Investment Banking &
Salary Survey 2009
01 PSD: An Overview
02 Compliance Overview
03 Industry Comment: Investment Banking
04 Industry Comment: Asset/Investment
05 Market Activity: Investment Banking
06 Market Activity: Asset/Investment
07 Salaries: Investment Banks
Salaries: Asset/Investment Banks
08 Salaries: Wealth Management
Salaries: Hedge Funds
09 Salaries: Stockbrokers
10 Contact Details
PSD: An Overview
PSD is an international recruitment services organisation. The Group is listed on the London Stock
Exchange and operates internationally.
Recruiting at all management levels across support functions up to Board level, we deliver innovative
recruitment solutions for the world’s leading organisations.
Our strength lies in our dedicated approach to and expert knowledge of our specialist sectors and
functional disciplines. Each specialist division of PSD is well established as a market leader within its
specific field of recruitment.
Functional Disciplines Global Vision FTSE4GOOD
Compliance Our international experience PSD is a member of
Risk allows us to handle assignments FTSE4Good and is listed as an
Audit across the globe with particular All-Shared Index Constituent.
Legal focus upon Europe and Asia Corporate Social Responsibility
Pensions & Investment Pacific. (CSR) Standards are becoming
Finance increasingly more prominent in a
Purchasing and Supply Chain Our People client's selection of a supplier.
Customer Contact Standing out in the recruitment
Marketing & Sales The CSR standard incorporates
market is never easy, most company policies, management
Property/Facilities Management consultancies tend to offer
Human Resources and reporting on environmental,
similar services. However, at social issues and stakeholder
IT & Technology PSD we have a key point of
Operations relations criteria. This includes
difference - the quality of our areas such as diversity, equal
Recruitment Services people. opportunities, health and safety,
It is the skills and knowledge of training and development and
Our reputation has been built employee relations.
upon our ability to deliver highly our consultants and support
effective recruitment solutions to staff that provide clients and
our client companies. Each candidates with exceptional
recruitment consultant is fully service. All staff successfully
trained in file search, advertised work within a values based
selection, executive search and organisation.
contracting, ensuring that we Commitment to Quality
are in the strongest position to
recommend solutions which are PSD is committed to the training
appropriate to the individual and development of our people
needs of our clients. and to the continuing
improvement in the quality of our
The skills and experience of our services. We continue to adhere
consultants and the resources to the Investors in People
and capability of the Group standard and ISO 9001:2000
enable us to handle a wide
variety of recruitment
requirements, from single key
appointments to large scale
recruitment projects, in both
international corporations and
small private businesses.
Preparation of the Survey PSD in Compliance Our Strengths
This survey is designed to give Having been established since - Professional experienced
companies guidance when 1991, PSD have been specialising Consultants.
considering remuneration for their in compliance recruitment from - Strong market presence.
compliance staff, and also to give the very beginning. We have seen
- Specialisation within the
employees an insight into their the changes in industry brought
investment banking &
market value, based on their about by an increase in regulation
experience. from the introduction of the fund/asset management
Financial Services Market Act in compliance market.
The information has been collated 2000, to the more recent - In depth understanding of
from a questionnaire sent out introduction of TCF and MiFID, clients’ needs.
earlier this year to over 2000 and the on going move towards - Agreed timescales for delivery.
compliance professionals who are principles-based regulation.
registered with PSD or with the - Over 50% of candidates
specialist compliance websites. The Team referred.
- Up to 70% of positions handled
This survey focuses on Investment We have a team of 8 consultants exclusively.
Banking and Asset/Fund who specialise solely in
- Repeat business on over 70%
Management Compliance and will compliance with a national
of our accounts.
include: Hedge Funds, Stock coverage of retail and investment
brokers, Private Wealth and banking, fund/asset management, - Contingency or retained basis.
Private Equity organisations. insurance and other regulated - Handle permanent contract or
industries. interim assignments.
A survey that focuses on Retail
Financial Services Compliance is Who We Recruit For
available, to obtain a copy please
email email@example.com We have a strong track record
recruiting at all levels from junior
We would like to thank everyone Compliance Analysts up to
who has contributed towards this
Directors and Global Heads of
survey by providing valuable
Compliance. We are a preferred
supplier to the majority of the
If you have a specific salary major players and SME’s in the
question please do contact us. Financial Services sector, and
We would be delighted to provide have built our reputation on
you with more detailed information excellent customer service tailored
relating to your sector and level. to clients’ and candidates’ needs.
Investment Banking At PSD, we are fortunate
enough to have a healthy client
For the purpose of the survey, base, and an even better
Investment Banking refers to sell- candidate database. With all of
side organisations in London, who the turmoil going on in the
are involved in Corporate Finance, Financial Services markets of
M&A, Sales and Trading and late, if there's a place to be
Private Equity. within the Financial Services
world then Compliance has to
One of the major effects of the be one of the more sustainable
credit-crunch on the recruitment markets. We are hopeful that
industry has been the switch from 2009 will be a fruitful year for us,
a healthy number of job as new rules and regulations are
opportunities and very few undoubtedly about to be
available candidates, to a market released by the FSA which in
where there are now a turn will have a positive effect on
considerably larger amount of the regulated sectors.
candidates available for every job
vacancy. This in turn has created Bonus & Benefits
a buyers market where employers
are able to pick and choose at 2008 bonuses for the majority of
sell-side organisations have
their own pace, and be very
been dramatically reduced,
specific about the skill sets and
although surprisingly a number
attributes of the person they hire. of front office workers have still
With the majority of unemployed received a fair bonus for their
candidates in the market being efforts during 2008.
open to considering reductions in Middle and back-office functions
their earnings, means that there seem to have been affected the
are some highly qualified most, with a large proportion
individuals looking for work. As a receiving little or no bonus for
result clients can take advantage 2008.
of this and hire at a reduced rate.
In most instances clients have There are some Investment
been wary of this, appreciating the Banks which have honoured
fact that when the market 2008 bonuses, but as a whole
the bonus being paid in 2009 is
improves those who have
a shadow of what was
accepted lower salaries will either
insist on an increase or leave for
more salary aligned positions. Historically people have been
motivated via basic salary and
For positions which call for a more potential bonus, either
targeted approach i.e. discretionary or guaranteed, but
Headhunting has become a as the market has tightened and
tougher task than ever, as many the level of salaries stabilised
people have witnessed friends this has led to benefits
and colleagues being made becoming increasingly more
redundant and feel thankful to still important to anyone
be in employment. contemplating an offer.
Asset/Investment continue to feel the force of the Although benefits have remained
Management regulators which has in turn at a similar level throughout 2008,
required Compliance to remain a bonuses during this time for many
For the purpose of this survey critical area. There is therefore an buy-side organisations have been
Asset/Investment Management additional need to have the impacted substantially as a result
refers to buy side organisations in highest calibre Compliance of the economic downturn. In the
London and the North of England professionals on board. same way employers have frozen
involved in institutional or private salaries or even cut pay this year
client investment via assets or Whilst Hedge Funds have seen a to cope with the recession.
funds. This includes Hedge decrease in numbers over the last
Funds, Stockbrokers and Wealth 12 months, it has been the The problem is that employees
Managers. Stockbrokers and Wealth believe the grass is greener
Management businesses which elsewhere and have therefore
Businesses in the Asset/ are maintaining the most amount started to consider other
Investment Management sectors of stability in the market. opportunities within the buy-side
were looking set for another market - the truth is that other
exceptional year of growth during Specifically within Wealth companies are experiencing very
2008, however by the end of the Management, Private Investors much the same financial problems
year it was evident that these continue to become more and there are in fact few
sectors were more likely to shrink sophisticated through offering organisations who are in the
and be consolidated. Similar to innovative and more comfortable position of handing
the Investment Banking market comprehensive solutions in order out competitive bonuses.
the credit crunch has had a to compete in the market. As a
result we have seen an increase in In respect of Compliance
profound impact on most
bringing the best Compliance professionals, given the lack of
businesses across this field.
specialists on board to oversee increase on basic salaries and the
The economic situation will always the new variety of products being small amounts in the bonus pot,
dictate the need for recruitment used. benefits are having more of a
activity within any organisation, profound impact on those
however, whilst both these sectors Again similar to the Investment considering suitable opportunities.
have undoubtedly suffered Banking world, Treating Without the guaranteed or
considerably over the last 12 Customers Fairly (TCF) and Anti- discretionary bonus over the last
Money Laundering (AML) have 12 months, pension contributions
months, there still remains a
had the most amount of focus and other benefits such as
continuous flow of recruitment.
during 2008 and will no doubt healthcare, holiday allowance are
From a compliance perspective continue to play a big part with becoming more critical in the
the Investment Management and Wealth Managers throughout decision making process.
Real Estate sectors have been 2009.
increasingly shaped by a wave of
new regulations in areas ranging Bonus & Benefits
from governance to financial
reporting and continues to do so Bonus and benefits are often seen
moving into 2009. as a crucial element for
candidates considering positions
Although redundancies have in the Banking sector, in particular
gradually found their way into the at the Senior end and 2008 was
Compliance field, businesses certainly no different.
Investment Banking With the volume of deals being The MLRO, otherwise known as
reduced there have been less CF11 has also been quiet on the
Compliance Officer recruitment activity for compliance recruitment activity front.
(AML/Monitoring) advisory positions than previously
experienced in a healthy market. Financial Crime still remains a key
Monitoring is the most active area part of any financial services
of Compliance this year for PSD, However, PSD has experienced
an increase in demand for organisation and being such a
with KYC and AML still being a critical position requires specialist
key part of compliance and Equities and Fixed Income
knowledge and expertise. Again
remains a manageable cost in specialists.
in some cases we have seen the
terms of salary. Money Laundering Reporting
Compliance Manager/Head of Officer merge into the Head of
Although the majority of PSD's Compliance/MLRO (CF10/11)
sell-side clients have not actively Compliance position.
been developing this side of their The level of breadth and
business, there have been a responsibility for this position
number of positions which have varies between one Investment
become available for both Bank to another, and typically
permanent and contracting depends on a number of factors
monitoring staff in 2009. This area such as size and structure of the
in particular tends to have a large organisation in question.
amount of contractors to assist
on specific projects or complete There have been fewer Heads of
short term assignments. Compliance and MLRO positions
on the sell-side for the beginning
of 2009. A large number of
organisations have opted to move
This is a senior post within any the Head of Compliance post,
sell-side organisation and one otherwise referred to as the
which is typically taken on after CF10, to the group or
spending several years within the organisations’ Financial Director in
compliance field. order to reduce costs.
This position requires the Candidates have also been
individual to have a good reluctant to move due to job
understanding of the FSA rules security, although we expect this
and regulations, in which they are to improve towards the end of
tasked with advising the desk on 2009 as more confidence is
whether a trade can be legally restored to the financial services
Asset/Investment Whilst this role will entail elements The position will normally
Management of core compliance, the majority encompass oversight of the
will encompass advising on compliance team and although
particular products which are they will be responsible for the
Compliance Officer relevant to that specific business. day-to-day running of the core
(AML/Monitoring) There has been less recruitment compliance function, much of this
This area typically consists of at this level during 2008 due to will be delegated to the junior
graduate type professionals or organisations looking to keep the members of the team. The main
those with between 1-3 years highest calibre of Product area of their focus will be on
experience within Compliance. Specialists on board. assessing the risk control
There has been a reduced framework from a higher strategic
Although perhaps fewer of them level.
amount of recruitment at this level now, Product Specialists continue
due to organisations requiring to be the most sought after type There are historically always fewer
candidates with previous of compliance professional in the opportunities at this level in the
experience. This is mainly due to market and this can often lead to market and 2008 was no
additional time constraints in demands for higher salaries. different. It can often be the case
providing the adequate training Bonuses are consistent with other that when a Head of Compliance
for junior staff. areas and have suffered in light of leaves, the organisation looks
However, within smaller the economic climate. internally to promote and then
organisations there does continue recruit at the lower level.
to be the need for junior staff to Compliance Manager/ As for remuneration, with the
undertake the core compliance Head of Compliance/MLRO majority of organisations
tasks ie PA Dealing, Financial (CF10/11) withdrawing most bonuses and
Promotions, Approved Persons, basic salaries remaining static, it
Watch/Restricted Lists. Salaries The content and responsibility of
seems the only way to achieve
have remained the same and this role will vary depending on
any potential increase is to
bonuses continue to suffer given the size and internal structure of
consider a career move.
the current market conditions. the business. The CF10/CF11
responsibilities will either be with
the Head of Compliance/
Compliance Advisor Compliance Manager or
An experienced compliance alternatively with the CEO/Finance
professional typically with five Director.
years plus specialist product
knowledge. Candidates will have
an in-depth understanding of FSA
rules associated with the
distribution and selling of these
Salaries: Investment Banks
London/ South East
Compliance Monitoring 35-55
Control Room 40-50
Head of Monitoring/
Advisory/Control Room 70-90
Head of Compliance 100-130
Global Head of
London/ South East
Compliance Assistant/ 30-35
Compliance Monitoring 30-40
Compliance Advisory 35-50
Compliance Manager 45-60
Head of Compliance/ 70-100
Salaries: Wealth Management
London/ South East
Compliance Assistant 25-30
Compliance Manager 40-55
Head of Compliance 75-110
Salaries: Hedge Funds
London/ South East
Compliance Assistant 30-35
Compliance Manager 50-80
Head of Compliance 90-120
London/ South East
Compliance Assistant 20-30
Compliance Manager 40-55
Head of Compliance 75-100
We hope that this information has been of benefit to you. Should you require more detailed
information or if there is a particular recruitment need with which we can help, please do not
hesitate to contact us.
Your views are important to us and we would be pleased to receive your feedback on this survey.
Stuart Vines Edward Manson
Senior Consultant Consultant
28 Essex Street 28 Essex Street
WC2R 3AT WC2R 3AT
Direct Line: 020 7970 9639 Direct Line: 020 7970 9759
Email: firstname.lastname@example.org Email: email@example.com
2nd Floor, Abbey House
74 Mosley Street
Direct Line: 0161 234 0392