,000
Fund Accounting £45,000 £55,000 £70,000
Fund Administration £40,000 £50,000 £65,000
Head of Operations/COO £70,000 £100,000 £140,000
Loans £40,000 £50,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Performance Analyst £45,000 £60,000 £75,000
Portfolio Analyst £45,000 £60,000 £75,000
Private Banking Assistant £45,000 £60,000 £75,000
Product Development £50,000 £65,000 £80,000
Reconciliations £35,000 £45,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £45,000 £65,000 £80,000
Settlements £35,000 £45,000 £55,000
FINANCIAL SERVICES OPERATIONS
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
INVESTMENT BANKING & BROKERAGE HOUSES | PERMANENT (Annual salary)
INVESTMENT BANKING & BROKERAGE HOUSES | PERMANENT (Annual salary)
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Asset Servicing £200 £240 £280
Cash Management £200 £240 £280
Client Onboarding £220 £260 £300
Client Reporting £220 £250 £280
Client Services £180 £240 £280
Collateral Management £200 £250 £270
Data Analyst £150 £220 £250
Fund Accounting £200 £250 £300
Fund Administration £180 £230 £270
Head of Operations/COO £600 £700 £800
Loans £160 £220 £250
Operations Business Manager £200 £250 £300
Performance Analyst £200 £300 £350
Portfolio Analyst £220 £250 £280
Private Banking Assistant £160 £240 £280
Product Development £600 £700 £1,000
Reconciliations £200 £220 £250
Regulatory Reporting £250 £300 £400
Relationship Manager £230 £260 £300
Settlements £180 £220 £250
Shareholder Services / Transfer Agency Administrator £180 £220 £250
Trade Support £200 £250 £300
Transitions £180 £260 £300
Investment Banking & Brokerage Houses (£ Per Day)
Job Title Low Average High
Asset Servicing £200 £250 £280
ASSET MANAGEMENT & PRIVATE BANKING | CONTRACT (£ Per Day)
FINANCIAL SERVICES OPERATIONS
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Asset Servicing £200 £240 £280
Cash Management £200 £240 £280
Client Onboarding £220 £260 £300
Client Reporting £220 £250 £280
Client Services £180 £240 £280
Collateral Management £200 £250 £270
Data Analyst £150 £220 £250
Fund Accounting £200 £250 £300
Fund Administration £180 £230 £270
Head of Operations/COO £600 £700 £800
Loans £160 £220 £250
Operations Business Manager £200 £250 £300
Performance Analyst £200 £300 £350
Portfolio Analyst £220 £250 £280
Private Banking Assistant £160 £240 £280
Product Development £600 £700 £1,000
Reconciliations £200 £220 £250
Regulatory Reporting £250 £300 £400
Relationship Manager £230 £260 £300
Settlements £180 £220 £250
Shareholder Services / Transfer Agency Administrator £180 £220 £250
Trade Support £200 £250 £300
Transitions £180 £260 £300
Investment Banking & Brokerage Houses (£ Per Day)
Job Title Low Average High
Asset Servicing £200 £250 £280
ASSET MANAGEMENT & PRIVATE BANKING | CONTRACT (£ Per Day)
FINANCIAL SERVICES OPERATIONS
© Morgan McKinley 2020
Job Title Low Average High
Shareholder Services / Transfer Agency Administrator £30,000 £40,000 £50,000
Trade Support £40,000 £50,000 £70,000
Transitions £30,000 £40,000 £50,000
Investment Banking & Brokerage Houses (£ Per Annum)
Job Title Low Average High
Asset Servicing £40,000 £50,000 £65,000
Cash Management £40,000 £50,000 £65,000
Client Onboarding £40,000 £50,000 £65,000
Client Services £45,000 £60,000 £75,000
Collateral Management £45,000 £55,000 £70,000
Data Analyst £35,000 £45,000 £55,000
Head of Operations/COO £100,000 £140,000 £180,000
Loans £45,000 £55,000 £70,000
Operations Business Manager £50,000 £70,000 £80,000
Product Development £50,000 £65,000 £80,000
Reconciliations £40,000 £50,000 £60,000
Regulatory Reporting £40,000 £55,000 £70,000
Relationship Manager £50,000 £65,000 £80,000
Sales Support £45,000 £60,000 £80,000
Settlements £40,000 £50,000 £65,000
Trade Finance £40,000 £55,000 £70,000
Trade Support £45,000 £60,000 £80,000
CONTRACT
Asset Management & Private Banking (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Asset Servicing £200 £240 £280
Cash Management £200 £240 £280
Client Onboarding £220 £260 £300
Client Reporting £220 £250 £280
Client Services £180 £240 £280
Collateral Management £200 £250 £270
Data Analyst £150 £220 £250
Fund Accounting £200 £250 £300
Fund Administration £180 £230 £270
Head of Operations/COO £600 £700 £800
Loans £160 £220 £250
Operations Business Manager £200 £250 £300
Performance Analyst £200 £300 £350
Portfolio Analyst £220 £250 £280
Private Banking Assistant £160 £240 £280
Product Development £600 £700 £1,000
Reconciliations £200 £220 £250
Regulatory Reporting £250 £300 £400
Relationship Manager £230 £260 £300
Settlements £180 £220 £250
Shareholder Services / Transfer Agency Administrator £180 £220 £250
Trade Support £200 £250 £300
Transitions £180 £260 £300
Investment Banking & Brokerage Houses (£ Per Day)
Job Title Low Average High
Asset Servicing £200 £250 £280
INVESTMENT BANKING & BROKERAGE HOUSES | CONTRACT (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Cash Management £200 £250 £280
Client Onboarding £200 £250 £350
Client Services £200 £250 £300
Collateral Management £220 £260 £300
Data Analyst £180 £250 £300
Head of Operations/COO £600 £700 £800
Loans £180 £250 £280
Operations Business Manager £250 £350 £400
Product Development £500 £700 £1,000
Reconciliations £180 £230 £280
Regulatory Reporting £200 £300 £400
Relationship Manager £300 £350 £400
Sales Support £200 £250 £300
Settlements £180 £230 £280
Trade Finance £180 £200 £250
Trade Support £200 £250 £300
Overview of Financial Services Operations recruitment
2019 was very much a stop start year for the recruitment of Financial Services Operations professionals.Heavily influenced by Brexit, political uncertainty and changes around IR35, the confidence of contractorsand those organisations who hire them was severely affected. As a direct result of the impending changesto IR35 legislation, a larger proportion of roles throughout the year were on Fixed Term Contracts asopposed to day rates which has been the more common choice in previous years - this was employersprotecting themselves and getting ready well in advance of the IR35 changes due in April 2020 (unless thenew government delays them for a year). Further to this, and due to a combination of concerns aroundBrexit and IR35, there was a noticeably greater number of Operations professionals who were eager tosecure permanent roles. This, and all of the above, culminated in the volumes of both vacancies andprofessionals looking for new roles being lower than 2018.
Throughout the year, recruitment processes were slower than they’ve ever been. Hiring organisationswere seemingly hesitant to commit to decisions around new recruits - most probably due to the constantlychanging political landscape, in addition to the lack of active and suitable jobseekers.
Top 3 Financial Services Operations roles
FINANCIAL SERVICES OPERATIONS
OUR LOCATIONS
LONDON | 61 Aldwych, London WC2B 4AE
T: +44 20 7092 0000 | E: [email protected]
BRISTOL | 4th Floor, Spectrum Building, Bond Street, Bristol BS1 3LG
T: +44 117 944 0600 | E: [email protected]
SUSSEX | 4 Peveril Court, 6-8 London Road, West Sussex RH10 8JE
T: +44 1293 523 400 | E: [email protected]
SURREY | 1 Milkhouse Gate, Guildford, Surrey GU1 3EZ
T: +44 1483 453 555 | E: [email protected]
THAMES VALLEY | Vandervell House, Vanwall Business Park
Maidenhead, Berkshire SL6 4UB
T: +44 1753 201 460 | E: [email protected]
