Home » Banking and Financial Articles » Hedge Funds in recruitment drive as Investment Banks continue to suffer
Hedge Funds in recruitment drive as Investment Banks continue to suffer
Recruitment pickup in financial services is slow despite the official end of the recession
LONDON, ENGLAND, February 18, 2010 /Banking and Financial PR News/ -- New figures released by Powerchex this month suggest that Hedge Funds and Stockbrokers will attempt to take advantage of volatile markets in 2010 while Investment Banks are still feeling the fallout from the collapse of Lehman Brothers and a lack of confidence in their sector.
During the study which was commissioned by Powerchex, pre-employment screening provider for many of the city's financial services firms, compared employment offer numbers in January 2009 to January 2010 and found that hedge funds and stock brokers increased their recruitment by 109% and 81% respectively. Powerchex also found that Investment Banks are not anticipating a busy year as they are hiring 60% less people compared to last year.
Overall the financial services industry increased employment offers by only 11% and Alexandra Kelly, Director at Powerchex, believes confidence in the city is still shaky. "We have seen signs that the economy is on the up but firms are still being very cautious as many believe any recovery we may have seen is very fragile and could easily be knocked off course", said Kelly.
"Looking at January 2010 compared to January 2009, there has only been an overall increase of 11% in employment offers, and this is despite the fact that the recession has officially ended in the UK and the figures for 2009 reflect the environment only a few months after the collapse of Lehman Brothers."
The figures also revealed that recruitment slowed when comparing January 2010 to December 2009. Investment Managers (24%), Hedge Funds (33%), Stockbrokers (5%) and IT contractors working within financial services (46%) all saw a decline in employment offers. With financial results due in the next month firms are taking a cautious approach as confidence in the economy could be heavily affected depending on the financial success or failure of firms in 2009.
About Powerchex Limited
Powerchex is a pre-employment screening organisation which specialises in catering for the needs of the finance industry. Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions and sets the industry benchmark of 5 days for a background check.
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Press Release Contact Information:
Andrew McIntosh
Powerchex Limited
Operations Manager
70 Wapping Lane
London, London
UK E1W 2RD
Voice: 02077672400
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