The Rapid Rise Of ManCo’s in Ireland
Listen in to this episode of the Your Pursuit Of Happiness podcast in which Laura quizzes Paul on the rise of ManCo's in Ireland.
The ManCo space is really busy at the minute.
The main driver behind the ManCo space is Brexit.
Essentially companies need to be able to passport financial services, products or funds into the EU post-Brexit, if Brexit happens.
For Ireland, it's great, it's something different, it's more front office, it's more of the higher value roles coming into the country, coming into financial services which is fantastic. It's a space that's always been there but in the past six months, in particular, it just seems to have really boomed.
We're working with a couple of ManCos just now and have done a good bit of work in that space pre-Christmas and it's an area that's really, really booming.
When they establish first, typically, it's looking for a layer of people around risk and compliance is normally their number one priority.
We’re finding that the majority of companies coming over from the UK are either looking for someone internal, Irish looking to come home, who could take a country lead role or something like that. Or bringing someone over on anywhere from two to five year expat agreement to set up a business and to start things going in Dublin. And then look to hire someone who can either replace expats if and when they go back or can start to build out different functions.
It's having an impact on the market for sure for a number of different reasons.
One, ManCo is attractive now. Ireland has been traditionally been back office in terms of funds. We have a lot of fund administration here. Moving away from that into a more front office environment is something that's always very attractive for people, particularly in the risk and compliance space.
One of the things I'm struck by is pre-recession Ireland was doing really well in terms of moving up the value chain. You had companies in fund services moving added value roles into Dublin, setting up risk services and interesting things like that. That all stopped pre-recession and started once things started to heat back up again. So it was coming but Brexit has really lit a fire under it.
One thing it's demonstrated is our ability as a country to be able to attract talent. So you have obviously there's the very obviously route of Irish ex-pats in the UK, in the US, in Australia, in wherever who'd bite your arm off for an interesting role back here. There's a lot of that happening.
With Brexit, there's a cohort of non-UK, EU nationals in London who don't want to be there anymore, or don't feel as comfortable there anymore, so they want to come over.
As a country, particularly with the change we've seen in the past few years, we're a much easier society to settle into. We're somewhere that people find very comfortable to settle and live.
We have a lot of advantages going for us which is why we're doing very well in the ManCo space (and payments is another big area).
One of the other things we've noticed on the talent attraction piece, is the availability of accommodation or affordable accommodation.
Rents in Ireland are cheaper than London and you can live closer to the city centre for less.
Now is the time to strike.
If you're a ManCo, start thinking about coming to Dublin, just do it. Talent is definitely available.
If you want any information or if you're thinking about making the move into the ManCo industry, get in touch with us at Top Tier Recruitment.
You can contact us at email@example.com or call (01) 564 9602.