The funds industry in Ireland has been one of the major success stories of recent decades, currently managing more than €5 trillion in assets for global investors. And yet, although the sector offers a wide range of rewarding careers, most firms point to talent availability as a constraint on growth.
“Over the last 30 years, the industry’s growth has benefited from a highly educated workforce who have been able to transition the industry across multiple regulatory changes and technology developments,” says Fergus McNally, wealth and asset management sector leader at EY Ireland.
“Nevertheless, as the industry continues to evolve, there is significant demand for people at all career stages with expertise in areas including sustainable finance, digitalisation and tokenisation.”
Creating a culture of ongoing development is attractive to talent that is ambitious and eager to grow and advance, says Ken Somerville, head of US Bank Global Fund Services, Ireland.
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“Across the industry I see organisations improving technology, embracing AI and automation to fulfil what have traditionally been more manual tasks, and instead focusing human talent on more complex tasks that cannot be done via automation – especially client service.
“The fund industry is still, at its core, a very relationship-based business. I’d also add that different generations want different things from their workplace, so we’re listening to what attributes are attractive to the incoming workforce – flexibility, career development, work-life balance and a competitive benefits package.”
Businesses need to offer more than just a competitive salary – structured career development, strong ESG credentials, flexibility and opportunities for innovation are now essential to attract the right talent, says McNally.
“We know that flexible working models and clear pathways for progression are highly valued, particularly by younger professionals,” he says.
“Moreover, companies that can offer a compelling purpose – beyond just financial returns – will have a real advantage in attracting and retaining the best people.”
Somerville says that what you could call a shortage “we call an opportunity for both skilled and graduate talent to enter a growing, high-value sector”.
“It’s something of a privilege to be part of the funds industry given its scale, track record of growth and the variety of talent that it requires,” he says. “These skills include investment valuation, investor services, asset safekeeping, regulatory oversight, legal, tax, audit services, compliance, technology and HR, to name a selection.”
The funds sector is supported by a range of initiatives from industry and government bodies including Irish Funds, IDA Ireland, IFS Ireland, the Department of Finance and Enterprise Ireland, with industry oversight by the Central Bank of Ireland, says Somerville.
“Sector support covers all the key areas, from education to economic planning, and from tax and investment advice for companies overseas looking to invest in Ireland to marketing the development and growth of Irish enterprises in world markets.
“This collaboration is vital as these areas all have key interdependencies that facilitate the continued growth and resourcing of the sector.”
Ireland’s universities and third-level institutions now offer specialist degrees and postgraduate programmes focusing on fund administration, sustainable finance, asset management and fintech.
“These programmes are developed in close collaboration with the industry to ensure graduates have practical, work-ready skills – for example, strong understanding of cross-border fund structures, regulatory compliance and digital operations, all of which are critical in today’s market,” says McNally.
Research partnerships are critical, he adds: “Initiatives such as the Funds Sector 2030 initiative, supported by both Government and industry, are helping shape policy and academic focus areas.
“In parallel, the Department of Enterprise’s work on forecasting high-potential skills needs in financial services is helping target investment in training and development.”
This ensures the State continues to have not just a strong workforce but one that is future-proofed in areas such as ESG reporting, asset tokenisation, cybersecurity and new fund technologies.
