London Now the Global Financial Centre, but Brexit Concerns Could Affect Pole Position
With the deadline for Brexit fast approaching, many businesses and individuals have expressed their views on the future of the United Kingdom and the outlook for London following the country’s imminent EU exit.
According to the Global Regulatory Outlook report, carried out annually by leading global valuation and corporate finance advisor Duff & Phelps, London is today regarded as the world’s leading financial sector, having replaced New York for the first time in five years.
Senior professionals from financial institutions across the globe were asked a series of questions about the future of their sector, with questions ranging from cybersecurity to the impacts of Brexit.
With 53% asserting that London is the world’s main centre for finance, this certainly shows a notable improvement in attitudes to the city and heightened confidence compared with last year, where just 36% of respondents saw London as the world’s finance capital. This highlights that attitudes towards London as a global finance capital are improving.
That being said, when asked whether they think London will retain its top position in the coming years, only 29% said yes, while 52% of those surveyed asserted that New York will recover its leading position by 2023. Further, cities such as Dubai and Mumbai are largely regarded as emerging global finance hubs, with 27% of respondents predicting that Dubai will fast emerge as a leading financial centre within the next five years, while 14% feel that Mumbai has the same prospects. Additionally, cities such as Shanghai, Singapore and Sydney have similar potential.
Concerns around Brexit remain high, with 64% maintaining that Britain’s exit from the EU will definitely impact their current compliance programmes, and could, therefore, damage the city’s competitiveness in the next five years. London-based respondents were particularly less confident about London’s future when compared with respondents from Paris or Frankfurt, with 15% stating that Brexit has already impacted their compliance function. Meanwhile, a further 33% believe that within the next 18 months Brexit will undoubtedly have an impact.
With Brexit at the forefront of many finance professionals’ concerns, it remains essential that very careful decisions are made if the city is to uphold its top status as the finance capital of the world in impending years, as these decisions will be highly influential for many years to come.
AP Group announces partnership with ‘The Commonwealth Trade Initiative’ for HR and Staffing consultancy
AP Group, a world-leading offshore recruitment firm established in Guernsey in 1990, is pleased to announce a new partnership with the Commonwealth Trade Initiative. The partnership is to promote business investment throughout the 53 Commonwealth countries. This alliance brings together the Commonwealth Trade’s cloud based trading and collaboration platform that fosters networking opportunities between organisations established and those considering a move into Commonwealth markets with AP Group’s 25 years of expertise in recruitment consultancy.
Through the partnership, AP Group and its specialist divisions aim to help organisations entering the Commonwealth markets with bespoke and comprehensive HR/staffing solutions to tackle recruitment challenges in the established and emerging economies. With the tremendous growth in the commonwealth market, attracting and retaining high quality talent for specialised roles has become a challenge. Most nations are also grappling with a lack of leadership, specialist skilled talent and/or management/executive level professionals. Dealing across a range of industrial sectors, including wealth management, trust, family office, accountancy, legal sectors, finance, IT, Telecoms, oil and gas, and temporary placements, AP Group’s dedicated team of specialised consultants help overcome human capital challenges in highly-localised markets through unrivalled talent sourcing expertise and market intelligence. Its executive search division AP Executive is an acknowledged leader in mid to senior management and C-suite level recruitment for wealth management across commonwealth countries and globally.
The innovative communication platform, which will be accessed by AP Group’s global recruiters, allows AP Group to engage with new customers and prospective partners, throughout the Commonwealth, as well as gather strategic data-driven market intelligencethrough data analytics and data visualisation. The AP Group has recruitment divisions servicing businesses in the wealth management, legal and accountancy, IT, Oil & Gas, Construction and Commercial sectors.
Gina Le Prevost, CEO and Founder of AP Group, commented: “This fantastic new initiative by the UK Government, is a massive opportunity for AP Group to deliver bespoke professional recruitment services to new and existing companies. We feel privileged and flattered to have been chosen as a commercial partner and are very much looking forward to dealing companies across the Commonwealth to provide our expert recruitment services where needed. Our offices are strategically placed across the globe to be able to deal with this exciting undertaking. We are looking forward to being of service!”
AP Group also offers advisory services in order to equip companies with up-to-date regional market knowledge, as well as identify specific investment opportunities in emerging economies. To ensure smooth and efficient global expansion, AP Group also provides selection of HR services to its clients, including salary guides, payroll services and HR administration in selected locations.
With extensive international recruitment experience and an enviable candidate network, AP Group is uniquely placed to take care of all HR/Staffing needs, as well as offer advisory services relating to global expansion, relocation and immigration. Known for its efficient, confidential and reliable professional services, AP Group is the trusted recruitment partner of choice for many blue chip firms.
Internationally renowned trust practitioner joins AP Executive’s Geneva office
AP Executive, a multi-award winning global executive search firm, is proud to welcome Robin McGhee, an internationally renowned trust practitioner, as the new Executive Consultant in Geneva. His addition strengthens the firm’s ability to deliver highly-specialised and superior quality professional services and better serve the needs of the financial services sector in Switzerland and globally.
In his new role, Robin will be responsible for the recruitment of mid-to-senior level management professionals in the finance and wealth management sector, particularly in asset management, private banking and trusts in Geneva and Switzerland in general.
Gina Le Prevost, CEO and Founder of AP Executive, commented: “I am very pleased to welcome Robin, who is an experienced professional with senior level management background, to the AP Executive team and to our clients in Switzerland. I look forward to working with Robin on building our relationship with our existing clients but also enhancing the presence of our AP Executive brand locally as well as internationally. I am sure Robin will become a trusted partner to both our clients and candidates in Switzerland having a breadth of experience in the trust business for a number of years.”
A seasoned trust practitioner and accomplished international academician, Robin McGhee has over 36 year history of work in the field of trusts and estates. He joined AP Executive after serving in various senior level positions in blue-chip, multinational organisations, as well as academia. He brings extensive experience managing and developing trust business in Switzerland, the Isle of Man and the Cayman Islands. Most recently, he was the Deputy CEO of HSBC’s trust business in Switzerland, where he worked for nearly 15 years. Previously a Board Member of STEP Worldwide, he currently serves on STEP’s Central Education Committee.
A leading figure in international trust education and former Chief Examiner of a major offshore qualification, Robin has been actively involved in the STEP/CLT Diploma programme since its inception, as well as lectured and written course materials. He is the author of several text books on offshore trust law and offshore company administration, and is active in professional bodies including STEP.
Robin commented: “After my office closed I could have taken another senior position with a trust company but I decided now was the best time to do those things I've always wanted to do. As John Lennon wrote 'Life is what happens when you're busy making other plans' so I decided to take the jump and devote more time to what I really love doing such as lecturing, writing and coaching cricket and finally achieving a long term ambition to work as an employment consultant in global wealth management recruitment. AP Executive was the obvious choice to experience this ambition”
Robin’s outstanding credentials as a trust practitioner and thorough understanding of the financial services sector make him a trusted recruitment partner and Executive Consultant. As part of the ongoing growth strategy, AP Executive is committed to hiring quality experienced and specialist professionals to strengthen the core team, whilst developing the brand’s global footprint.
Global executive recruitment firm AP Executive, has relocated its London office from Ironmonger lane to a high-rise, state-of-the-art office building in the heart of the City of London. The new office is located on the seventh floor of landmark building Tower 42, with a splendid view of the London skyline. The move is effective from December 2015.
The relocation demonstrates the firm’s vision for growth as a leading specialist recruitment consultancy, while taking advantage of the office’s strategic location in the financial capital as well as facilitating effective business operations with blue-chip clients and professional candidates. The ideal location with easy accessibility from underground and national rail stations allows the firm to establish a strong foothold in the London job market. Gina Le Prevost, CEO and founder of AP Executive, commented: “Our London team is looking forward to providing even better professional services to our loyal clients and candidates in this very exciting and busy job market.”
As part of its ongoing expansion and development process, AP Executive has also invested in upgrading the IT and software systems, making significant improvements to the quality of services available to clients and candidates. With over 25 years of global recruitment experience, AP Executive is committed to delivering high-standard of professional services by focussing on innovation and results.
Securing a job in Jersey can be a difficult and time-consuming exercise. This is where recruitment agencies can help. But choosing the right recruitment firm is crucial for a successful placement.
Here are some insights into the world of recruitment industry and advice for candidates on choosing the right recruitment consultancy.
Speaking as someone who has certain understanding of the recruitment industry in Jersey, and with the memory of being a candidate from my days in financial services still fresh in my mind, I thought I should share with you what things look like from the other side of the fence.
As we all know, Jersey is a small place. There are a finite number of companies advertising a finite number of roles.
The pushing and shoving between agencies to get their candidate out to a potential employer is almost palpable, but don’t be fooled into necessarily thinking that they have your best interests at heart. Far from it – pound signs glaze over their eyes, hoping to land a commission from an uncouth piece of "recruitment".
This is not how a recruitment agent should operate – the "if you throw enough muck at the wall, some will stick" mentality is to be avoided at all costs. Or else within weeks your CV will become diluted and worthless, through no fault of your own.
For this reason, you should be very careful when selecting the agency with whom you wish to work, and also avoid the enticement of window adverts and website roles which are either many months out of date or, worse still, never existed in the first place.
Your choice of agency should be very much like any choice you make in life – choose what is most appropriate for your circumstances and what is likely to benefit you the most. When choosing a recruitment agency, be pragmatic; if you are a Managing Director of a corporate service provider, would you want your agent to be involved with part time data input roles?; if you are a Senior Infrastructure Manager, would you register with agencies that specialise in the provision of building site labourers? Clearly not.
Therefore, at AP Group, we have clearly defined divisions of AP Executive (senior level appointments), AP GlobalEnergy (appointments in the oil and gas sector), AP Personnel (junior to mid-level appointments in finance and commercial sector) and AP Technical (IT/Communication appointments), each providing specialist recruitment service to job seekers.
When registering, it goes without saying that absolute discretion and confidentiality are assured, and the service you get will be tailored to suit you and your experience. Your CV will be sent, only with your express approval, to companies for specific jobs, and your application discussed with the hirer afterwards for feedback. The service provided is bespoke to each individual candidate, and not a hit and hope exercise in which your CV is sent in desperation to every company in the yellow pages without any forethought or applied knowledge.
It is, after all, the way recruitment should be done.
With 25 years of experience in providing bespoke professional service, we have developed an extensive client network and in-depth market knowledge, offering the highest standards of career management service to professionals.
*This article was written by Kieron Lambert, former Executive Consultant.
50s should be considered as the new 40s or even 30s: Gina Le Prevost, CEO AP Executive
With increase in the legal retirement age, people in their 50s should not be discriminated for age in the employment field, according to Gina Le Prevost, founder and CEO of AP Executive.
Gina Le Prevost CEO of AP Executive says: ‘The days of people in their 50s being discriminated because of their age should now be a thing of the past. Unfortunately, a lot of employers still consider people in their 50s to be approaching retirement. Instead, this is no longer the case since the legal retirement age is increasing, and I am sure will soon rise to 70 years plus.”
“People are living longer and most people are starting their first career in their late 20s or even early 30s – therefore on the ‘age barometer’ from 30 years to 70 years, people in their 50s come in the middle of the gauge and no longer at the end.”
This view builds on earlier research that provides evidence for the benefits of older workers. A recent UK Gov report suggests that people up to the age of 70 can be as productive as their younger counterparts and emphasises the importance of a mixed-age workforce. Similarly, research (Network for Studies on Pensions, Ageing and Retirement, 2009) shows people aged 55-64 have “positive” effects on younger staff.
Moreover, according to a recent survey (YouGov survey, UK Gov) retirement pattern is changing, with nearly half of over-50s willing to work between age of 65 and 70.
However, things have not changed much for the over-50s after being rendered redundant since the downturn of 2008. Although age- related discrimination is illegal, experts believe this is highly pervasive in workplace. In fact, this discriminatory attitude has negative effects on the self-esteem and confidence of jobseekers.
Gina says: “Some candidates I speak to in their 50s usually talk themselves down because they have been discriminated for their age for so long that even they now believe they are too old to find work.”
She warns: “This thought process needs to change and some employers need to rethink their hiring process.”
“Often, I have to reassure the candidates in their 50s that they must not fall into the trap just because 50 year olds have been classed in the past as being nearing retirement. They appreciate my positive approach, and it inspires them to realise that actually they do have up to 20 years left in the workplace until retirement – this is a lot of years and a lot can be achieved.”
The increase in retirement age and benefits of more age diverse workforce, calls for “the 50s to be now considered as the new 40s or even 30s”.
AP Executive is a global recruitment consultancy and has 25 years of experience in specialist recruitment.
It's probably no surprise that the private client market in the UK is generally characterised as a buyer's market. To some extent this is correct, as businesses have encountered headwinds over the past few years. The most significant of these has been the economic uncertainty the UK has faced, particularly in relation to the European crisis. Clients have frequently lacked confidence in further investment, and this has led to fewer new opportunities.
There have been some encouraging signs of late, but until there is confidence in the private client community that the European crisis has played out and the risk of major shocks is significantly reduced, clients on the whole will remain circumspect.
This has also affected candidates' receptiveness to new opportunities, with many adopting a cautious approach. The better candidates do their due diligence, and rightly so, before embarking on what is often a long and arduous interview process.
Candidates with multi-jurisdictional and cross-border structuring experience are particularly attractive
This overall picture contrasts with pre-crisis market conditions, where clients had to compete far harder for the best talent. Nowadays, the client's approach to most recruitment exercises is one of caution and exacting demands. Often the process can take months, with endless interviews, and even then it can be halted at a moment's notice as another crisis erupts and the client pauses to think.
Of course the private client community is broad, and in a flat landscape there are some bright spots. Probably the most active part of the market is the family office segment, which has remained largely resilient to the global macro-economic problems. London, especially, is seen as one of the most attractive places to establish a family office, thanks to a stable political system, its own sovereign currency, a favourable time zone, and elite business services on tap, particularly in the legal, trust and finance community.
Private client accountants, tax, legal and trust professionals have opportunities in this field, as do those from the private banking, investment, operations and real estate world. Candidates with multi-jurisdictional and cross-border structuring experience are particularly attractive.
However, the barriers to entry are significant. Roles are not advertised and (if the right approach is taken by the recruiter) are not general currency in the market. Recruitment for family offices is often executed on a search basis, so if you get a call from a headhunter it means you are probably considered among the best in the STEP community and you should probably listen to what is being said, even if you have found utopia in your current role.
The mood among most clients is one of cautious optimism, which heralds a brighter outlook over the next 12 months. I believe there is pent-up demand and I detect a strong desire from clients to move forward with recruitment projects. The mood is slowly changing and, if we can sustain a period of calm, a very different picture will emerge.
London will be a world leader in finance jobs within the next 15 years, according to a recent poll.
Taken at an event hosted by mayor of London Boris Johnson and PricewaterhouseCoopers' (PwC') chairman Ian Powell, the survey asked 90 private, public and third-sector audience members their opinions on opportunities in the capital.
Those present displayed optimism for the financial services sector, with 82 per cent stating the city will be in a dominant position on the international stage in the sector by 2025.
Despite the results, partner at PwC Keith Mansfield said the UK must not get complacent and needs to invest in the employment market to remain current.
His comments followed statistics recently published by the organisation showing 24 per cent of UK employees are looking for a new job because they feel underpaid.
"If the UK is to thrive as a world leader in financial services ... a highly-skilled workforce is needed and yet this is also the number one threat to London’s competitiveness," Mr Mansfield explained.