INSIGHTS AND NEWS

As a Single or multi-family office, you deal with the millions upon billions of pounds that your ultra-high-net-worth clientele have amassed over generations. As the often secretive industry continues to grow despite the 2008 economic downturn, so does the wealth involved.
Typically working with families worth at least £200 million, family offices are usually filled with teams of professional lawyers, financial analysts and property managers all dedicating their efforts to ensure the almost dynastic lines of wealth continue to be secure and prosperous. 
Most family offices take care of clients’ private matters, from concierge services and PA duties, to personal legal proceedings.
However, family offices businesses are usually secretive and complex. With each family having specific needs and requirements separate from their own private wealth management firms, finding the right talent to bolster your ranks can be tough. 
Single family offices are often described as a “who you know” business as each different family will have unique requirements. However, sometimes you’re not sure that you know the right person for the job and that is where the right executive search and recruitment agency can help.

Expertise

The dynastic wealth the family has built up over the years is being looked after by the single family office and with so much at stake, you only trust those with a wealth of knowledge and expertise. 
As AP Executive gets to know the intricacies of your business, it will study the intricacies of the office culture to find the best fit. While many of those working for single family offices tend to be desirable due to their extensive experience as lawyers or accountants, more senior staff may have direct links to the family, typically working for them in a past role. 
AP Executive understand the risks of a bad hire, especially when a family’s wealth is on the line. That’s why candidates will typically have experience and expertise in quality and quantity.

Loyalty

The level of wealth these families have accrued over the years takes a lot of effort from a business aspect. Understandably then, recruitment agencies who have worked with single family offices in the past claim that loyalty goes a long way. 
It’s no secret that these offices can be filled with those who consistently have the family’s best interests at heart. AP Executive look for candidates that share your goals and want to work hard to ensure the family’s wealth continues to grow.
Single family businesses typically operate in a traditional hierarchical way. We understand that this may bring complexities to investment banking and independent decision making in relation to potential set-up of hedge funds. However, we know that for those with a background within accountancy or the law, this type of control may already be familiar and that this could help them to fit the culture that currently exists at family offices.

Why use AP Executive?

With single family offices, much of the recruitment is based upon the relationships you build. Many employees within a single family office may have worked with the controlling family for many years before they were offered the job. 
However, there are plenty of events and members’ clubs that allow recruiters to network and build relationships within the sector. We completely understand just how much a bad hire can cost, so developing a relationship with trusted professionals who understand the intricacies of family office culture can lift a huge amount of pressure. 
Having AP Executive work in partnership with your family office can greatly aid your executive search and recruitment needs as well as boost internal practices. We understand the importance of getting it right first time and work to ensure every family office we work with is given candidates at the right level of their career ladder.
Finding the best candidates to join your team can be tough, especially so many candidates trying to establish a career in this industry. However, with the sector offering lucrative rewards, competitive remuneration packages and professionally satisfying challenges, a career in family office appeals to some of the best financial experts. 
Our search consultants understand the importance of discretion that many high-street agencies may not be familiar with. We maintain trust, reliability and bespoke partnership level function that excels the standard executive search practices. 
At AP Executive, we excel in placing exceptional candidates in a wide range of family office jobs including investment advisors, tax advisors, real estate specialists and corporate administrators. Visit our dedicated family office page to find out more about how our service can help your family office.

The new Population Management Law in Guernsey, which is designed to address the island’s demographic challenges, came into force on 3 April, 2017.  The new law replaces the old Housing Control Law which focussed on controlling available housing on the island as a means to cap immigration. The newly introduced legislative measures aim to encourage the right make-up of people to meet the skills shortages as well as other social and fiscal objectives.

Following are some of the key changes:

Everyone living in Guernsey aged 16 and above needs to hold a Certificate or Permit in order to legally live and work here.

• A Certificate is issued to someone who is entitled to live and work in Guernsey. Some Certificates will permit the holder to reside in only Open Market accommodation. 
• A Permit is issued to someone whose residence status in the island is conditional and is based on things like working in a specific job, or living with a specific person.

To know more about Certificates and Permits please visit https://www.gov.gg/pmresident

Employment Permits are granted to foreign nationals who undertake jobs in skills and manpower shortage areas. There are three kinds of permits under this new legislation.

Long Term Permit:

• Issued for a maximum period of 8 years ( after completion of 8 years of continuous residence the holder becomes an Established Resident).
• Tied to the sponsoring employer.
• Can live in Local Market housing.
• Issued for jobs where there are persistent skills gaps in Guernsey and internationally.  
• Some jobs under LTEP include: Senior level positions in Finance Advisory, Audit, Tax, Finance Controller, Fiduciary Services, Legal Services, Compliance and Insurance.

Medium Term Permit

• Valid for a maximum of 5 years (the holder will have to take at least five years leave from the island before returning to work in Guernsey).
• Tied to the sponsoring employer
• Can live in Local Market housing
• Issued for jobs where there are skills shortages in Guernsey, but not internationally.
• Some jobs under MTEP include: mid-management level positions in Banking, Fund Services, Accountancy, Legal Services and Compliance.

Short – Term Permit

• Valid for a maximum of 1 year at a time for unskilled roles and where there is a need for additional manpower.
• Can be renewed (if the job can't be filled locally) until the holder completes 5 years' aggregate residence under Short Term Employment Permits.
• Tied to the sponsoring employer.
• Can live in shared Local Market housing only.

Here’s a quick guide to Employment Permits: https://www.gov.gg/pmemployment

Introduction of Employer Portal: Employers can now submit applications for Employment Permits via the Employer Portal, which is a free, web-based system provided by the Gov of Guernsey. Online applications will make the process quicker and efficient.

AP Executive will continue to offer valuable advice and guidance to employers and candidates regarding the new population management law. 

Let’s be honest here: senior level hiring is no easy task. Even for a multinational company with its own in-house human resource department, sourcing C-suite professionals can be challenging, expensive and time-consuming. That’s why companies turn to executive search firms to help them fill critical positions at the top. They know that a single bad hire can send the business in a downward spiral, so it’s worth investing in the services of a reputed executive search firm.

Here’re some of the reasons why using executive search firm is worth your money:

1. Quality candidates, guaranteed: You may use a variety of recruitment methods – including employee referrals and LinkedIn – but nothing can guarantee you quality candidates. By ‘quality’ we don’t just mean appropriate skill set and experience but also personality and cultural fit. Executive search firms are specialists in matching candidates and clients in such a way that they complement each other. To ensure a perfect match, these firms undertake rigorous screening and vetting process, including 360 degree referencing, background check as well as psychometric and competency tests. 

2. Access to a wider talent pool: For executive-level mandates, traditional recruitment methods such as employee referrals, jobs postings, and even LinkedIn may not deliver desired result, as the executive candidates could be found across industries and geographies. The best executive search firms are able to tap into a wider talent pool - including both active and passive candidates - using their extensive network of industry professionals across the globe. They have strong expertise and in-depth knowledge of the markets in which their clients operate.

3. Efficient and cost effective: Whether you are a small company or a corporate giant, using an executive recruitment firm is a cost-effective solution. The upfront fee of a hire may seem high, but when weighed against the cost involved in marketing, recruitment campaign and screening, not to mention the additional cost of turnover and rehire in case of a bad hire, it is quite a saving. As executive recruiters are specialists in their profession, they can advice you on current market trends and help negotiate employee compensation as per the industry standards.

4. Reduce risks of a bad hire: The risks associated with a bad hire – especially for a senior level position – are manifold. Apart from the financial loss, research confirms that a wrong hire can affect staff morale and productivity, client/customer relationships, and economic performance. Given the long-term impacts of a bad hiring decision, organisations need to take executive onboarding seriously. Using an executive search firm means you can rest assured that they will find only the best candidates for you. They can help clients evaluate their requirements and expectations, and accordingly source the perfect match.

5. Work with industry experts: Working with executive search firms means you benefit from their knowledge, experience and industry connections. Executive headhunters are not just professional recruiters, but also have strong background in the field they specialise in. This is where executive recruitment firms differ from your average recruitment agencies or in-house HR team. HR professionals source candidates; executive recruiters source leaders. At AP Executive, we take pride in our global teams comprising of ex-industry professionals and seasoned recruiters. They regularly attend industry events, seminars and workshops to develop professional connections and stay current with industry trends. Many of our executive recruiters hold professional qualifications such as STEP diploma, ACCA/ACA, CIPD, or similar, meaning they know the ins and outs of working in the financial services industry.

6. Observe strict confidentiality: When hiring for an executive level position, confidentiality is of the utmost importance. From marketing to screening, the search needs to be highly confidential. It could be disastrous if the candidate is exposed to their current company or the client’s competitors. Executive recruiters appreciate this fact and adhere to strict confidentiality and data protection at all times.

AP Executive

AP Executive is a world leading executive search firm with over 26 years of recruitment experience in wealth management, trust and fiduciary, investment banking, family offices and legal sectors worldwide.  With an extensive industry network spanning over 55 international jurisdictions, we are the market leaders in executive search and selection. Our clients benefit from our specialist expertise in recruiting for niche financial sectors, as well as our innovative approach to candidate sourcing. As an affiliate member of APSCo (Association of Professional Staffing Companies), we are committed to serving our clients with professionalism and integrity.

Have a talent acquisition requirement? Speak to one of our local consultants today.

The Year of the Red Fire Rooster is set to be powerful, fruitful and bring new beginnings, so the staff of AP Executive wish you every success in The New Lunar Year!

AP Executive, the proud sponsors of The Atlantic Endeavour, wishes the team good luck in their incredible Atlantic rowing challenge 2017. This year the Atlantic Endeavour team comprises of four young women, who come from all walks of life, competing against 30 international teams in the world’s toughest rowing challenge.

They aim to break two ocean rowing records, including the first women’s four to cross the finish line in Eglish Harbour in early 2017, whilst raising money for charities.

We are delighted to support Altantic Endeavour in their mission. On behalf of the AP Executtive team, we wish them success in The Talisker Whisky Atlantic Challenge.

As 2016 draws to a close, we would like to extend our heartfelt thanks and appreciation to our clients and candidates for their continued support of AP Executive. It has been a successful year for us; from international recognition with three global recruitment awards, business expansion into Canada and Luxembourg to membership of APSCo (Association of Professional Staffing Companies) and a lot more.

Please note our offices will be closed from 13:00 on Friday 23 December reopening on Tuesday 3 January, 2017.

During the festive period you can still apply for our live vacancies or send us your CV.

Wish you a Merry Christmas and a Happy New Year from the team at AP Executive. We look forward to helping you find the ideal job or staff in 2017.

Have you ever applied to any job posting and got the response that the position has been filled, only to see the job advert appear again? Sadly you are not the only one. There are hundreds of fake jobs out there and knowing how to navigate through these scams can be quite tricky.

We have met many job seekers in the past who have shared with us similar experiences. We understand how frustrating this can be - especially when you have been running from pillar to post to secure a job offer, or you have spent hours to fill out a laborious application form. This prompted us to write this blog on the truth behind fake job adverts and how  job seekers can steer clear of recruitment scams.

Now first things first, why do employers or recruitment agencies post fake job adverts?

In the recent years, there has been a proliferation of fake adverts and increasing numbers of companies are blindly following this bizarre trend. Fake job postings are used to create a pipeline of talent in case there is a need in the future. You meticulously fill out all the marked fields and enter your contact details including email address, phone number and post code – you do all the work without even realising that it’s a mock ad. So this basically saves the company’s time and the information goes straight on to their database. 

Sometimes companies put up a fake advert just to wash their hands of favouritism and unfair recruitment practices. In certain jurisdictions, it is a necessary requirement  to abide by the Equal Employment Opportunity (EEO) mandates, whereby employers are obliged to conduct searches both externally and internally. Here companies resort to fake ads to appear ‘fair’.

Another reason for posting fake job ads is to gauge the market value of certain jobs or skills. The number of applications received is directly proportional to the demand of the position in the current job market.

Then, of course, there are dubious people who are looking to collect sensitive information for identify theft or phishing scams. Cyber criminals are notorious for posting fake job ads using a reputed company’s logo and brand image just to trick people into believing the authenticity of an advert.

But the question is: whether or not employers/staffing agencies should be allowed to post fake adverts. No. They should not be. In fact, most regulatory bodies such as APSCo and REC have strict guidelines to prevent the posting of scam job ads. Job boards are also continuously monitoring the job postings and using sophisticated methods to weed out any fake adverts – yet, some scammers still manage to slip through the net.

Therefore, jobseekers need to be aware of recruitment scams and use their knowledge to tell a fake advert from a genuine one.

Although it can be difficult at times to spot a fake advert, here are a few clues to be on the look out for:

• Repeated posting of the same job
• Badly written job description with spelling mistakes and grammatical errors
• Overuse of caps, exclamation marks or numbers – for example, “Jobs” spelled as “J0bs” with a zero.
• No mention of qualifications, previous experiences or skills required for the job
• Sounds too good to be true – for example, a junior level position states the pay package of an executive level position.
• job advert posted by unregistered recruitment agency
• Use of free email address like Google, Yahoo or Hotmail – any registered company or staffing agency will always use corporate email address when posting jobs.
• They ask for money or credit card details

Some scammers operate highly discreetly and their job adverts can be difficult to screen. So be wary of cyber criminals and dubious organisations when you are job hunting. Even some mainstream high street recruitment agencies follow similar practices.

Do a search on the company or recruitment agency and find out if it’s registered or not. Make sure to verify the job ad before you send off your CV and other details. Sometimes just plain commonsense can save you from falling a victim of such scams – if the job offer is too good to be true, then take it as a warning sign. Trust your instincts!

Established in 1990, we are a registered recruitment company with offices in 11 international locations and connections over 55 jurisdictions. As affiliated members of APSCo (Association of Professional Staffing Companies), we abide by the highest standards of recruitment ethics and are committed to delivering reliable, efficient and professional services to our clients and candidates alike.

All our job adverts are written by experienced recruiters who boast an in-depth understanding of the job market and the requirements of the roles within their specialised sectors. We follow a standard client confidentiality procedure but provide all the required details to job seekers, so that both the parties are in a state to make an informed decision. We advertise real jobs and make it clear if the advert is more generic where a skills gap has been identified in the market.

Speak to us today to discuss your career options!

We are delighted to announce that our parent company AP Group, a leading global offshore recruitment firm, has won the prestigious Corporate Vision Award 2016 for being the ‘Best Global Recruitment Specialists of the Year’.

AP Group was recognised for its exceptional commitment to client service and innovation over the past 12 months.

To read the full article, click here.

Are you an executive recruitment consultant with 3 to 5 years experience within the wealth management/financial services sector?

We currently have an opportunity for you to join our London office situated in the heart of the City of London. Not only will you enjoy some of the best views in London from our office in Tower 42, you will also benefit from:                         

• An established blue-chip client portfolio of boutique investment firms, family offices and international financial service providers
• Global network of top-level professional candidates
• Uncapped commission
• Competitive base salary
• Other fringe benefits

AP Executive is an award winning, leading international executive search firm, with offices in London, Guernsey, Jersey, Singapore, Luxembourg, Zurich, Geneva and Cyprus. We deal in trust and corporate services, family office, asset management, funds, investment banking, legal and accountancy vacancies. In return for your business expertise and dedication, we will offer you access to an extensive global client portfolio and network of quality candidates within the finance and global wealth management sectors.                           

We take pride in delivering exceptional professional services to our clients and candidates, whilst adhering to the highest-standards of ethical and corporate behaviour.

We are always interested to speak to any experienced consultants to work in our offices globally or to be based in a location where we already do business but do not yet have an office presence.  

If you are looking for your next career move in recruitment, kindly forward your current CV to hr@apgroupglobal.com or for more information call +44 20 7877 2302

AP Group, an award-winning specialist recruitment firm, is proud to announce that it is now members of APSCo (the Association of Professional Staffing Companies) – UK’s leading professional body regulating quality throughout the recruitment industry in the UK, Asia and Germany. Being affiliated to APSCo means AP Group has exclusive access to a wide range of tailored services, workshops, networking events and professional development programmes internationally, which will help the firm to successfully strengthen the business and gain a competitive advantage in the market. 

The membership was approved following rigorous application and verification process, and that reflects the firm’s commitment to highest standards of recruitment services to clients and candidates.

Gina Le Prevost, CEO AP Group commented: “In the current business era that we work in, due diligence and compliance are high on the agenda of international companies. We too as a specialist service provider to blue chip clients across the globe believe that our workmanship and integrity are second to none.  Being a member of APSCo confirms our commitment to our valued international clients and candidates and also shows that we are a recognised and serious player in the world of professional recruitment.”

Ann Swain, CEO APSCo commented: “APSCo is delighted to welcome AP Group Global into its membership. All of our members have to commit to a strict Code of Conduct and a rigorous, independently verified, referencing process that means that APSCo is a trusted badge of quality for candidates and employers. It’s not easy to become an APSCo member and the fact that AP Group embraced this process shows their commitment to excellence.”

As a membership body dedicated to professional staffing, APSCo has set strict standards of integrity and confidentiality and promotes excellence in recruitment. With offices in London, Manchester, Frankfurt and Singapore, APSCo boasts an international profile and supports affiliate members in overseas expansion.

As a member, AP Group aims to deliver superior quality of professional services in accordance with the APSCo’s code of conduct while also utilising the resources and initiatives to drive further business growth and expansion.

Formed in Guernsey in 1990, AP Group is now a leading global recruitment firm with four specialist divisions servicing businesses in the wealth management, trust, family office, legal and accountancy, IT, oil & gas, construction and commercial sectors.

Known for its professionalism, integrity and innovation, AP Group is the trusted recruitment partner of choice for many blue chip firms worldwide.

Over the next couple of weeks we’re going to throw light on some of the common issues at workplace that often get brushed under the carpet. This week we’re focussing on workplace bullying – a systematic and persistent pattern of mistreatment at work that jeopardises health, career and work productivity.

Are you being bullied at work? Some of you might answer yes, but most don’t even realise the signs of bullying until it becomes more serious. It is a common misconception that bullying is limited to high schools and colleges. The fact is workplace bullying is a highly prevalent and serious problem, affecting nearly a third of Britons at work. Bullying is all the more worrying at workplace, because most adults don’t report it for fear of personal shame or lack of awareness about the bullying or risk of losing a job/other consequences.

As with any form of abuse or harassment, workplace bullying takes a severe toll on the person’s mental health and a sense of well-being (Workplace Bullying Institute). Not only does bulling affect work performance and self-esteem but it results in significant health issues such as anxiety, blood pressure and ulcers.

We caught up with Lyndsay Ray, AP Group’s Head of HR, to understand this problem and know how to deal with it.  

“Workplace bullying is repeated, unreasonable behaviour directed towards an employee or group of employees, that creates a risk to health and safety,” Lyndsay explains.

So what is this 'repeated' behaviour?

“‘Repeated’ behaviour refers to the persistent nature of the behaviour, not that the behaviour is the same type each time. Behaviour is considered ‘repeated’ if an established pattern can be identified,” she elaborates.

“It may involve a series of different incidents, for example: verbal abuse, deliberate damage to personal property and unreasonable threats of dismissal.”

While workplace bullying can take various forms and affect you outside of work, here’re a few warning indicators that mean you are being bullied at work.

• You feel particularly ill or anxious the night before your work week. This means your body is giving you excuses for bunking work in order to avoid the hostile environment.
• You experience high blood pressure and other stress related health issues, stemming from your obsession with work or your constant struggle to prove your worth.
• Your boss or manager constantly belittles or humiliates you in front of co-workers or in a meeting, making you feel incompetent and doubt your capabilities. 
• You are the frequent target of unwarranted criticism despite having an impeccable work history.
• You get excluded from group lunch or team meetings - social isolation.
• False charges are labelled against you to malign your reputation or to get you sacked.
• Your tormentor makes nasty remarks at you or spreads false rumours about you and/or your work performance.
• You are threatened or intimidated by your co-worker(s) or boss to the point that it damages your self-esteem and confidence.
• Your boss/supervisor tries to sabotage your chances of getting a promotion and/or prevents you from taking on new projects.  He/she deliberately changes your work rosters or withholds information that is vital for effective work performance.
• Your boss repeatedly ignores your complaints against bullying and takes no action against the perpetrator.

Workplace bullying creates a toxic environment that has adverse implications for the entire organisation, not only for the person who is targeted. It often so happens that the co-workers who stand up in support of the bullied are ostracised by the group, which creates a sense of fear and guilt in them. Over time, this lack of collective action against bullying disrupts the work environment, resulting in deterioration of employee morale and productivity.

When this continues unabated, organisations stand the risk of suffering huge financial loss in the form of high turn over, sick leaves, health insurance and worker’s compensation claims and even additional legal costs.

What aggravates the problem is the fact that most companies fail to realise the implications of workplace bullying, and some don’t even have any anti-bullying policy in place.

Often complaints are ignored as a ‘single’ incident, but Lyndsay stresses that although a single incident of bully-style behaviour does not constitute workplace bullying, the management are required to take the appropriate action to ensure that the inappropriate behaviour is not repeated.  The behaviour may, however, be considered as harassment or discrimination.

It is in the employer’s best interest to create a healthy workplace environment where there is no place for harassment, bullying or abuse. Those in management/HR positions need to promptly address all complaints and demonstrate that bullying and abusive behaviour of any kind will not be tolerated. There should be strict enforcement of anti-bullying policy when appropriate, regardless of rank or position.

How should the victim deal with Workplace Bullying and Violence Issues?

Although employers have the primary responsibility, everyone in the workplace should be vigilant and report any such incidents to the concerned authorities. Above all, you should learn to recognise the signs of bullying and take appropriate action to root out the problem. 

“Employees who believe they are being bullied or are the object of workplace violence are encouraged to inform the alleged perpetrator that their behaviour is offensive, unacceptable, is against company policy and must stop,” Lyndsay advises.

If things continue on as they were, you may have to take the matter up with your supervisor or HR.

The more you tolerate and allow such unacceptable behaviour, the more you encourage such bullies to operate fearlessly, thus brining ruin to your own career and health. So speak up against bullying and help create a healthy and comfortable work environment.

It is AP Group Company policy to provide an environment where employees:

• are treated with dignity, courtesy and respect
• can work without distress or interference caused by workplace bullying or violence.

The Company does not accept workplace bullying of any kind by employees, trainees, customers, contractors or other visitors. Behaviour of this nature is deemed to be unacceptable and will not be tolerated in any circumstances.  This also applies to any workplace bullying or violence in any work-related context including meetings, work functions, work-related Christmas parties or business trips.

For help and advice on dealing with workplace bullying, contact our HR office at hr@apgroupglobal.com. We offer free and confidential advice on career, job search and workplace issues. AP Group also provides HR Services to its clients and is able to advice on the latest local government and health and safety policies.

Following two international awards this year*, AP Executive has once again proven its credibility as a global market leader in executive recruitment by winning the Corporate LiveWire Global Awards 2016 in the “Recruitment Services Provider To The Finance Sector” category. The award bears testimony to the firm’s commitment to high standards of professional services through best recruitment practices and innovative candidate sourcing methods.  

The winners were chosen after a rigorous nomination and selection process in order to recognise only the most successful and competitive companies who have performed outstandingly in their area of expertise over the past 12 months.  

Gina Le Prevost, CEO commented: “We are delighted to accept this award and continue to work very hard to be the agency of choice for finance sector clients. We are committed to providing exceptional service to existing clients and hope to remain as a top performer in our industry”.  

AP Executive has over 25 years of experience in serving the financial services industry across more than 55 global jurisdictions, covering wealth management, trust, family office, private equity, alternative investments, asset management, accountancy and legal sectors. With a dedicated team of specialist consultants, who boast an in-depth understanding of the international financial market as well as regulations, the firm is able to deliver bespoke and comprehensive recruitment solutions to clients worldwide.  

Originally founded in Guernsey, an international low tax centre, AP Executive has established itself as a trusted partner for finance recruitment, and expanded from Guernsey to Jersey, Cyprus, London, Luxembourg, Geneva, Zurich and Singapore.  

* 2016 Offshore Excellence Awards in the “Best in Offshore Wealth Management Recruitment” category, and the “International Recruitment Specialist Firm of the Year in Switzerland” by Corporate Intl.

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.

As the Brexit debate is heating up, experts have started assessing the potential impact of the EU referendum not just on the mainland, but the channel Islands as well. Considering the Channel Islands’ unique status – neither a part of the UK nor the EU, it is worth discussing whether Jersey and Guernsey would be affected by the outcome.

Here we take a look at what the Brexit would mean for Jersey, a leading offshore financial centre.

So 23 June is looming upon us and the Brexit campaign has commenced.  The gentlemen amongst us might be desperately scrabbling through diaries trying to remember the wife’s and/or girlfriend’s birthday, wedding anniversaries or other such days of note, but this is the day when finally the result on Britain’s membership of the EU will take place – a day most of us won’t forget.   What possible impact could this have on our little 45 square miles of idyllic paradise? Well, given that 40% of Gross Value Added (GVA) to the Island comes from the Financial Services, one might argue quite a lot.  

To not quite directly quote Senator Philip Bailhache, and not just him but a few other financial commentators, “we don’t really know but it might be quite bad” seems to be an answer frequently on the lips of many.   It could be argued that a lot depends on what is the real view of the Channel Islands from the outside. If Brexit were to happen, it could be a voyage of discovery finding out what our international status really is – a tax haven or a low tax jurisdiction is the rhetoric from the naysayers, despite (correct) reassurance from Mr Cameron and the other 650 fine ladies and gentlemen packed into that building down SW1 way, of our long established, hard earned reputation as a superbly regulated, legitimate jurisdiction in which one may carry out their financial affairs should they wish.  

The former would potentially be problematic one might expect. The glass is half empty brigade would maybe suggest that our special status that we have historically enjoyed with founder EU member states does not wash so well with newer, more cynical members; thus making it potentially more difficult to renegotiate this without help from our political older, bigger brother, the UK.    I wouldn’t be so sure – having been present at a JFSC seminar last month, I would suggest that the best interests of the Island’s Financial Services industry are already represented in Europe. The JFSC is one of the most respected Commissions in the Offshore world, and the work of Jersey Finance to represent our industry is done with genuine meaning – it is not a propaganda steam train designed purely to induce investment from unsuspecting UHNW clients.   A lot of investment has been made by Financial Service Providers in Jersey to comply with FATCA requirements. And by investment we should comprehend that this means more than just the financial aspect – investment in people, knowledge and learning, investment in IT, investment in relationship management with authorities. With CRS imminent, the infrastructure is already in place for openness and transparency whenever the requirement presents itself.  

Jersey should embrace this opportunity to open dialogue with the more reticent, junior members of EU, whether Brexit materialises in June or otherwise. We have the chance to stand up for ourselves and remind those who view Jersey indifferently that, yes, agreed, we do not have the political independence from the UK, but we benefit from considerable autonomy, an independent identity and a highly acclaimed status for our Financial Services Industry.   This doesn’t happen by accident, far from it, so we should embrace and develop our standing with those who know and understand us. To those more aloof toward us, we should present ourselves to them and encourage the build up of communications and the break down of barriers.  

After all, should the glass not always be half full…?

* This article was originally written by Kieron Lambert, former Executive Consultant.

With the introduction of the new State Pension age in the UK, companies need to quickly and effectively adapt to the recent changes for better integration and engagement of the ageing workforce, according to Gina Le Prevost, CEO of AP Executive.  

The suggestion for companies to give a better chance to over-50s and 60s comes after the official announcement for a new State Pension age in Britain from 6 April 2016, which was proposed in view of a dramatic rise in life expectancy. Currently, the state pension age is 65 for men and 63 for women; however, this is set for planned changes over the next few decades. From 2020, the State Pension age for both men and women will be 66, with an expected rise to age 67 between 2026 and 2028, and thereafter linked to life expectancy. These changes will directly impact the average retirement age, pushing it higher than it was before. Similar changes have been proposed in the Channel Islands, with Guernsey’s State Pension age expected to rise to 70 by 2025. In Jersey, the current Pension age is 65, which, under the current changes, will undergo increment by two months in every 10 months from 2020, until it reaches 67 in 2031.   The average retirement age in most EU states is also expected to gradually rise to 67 by 2030, including in France, Germany, Spain, Greece and Italy. 

Gina Le Prevost, commented: “With the new pension age legislations coming into place, it is important for companies to adjust accordingly and not have the historical retirement ages of 60 for women and 65 for men in their contracts and procedures. Jobseekers over 50s are now effectively able to work additionally a substantial 20 years before they reach their retirement age.  This is fantastic news for people I speak to regularly who feel they are discriminated upon for being close to retirement.  Companies have to adjust and embrace this new era of candidates who are now able to work longer.  It gives hope to those people who feel they are too old to be able to start a new career.”  

As the retirement age is slowly inching towards 70, it has become necessary for employers to take proactive steps to recruit, retain and embrace productive matured workers, maximising their potential and work performance. Given the constant technological changes, significant investment in the necessary training of the older staff is of critical importance, which coupled with the employees’ previous experience can give them a competitive advantage. When recruiting for a job, employers should consider a person’s qualification, experience and skills, without judging by the age. In fact, research shows that older employees are as productive as their younger counterparts (AgeUK Study).  

A multi-generational and diverse workforce can be an asset for any company, where mature employees are engaged in mentoring and training of the younger members of staff with their vast professional experience and wise knowledge gained.   The UK already has stringent age - discrimination law in place under The Equality Act 2010. Now Jersey’s new law protecting against age discrimination is expected to come into force on 1 September 2016, if approved by the States.   Despite policy changes and laws against age-related discrimination, a recent report suggests a significant proportion of over-50s continue to be overlooked during hiring process due to certain age-old negative stereotypes (The Missing Million: Pathways back into employment). The representation of 50-64 year olds is particularly worse in Finance (20%), as compared to other sectors.  

Gina added: “Although, age discrimination acts are in place and implemented, some companies still have presumptions and operate based on stereotypes against mature candidates. Companies should be doing all they can to retain the in-depth professional and organisational experience and knowledge this generation has developed and holds. Recruitment policies and procedures should be reviewed and job postings should not promote indirect discrimination by avoiding youth-oriented code words, such as “energetic” and “enthusiastic”.”  

“Re-training of this demographic through development tools or encouraging key mature employees to stay past retirement through flexible working hours or mentoring opportunities should exist to create an inclusive and equitable workplace. Legislation on its own will not eliminate ageism in the workforce and companies have an integral part in creating an inclusive and fair environment that not only attracts, but also retains the skills of this demographic, including embracing mature generations.”  

Given the advantages of an age diverse workforce, companies need to undertake measures against ageism in the workplace and facilitate entry of matured workers into the labour market.   

AP Executive is a division of AP Group which opened in 1990. AP Group provides equal employer opportunities to all employees and applicants for employment without regard to sex, race, colour, National Origin, age, disability, religion, reprisal and genetic information. 

AP Executive, a multi-award winning global executive search firm, has added another feather to its cap by winning the 2016 Offshore Excellence Awards in the “Best in Offshore Wealth Management Recruitment” category.

The awards held by Acquisition International, a leading business publication for finance and corporate professionals, aim to recognise the outstanding contributions and achievements of specialist firms across a broad spectrum of the offshore industry. The decision was made after a rigorous selection and judging process, focussing solely on the merit in order to honour those companies that demonstrate the highest level of professionalism and ingenuity, as well as sustained and measurable success.

Gina Le Prevost, CEO and Founder of AP Executive, commented: “Being recognised as the Best in Offshore Wealth Management Recruitment Firm category is a great achievement for AP Executive and is powerful evidence of AP Executive’s know how in global executive recruitment.  As an executive search firm we are committed to being a trusted recruitment company to our valued clients, whilst maintaining our firm’s principles for professionalism, quality and customer service. Our aim for the future is to continue to provide superior recruitment services to our clients and candidates in the wealth management and trust sectors and further enhance our presence across the globe.”

AP Executive offers recruitment services of mid to senior management and C-suite level candidates, both on and offshore, across more than 55 global jurisdictions in wealth management, trust, family office, private equity, alternative investments, asset management, accountancy and legal sectors. Working closely with top industry professionals and blue-chip clients worldwide, the firm utilises extensive industry experience, enviable client network and innovative recruitment concepts to deliver exceptional staffing and career management services. 

With over 25 years of experience in offshore recruitment, AP Executive has emerged as a recruitment and career partner of choice and expanded from Guernsey to Jersey, Cyprus, London, Luxembourg, Geneva, Zurich and Singapore.

AP Executive, a multi-award winning global executive search firm, is pleased to announce the appointment of Chand Kamalakaran as the new Manager for the Singapore office. The appointment is a reflection of AP Executive’s ambition to develop business operations in Asia, whilst improving the level of professional service provided to clients and candidates in Singapore, Asia and internationally. 

Chand specialises in mid-management to executive board level recruitment in the financial service sectors, particularly in the wealth management industries in Singapore and Asia in general. As an integral part of AP Executive’s operations in Singapore, he is responsible for strengthening and developing a blue-chip client portfolio in Asia, as well as establishing the firm’s footprint as a leading executive search firm within the Asian market place. Chand reports directly to Gina Le Prevost, CEO of AP Executive.  

Gina commented: “I am delighted to welcome Chand to AP Executive so we can enhance our global reputation and presence in the APAC region. I look forward to working closely with Chand to ensure AP Executive provides superior executive search and recruitment services to our valued clients and their global operations in Singapore and Asia region.” 

Chand joins AP Executive with more than nine years of recruitment and business development experience in Singapore. He demonstrates excellent customer relations, strategic management, negotiation and marketing skills, as well as expert knowledge and understanding of the regional job market. He worked previously as a sales manager, leading a team of business development managers to drive sales, achieve business targets and develop marketing strategies for a well known online jobs board. He holds a Bachelor’s degree in Computer Science from University of Hertfordshire, UK. 

Chand Kamalakaran commented: “I am delighted to be joining a reputable global recruitment company and to be developing the brand further in the Asian wealth management market.” 

Chand draws on his previous experience within the Singapore market place to support AP Executive’s plans to expand operations into other Asian countries, as well as address the needs of Singapore’s financial services sector.

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.

AP Executive, a world-leading executive search firm, is delighted to announce that it has been named as “the International Recruitment Specialist Firm of the Year in Switzerland” by Corporate Intl, a reputed international business publication for financial and legal advisers and business leaders. Recognised for the second time in three years, the award reflects the firm’s commitment to delivering exceptional recruitment and executive search services in one of the world’s leading offshore financial centres, Switzerland and internationally.

An independent awards panel announced the winners after a rigorous selection process that focussed on the most active and experienced firms that have demonstrated excellence in their area of expertise over the past 12 months.

Gina Le Prevost, CEO and Founder of AP Executive, said: “I am thrilled that for the second time AP Executive is the International Recruitment Specialist Firm of the Year in Switzerland. This award is a testimony of our commitment to our valued clients and candidates and that we aim to be the first and only choice in executive search and recruitment services in Switzerland and globally. Our vision and mission for the future is to continue to provide superior service and be the trusted partner for our clients and their operations in Switzerland, where the economy is a hub of financial services and it is the perfect base for quality local and global candidates. I also want to give special thanks to our great team globally for their hard work and commitment and for their professionalism and quality service to both our clients and candidates”.

AP Executive has been servicing the financial services sector in Switzerland for more than 12 years, offering assistance with overseas recruitment of mid to senior level candidates in wealth management, private banking, trust and fund, accountancy, family office and legal sectors. As a recruitment partner of choice, the firm boasts an in-depth and specialised knowledge of the local market and culture as well as an extensive network of top professionals and blue-chip clients across Switzerland's major cities and globally.

With 25 years of industry experience, AP Executive has emerged as a global leader in wealth management recruitment, and expanded from Guernsey to Jersey, Nicosia, Limassol, London, Luxembourg, Geneva, Zurich and Singapore.

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.  

AP Executive’s new address is 7th floor, Tower 42, 25 Old Broad St, London EC2N 1HN. Telephone: +44 207 877 2300 (Main Line)  

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. 

With complicated red tape and ever changing government tax legislations, there is considerable pressure on companies to efficiently manage payroll lest they be subjected to substantial financial loss.

A recent survey by PwC highlighted that the world’s biggest companies end up losing between £10m and £30m a year due to payroll errors. The task of effectively executing payroll can be daunting for most companies, especially smaller businesses. Compliance with updated legislation as well as accurate assessment of the employee status is crucial. Furthermore, sophisticated software packages are required to streamline the process and maintain accurate employee records. All this put tremendous pressure on the in-house payroll department of a company, adding to the administrative cost and additional resources.

With more and more companies looking beyond the domestic boundaries for high-skilled professionals, the global nature of the payroll has added to the woes of smaller enterprises. The international nature of the modern workforces means employees’ worth has to be tracked across different tax regimes. PwC anticipates an increase in payroll mistakes and consequent losses as 89% of respondent companies plan to increase their foreign workers intake.

Payroll errors not just affect a business financially but also employee-employer relationship. Employee loyalty is greatly determined by how much he/she is satisfied with the remuneration. Approximately 35% of over 1,000 respondents expressed they would look for a new job if the company failed to pay them correctly, according to a research from Sage UK.

Formulating effective payroll is an integral part of a business, and influences a company’s reputation among existing and prospective employees. Therefore, minimising errors should be the top most priority of companies.

However, most companies fail to evaluate the importance of paying employees correctly until they face the brunt of audits and penalties. Often financial constraints deter companies from devoting due attention to in-house payroll activities. In fact, training staff to specifically deal with payroll functions is not always economically viable for smaller businesses, let alone maintaining an in-house payroll department.

This is where outsourcing can be a prudent business decision. A recent research from the Grant Thornton International Business Report (IBR) revealed that two in five business leaders globally either currently (or plan to) outsource back office functions; of which 36% are most likely to outsource HR and payroll services.

Outsourcing allows office staff to primarily concentrate on the core business areas, whilst leaving the complexities of payroll in charge of a professional payroll provider.
In addition to reducing the administrative burden, outsourcing payroll services significantly cuts down overhead expenditures. There is no need for investing in payroll software or staff training programs. Most importantly, the chances of being penalised for payroll errors are reduced to negligible – as payroll bureaux rely on expert knowledge and latest software to deal with accounting issues and frauds.

The need for strategic support for payroll operations as well as bolstering stronger employee loyalty, is driving companies both SME and large organisations to fully or partially outsource to a third-party vendor. By outsourcing payroll functions, companies can solely focus on activities that directly relate to their expertise, thus boosting productivity and nurturing business growth.

AP Executive 

AP Executive Payroll Services are fully complaint with local legislation relating to employment, social security and income tax. Our services are flexible and can be tailored to suit your business needs.

We offer a part- or fully managed payroll services in Guernsey, Jersey and Cyprus.

Our service includes:

• Income tax return
• Social security declarations
• Other payroll formalities
• Payment instructions
• Payroll reviews
• Management reporting
• Issuing & posting of pay slips, with breakdowns of salary details

If you are interested to know more about our payroll services, then get in touch with us now:

Guernsey Payroll Services +44 1481 715757
Jersey Payroll Services +44 1534 715757
Cyprus Payroll Services +357 22 817823
Email: info@apgroupglobal.com

As the first data exchange under the Common Reporting Standard (CRS) is due soon, financial institutions need to respond to the increased reporting pressures, whilst complying with the set parameters. Based on the USA’s tax law Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS) is the product of a global initiative involving 51 jurisdictions to facilitate efficient information exchange between jurisdictions and check tax avoidance.

Here is some advice on how the CRS can be turned into a “business opportunity” instead of an “administrative nightmare”, as it is widely perceived to be.

The Common Reporting Standard (CRS) is nearly upon us, and, quite surprisingly, it is approaching not with a bang, but a whimper. Whereas FATCA and EUSD were shouted from the rooftops, CRS seems to be creeping up with hardly a peep.

These initiatives involve governments obtaining information from their financial institutions and exchanging data automatically with other nations. Financial institutions (and other investment entities) will have significant additional reporting responsibilities, in order to disclose details of their account holders, with potential penalties for those unable or unwilling to comply fully.

Financial reporting will include all income and capital revenues, account balances, portfolio values etc, but whatever information is gathered, its impact is all dependent on the residency, or tax residency, of the individual(s) concerned.

To many Trust Directors, the ever increasing reporting requirements might seem like an additional chargeable administration that eats into WIP and bottom line figures; an additional support service such as compliance that reduces profit margins.

Perhaps though, this is not the way to view things. Depending on whether your glass is half full or half empty, this represents an opportunity to be pro active with your HNW clients.

Whilst many go about their annual review process as a tick box exercise to make sure due diligence and the like is in place, there is now an opportunity to re-assess your clients’ tax situation, and approach them to review their structures and their suitability for purpose. Could you streamline the whole administrative process for your biggest UHNW client? Could you win additional business from them as a result of your greater understanding of reporting requirements? Could you win business through referrals as a result of your pro-activeness?

With the correct guidance, the implementation of CRS could prove to be the biggest business development opportunity that has ever presented itself in many years.

At AP Executive, I am working with candidates having an in-depth subject matter expertise in the CRS and are well-equipped to deliver exceptional tax reporting service to clients.

*This article was written by Kieron Lambert, former Executive Consultant. 

Are you a senior level executive looking for your next career step? Then you need to be aware of the potential challenges ahead of you and how we can help you overcome these hurdles.

There is a general perception that higher the career ladder, easier it is to land a job. However, these days this conception no longer holds water. Whilst graduates are struggling in the job market due to lack of experience, senior executives also face challenges in their job search, however for different reasons.

Here we have highlighted some commonly experienced difficulties in executive level job search.  This is to help you understand the challenges that you may encounter when looking for the next career opportunity.

1.   Difficult to find C-level jobs
Senior executive jobs are becoming increasingly difficult to find - be it for internal recruitment or lack of advertisement. In such a scenario, job search can be time-consuming, complicated and frustrating. Although this may not always mean a dearth of senior level openings, finding a perfect job match for C-level skills set can be long and tedious.

2. Failure to get an entry
There are several gatekeepers to senior executive positions. This complicates the hiring process and hinders entry. The company’s Human resource team, too, may not be of any help; they mostly cater for the recruitment of junior to mid-level candidates. A strong network of contacts can prove helpful here, along with superior references and referrals. Whilst right contacts can fetch the dream job, considering the high position and work-load, networking for job remains a difficult task for most senior level executives.

3. Filling up vacancies through internal hiring
Most companies find it safer to consider internal candidates for senior level positions. Hiring someone from outside can be expensive and time-consuming; they rather opt for internal recruitment instead of investing resources in training a new employee. However, an internal candidate may not always perfectly match the job criteria, and then the company needs to look for a better qualified candidate from outside.

4. Compromise with remuneration
Senior level executives enjoy numerous benefits, including a hefty salary. However, you may have to compromise with the remuneration when looking for a new position. Accepting a pay cut may be a prudent decision, if you get matched with the right position and achieve career progression.

5. Tougher competition
Executive searches are far more complicated and intensely competitive than other job searches. Navigating through the fiercely competitive executive job market requires innovative strategies, thorough research and of course, patience. You need to set your professional goals right and market yourself accordingly to the relevant potential employers. 

6. Lost touch with interview skills 
Executive level candidates, after having spent years in an organization, come to a point when they seek a new opportunity or career change. But they may not have faced a job interview for years, and often they are not well-prepared for an executive level interview. Interview stage is the first point of face-to-face contact between the executive candidate and the company. As the job vacancy is of high-profile level, company would want the best to fill in that role.  Such powerful job positions usually attract multiple C-level candidates, so knowing the strategies to stand out from the crowd is crucial.

7. Not up-to-date with CV
– Often senior level jobseekers underestimate the importance of a professional CV. They let the CV gather dust, instead of keeping it updated and flawless at all times. In fact, they are fallible to similar mistakes which entry-level job seekers usually make.  An executive CV should showcase the unique ‘selling-points’ of the individual and be carefully tailored to the specific job position.

AP Executive with years of experience in executive job search is uniquely placed to assist you in taking the next big career step. Our extensive network of contacts and clients, unrivalled by other recruiters, puts us at the forefront of executive search in wealth management and legal services.

Understanding the executive recruitment market on this scale gives our consultants unrivalled knowledge to ensure your skills are matched with the perfect job, where you not only get job satisfaction but also career progression.

Our consultants adopt a candidate-friendly approach, and are always on hand to provide private confidential advice. We offer expert advice on preparing for executive level interview and polishing your resume, so that you can smoothly sail through the recruitment process.

We aim to maintain long-term relations with our candidates, and keep in touch even after recruitment. We make sure that you are happy with our service at all times.  

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.

An international specialist finance, banking and legal recruitment firm AP Executive is a division of AP Group which opened in 1990 and is celebrating its 25th year anniversary this month. Since its inception as a recruitment provider to financial service organisations in Guernsey, AP Executive has emerged as a leader in its field and expanded from Guernsey to Jersey, Nicosia, Limassol, London, Geneva, Zurich and Singapore, with a Cayman office to be opened in September.

The vision of the company was conceived by founder and CEO, Gina Le Prevost, a professionally qualified and experienced recruitment specialist. 

Gina Le Prevost said: “Reaching this massive milestone of 25 years hasn’t been without a lot of laughter but also with many tears too along the way.  For AP Group to still be operational is truly a major achievement by AP Group’s directors and staff and for that I thank them for their loyal support, hard work and having had their wits about them during the difficult economic downturn.”

Besides AP Executive, AP Group has three other divisions, namely AP GlobalEnergy (appointments in oil and gas sector), AP Personnel (junior to mid-level appointment in finance and commercial) and AP Technical (IT/Communication appointments), each providing specialist recruitment service to clients and job seekers. 

With an international reputation for its efficient, friendly and reliable recruitment services to both candidates and companies across the globe, AP Executive is the only truly ‘global’ recruitment firm to have been organically grown in the Channel Islands. It is also a member of the Recruitment and Employment Confederation (REC), reflecting its commitment to high professional and ethical standards.

However, the journey over 25 years, as Gina admits, has not always been a smooth one.

 “Particularly since 2008 the recruitment industry has seriously been at the coal face of major job losses caused by the worst global recession in 100 years.  The recruitment industry worldwide, along with many other industries, has battled through and suffered real hardship and pain, and difficult management decisions and job losses were made in order to survive”.

Nevertheless, Gina admits that it has been a “challenging experience and a steep business learning curve”, and with the hard work put in by all the employees, and the “economic conditions improving in more jurisdictions”, AP Group is seeing job market growth once again.

AP Executive has a strong global network of top professionals and reputed companies, and offers assistance with overseas recruitment of mid to senior level candidates in wealth management, trust, family office, funds and asset management, accountancy and legal sectors. The firm boasts of a team of highly dedicated and specialised recruitment consultants, and has an impressive track record of placing candidates at all levels of finance. They deal with more than 55 jurisdictions across the world.

Looking ahead to the future, Gina said: “I hope AP Group will continue to grow and our staff will continue to enjoy their work well into the next 25 years.”

She concludes: “I have exciting plans for AP Group’s future which we hope to implement in the not too distant future.  I am as enthusiastic for AP Group’s success as I was 25 years ago when the first office officially opened in Guernsey on 1 July 1990.  The beauty of business is that it doesn’t stand still, and with current social media affecting the way we think and the change in retirement laws, the recruitment world is still very exciting.”

Over the 25 years, AP Group and its specialist divisions have provided bespoke recruitment service to some of the leading international companies, and helped a number of high calibre candidates achieve their career goals.

While economies across the globe are slowly limping back from the massive credit crunch, the effects of recession, however, are still haunting some sectors such as trusts and funds. A leading recruitment consultancy AP Group has expressed concern over the shortage of experienced administrators in the trust and fund sectors. This shortage is a direct result of the recession that hit the global economy in 2008.  

AP Executive and AP Personnel, divisions of AP Group, have many years of experience in recruiting professionals in the wealth management and commercial sectors.   

Gina Le Prevost, CEO of AP Executive and AP Personnel, said: "Due to the lack of recruitment in trust and funds industries to employ and invest in junior staff caused by the downturn in 2008, this has now caused a shortage of experienced administrators. Since early 2015, we are noticing a recruitment upturn in the Channel Islands and other global locations which specialise in trust and fund professionals. However, companies specialising in these popular sectors are now struggling to find candidates qualified with the important 3 to 5 years' level of experience."   

This is one such area where the global economic crisis has had a lingering effect. To cap the costs, most organisations, during the economic crisis, abstained from recruiting graduates and junior to mid-level administrators. This in turn has made it difficult for employers to find suitable candidates with the requisite level of skills and knowledge base. Had there been recruitment of junior staff since 2008, they would now be qualified to take on the role of experienced administrators – which are in high demand at the moment.   

The current 3 to 5 years experience requirement means the candidates should normally also hold the professional qualifications like STEP (Society of Trust and Estate Practitioners) and/or ICSA (Institute of Chartered Secretaries and Administrators).　

It takes up to three years to complete these types of qualifications.   To fill this acute shortage, employers may have to consider candidates who do not hold work permit or local qualifications for these jobs but meet the required professional qualification and length of experience criteria.  

Gina Le Prevost continued: "Companies need support by the Guernsey and Jersey respective authorities to be able to employ non- locally qualified candidates if necessary, and strict work permits policies, which have been in place for so long now, should be more relaxed."   

She concluded: "Without companies being given more leeway with bringing in non-locals and if the numbers of jobs in specialist areas continue to increase in the islands, it is inevitable that salaries will need to rise in these industries. In fact, job seekers moving to the islands because of work offers would also improve the Guernsey and Jersey sluggish housing markets, which both islands are currently experiencing." However, for employees it is an encouraging trend as the job market is becoming more buoyant particularly in wealth management industries.

She said: "We are now in an ‘employees’ job market which is going to become a ‘fast track in gaining experience and professional qualifications’ for job seekers looking to get into funds and trust." 

AP Executive, the global recruitment specialists in wealth management, trust, fiduciary and family office, have opened an office in Singapore to service its blue chip clients in Asia.

The new regional base enables AP Executive to enhance the level of services provided to clients in Singapore, Asia and internationally. Already well established in London, Guernsey, Jersey, Switzerland and Cyprus, AP Executive is the recruitment partner of choice for firms looking to hire talent and to professionals seeking a new career.  AP Executive services clients and mid management to executive board level candidates in more than 55 jurisdictions globally. 

Heading up the new Asia office is Clarence Lai who is a Singaporean national. He brings with him a proven history in successful management experience within the Singapore market place.  AP Executive CEO, Gina Le Prevost says:

“Clarence has the drive, loyalty and commitment to succeed.   I am delighted to be closely working with Clarence so we can continue to build AP Executive’s global reputation and recruitment reach - to ensure our valued clients continue to work with AP Executive as their first and only choice in securing the right professionals for their global businesses.  Clarence will also be further developing our portfolio of clients and candidates within Asia”.

Clarence says: “Wealth management recruitment is an exciting industry to be involved in and I am delighted to have joined AP Executive and be responsible in the company’s development into Asia and to be able to build the brand name even further.  This is an exciting career phase for me’.

Singapore by far is the most popular city to work in Asia and on a global scale stands close to London and New York. Furthermore, the attractive tax system, economic stability and favourable policies, high-class infrastructure as well as location places Singapore at the forefront of business in Asia. In essence Singapore is an attractive place for businesses because it has all the financial benefits of an offshore location with all the infrastructure and support that major on-shore financial centres like London and Wall Street can offer. The setting makes this one of the premier jurisdictions for wealth management, family office, trust and other financial services sectors. 

AP Executive was developed in the 90’s in Guernsey as an offshoot division of AP Group and has since grown to become the largest division of AP Group.  The Channel Islands are known as one of the world’s key financial centres particularly for trust and fiduciary and so it was a natural progression to develop AP Executives recruitment expertise of this industry into other regions.  ‘The trust, fiduciary, family office and wealth management industry, has given us a leading edge when expanding globally, enabling AP Executive to exceed expectations internationally.  We have developed internationally over the years as our clients have done.’ says Gina.   

With the Asian market place expanding broadly into the world’s financial and economic markets, AP Executives new office in Singapore comes at a more compelling time for companies looking to expand and grow. We have been placing professional candidates on an international level for more than 24 years, and have helped many individuals with the opportunity to broaden their expertise and to live and work in new and interesting locations. We have also assisted many clients to expand their operations and find them the key staff in the locations they have opened in.  We believe that our new operation in Asia is providing the idealistic opportunity for further growth for our clients and for our candidates. 

How has your 2014 begun and your outlook for the rest of the year.

It has been a busy start to 2014 in contrast to a quiet run up to Christmas. Candidates are renewing searches as the New Year brings with it a desire for change and new opportunities. The majority of clients are busy with the 'review' and 'bonus' period coming up. I expect it to get even busier from March onwards.
It will be interesting to see how the recent Swiss vote to limit the flow of workers across its borders will impact our recruitment business, with a number of international and European candidates still seeking an entry into Switzerland the future of finance recruitment in Zurich may prove a tough market!

What are your key/top executive search business areas at the moment?

At present compliance and risk are certainly key areas. Wealth management continues to offer some interesting opportunities whilst Trust is definitely in decline. We currently have some interesting openings for business developers but clients are very demanding and targets are high in the majority of cases. In Asia the Trust market is very active, corporate trust in particular.

What are the 5 top sought after skills?

1. Language skills - Multilingual candidates are very sought after
2. Good presentation and communications skills - the ability to articulate and express yourself clearly and confidently
3. Team spirit - clients want a candidate that will fit in well, someone who has the ability to work well with colleagues, managers, subordinates etc
4. Motivation - A good positive attitude and a will to succeed, motivation to grow and work hard to ensure success
5. Adaptability and Flexibility - 'That's not in my job description' is a phrase that doesn't wash well with most employers

What is your top advice to candidates in today's market?

Patience! The process of finding the right role takes time.
Ensure your CV is up to date and includes all relevant information about prior experience, qualifications etc. Be open to ideas and flexible with regard to your expectations. When it comes to interview stage preparation is key. It is a very competitive market right now and clients demand the best. Ensure you understand the requirements, the nature of the business and what is expected of you. Research as much as possible so that you are prepared for all eventualities that may arise.

Describe your perfect job seeker

A good communicator is important for me. Someone who will call back and return emails and keep me informed of ongoing proceedings. Particularly when interviews have been arranged. Good experience combined with good qualifications are essential but also a good personality and a good attitude will help to ensure the candidate is remembered when that all important role lands on my desk.

Any additional comments

Switzerland is an attractive jurisdiction being centrally placed in Europe and amenable to a number of European countries.  It has an excellent work life balance and plenty to do for professionals and those with families.

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.

Bright spots

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.

AP Executive has moved into new offices as of 18 January 2013. The new address is Office Nr 102, Yiota Court, Arch Makarious 134, Limassol, Cyprus.

With the newly established accounts department in Cyprus, there was a clear need for more efficient and larger office. The office which is based in a central location is welcoming for new and existing clients and candidates, and we have more room to build on our team of recruitment consultants in Cyprus.

Along with the office in Nicosia, the new accommodation in Limassol enables AP Executive to provide the best of services to its clients.

If you would like to register with AP Executive , or have a vacancy that need to be filled please contact one of our industry specialised consultants in Limassol on (+357) 25 730399 or email cyprus@ap-executive.com.

The company was originally established in Channel Islands in 1990 and first opened an office in Cyprus in 2004. With in-depth knowledge of the onshore and offshore markets and an unparalleled international network, our team of experienced consultants are able to deliver a seamless and comprehensive recruitment solution, providing a bespoke and confidential service to our clients. AP Executive, established globally in 1999, specialises in sourcing local and international candidates for management, board level and executive positions in the financial services and legal sectors. 

AP Executive have just recently opened a new office in Asia, adding to its existing network of offices across the globe.

AP Technical specialist in IT, Multi Media and Telecoms recruitment from junior to senior management and board level, both locally and internationally has also moved in the new premises.

The recession that spawned from the financial crisis of 2008 was quite severe and the effects were felt in every corner of the globe. Even China, which still has a strong export market for consumer and electrical goods, suffered a 'growth recession' because of the domino effect on international trading and nations' restricted finances.

Guernsey has had an established financial and legal presence for over 40 years and whilst the recession did stunt growth somewhat, it is beginning to resurrect. The legal profession has been the least affected.  Guernsey is now considered as one of the most modern in terms of its legislation and regulation, which has made it an attractive proposal for new businesses. Due to these legislations, regulations and new businesses such as boutique fund administrators; the legal field is continuing to develop and there has been an influx of newly qualified professionals from commonwealth nations that are establishing themselves in the legal and financial fields. Whilst the banking sector has stagnated on a global scale, Guernsey's appears to be making a resurgence, much more so than other countries in the European region.

AP Group was founded in Guernsey over 21 years ago and we have since established a formidable reputation both inside and outside the Channel Islands. It gave us the foundations for our worldwide expansion and many other businesses are beginning to establish themselves in Guernsey after realising the economic potential of the island. With a new demand for legal jobs, AP Executive is providing many opportunities for junior and senior associates to establish themselves in some of the largest finance and legal businesses in the Channel Islands. Working with these major clients will give successful applicants the top-level experience they need to ignite their careers. Our recruitment team is extremely knowledgeable and considered as one of the top off-shore legal recruitment firms. We offer a fantastic range of roles such as lawyers, accountants, investment bankers and finance specialists for newly qualified professionals and more senior executives.

We present the best option for legal professionals who are looking to separate themselves from the restraints of their current job, and find a career path which will continue to challenge them and ultimately lead to success. Our Guernsey operation delivers excellent guidance and mentorship for people who are looking to define their career path, with goal orientated development and the potential to move into established senior roles and even roles abroad. Moving into a new working environment can be crucial for career development, and it will exemplify your ability to adapt and succeed in different surroundings.

Outside of working life, Guernsey offers a fantastic summer climate and gorgeous rural scenery, surrounded by the Atlantic Ocean.  Furthermore, you are only a short distance from France, perfect for a brief holiday in the summer or skiing in the winter. Guernsey has a universal tax rate which matches the UK's lowest bracket. So, as your career progresses and you are financially rewarded for your hard work you will get the opportunity to save and invest more of your salary.

AP Executive specialises in recruiting talented individuals with strong backgrounds in the legal and financial fields, but our worldwide network enables us to source jobs in other sectors too. We welcome all qualified and experienced candidates to apply for our roles, including people from commonwealth nations who have current knowledge of the UK legal and financial systems.

If the economic downturn has finally affected you - you're out of work and you have to get out there and find a new opportunity for yourself - how do you start?

There's lots of advice available on how to find a new job - but all of it was written before the daily meltdowns we've recently experienced.  Back in 2007, people believed in the banks, Lehman Brothers was viable, RBS wasn't owned by the government and people didn't question bonuses being paid to high-flying executives.  But now it's a new world. If you want to differentiate yourself from other executives looking for their next leadership position, you have to ask yourself "What should I be doing differently in this new world to find my next career opportunity?"

The hard fact is that although the skills, talents and abilities that helped us find our last opportunity continue to be the strength and drawing card in finding our next opportunity - it's going to take more than that to land that new position in today's economy.

To begin with, you'll need to assess yourself - coldly - the way someone else would do if they were considering whether you were the one to lead their organization out of the darkness.  We rarely take the time to step back to do a frank and critical assessment of our own gifts and talents while we're gainfully employed and enjoying our careers - were all to busy trying to get the work done! If you're in a position to take a break from daily deadlines, reconnect with people whose opinion you value.  Ask them to honestly share with you what they believe to be your strongest skills and attributes.

Use this information to begin to create "The Portfolio of You". This will eventually include a well-written and thorough CV that should be reviewed and evaluated for every role you present "You" for.

Do your research; understand where your skills and attributes can best be used, both in your current role, but also in similar positions.  You can cast the net wider but be careful about stretching your "transferrable" skills.  Be realistic and remember that companies are looking for leaders who can solve problems right away, not "on the job learners".

Getting the product portfolio of "You" together, understanding your own unique features and the benefits you offer lays the groundwork for what's ahead.

Now comes the really hard work!

Networking

Do it. Get on the phone.  Call people.  Talk to them.  Keep moving.  Don't stop.  Sounds simple?  It is.  With this piece of advice I'm giving away the major competitive advantage of the Executive Search industry - because that's what we do! However, this can be applied to any industry. Nothing is more effective than getting on the phone and having focused and directed conversations with meaningful people.

But understand this.  Right now everybody is networking!  Given the times, the people you are calling have probably been called by other "You's" looking for work. You have competition!

In business, when you have competition you plan, you think, you strategize - so do the same now!  You may be unemployed but you're still in business - and you're definitely in competition.

Approach each conversation from the perspective of adding value to both sides. Your stated objective might be to review a compelling business idea, to share what's worked in your search to date, or to gain their help in researching what's next for you, but giving your contact a reason to see and refer you is important.  Take time in the conversation to ask about their needs - ask them how you can help them in their current role or in gaining an advantage in their business and offer whatever assistance or resources you can.  In this way you'll build a mutually beneficial relationship that will last for years and provide value to both of you on an ongoing basis.

The Digital Age - Social Networking and whatever's next

It is truly a different world than it was, oh, say two years ago! Yes it's still about people, and about talking to everyone you have ever met and known but now, technology has made this easier - or has it? Now we have "Social Networking" tools like LinkedIn, Facebook and Twitter.  Blogs, RSS Feeds and many others allow you to reconnect with individuals you have lost track of, or find that ever elusive name you just can't find and get up to date with whatever they're into now - BUT!  They don't take the place of having an actual relationship with these people.  You can use these tools for research purposes, but if you expect a real person to take a real interest in your situation - get on the phone, set up a face-to-face meeting and get real with that person.

And one more thing.  There's been a lot of press over the last few years about employers scouring the net to find scary or inappropriate details about candidates' past or present on social networking sites like Facebook and others.  To a certain extent this is true, but privacy laws in the UK, Europe and worldwide have begun to offer a bit of protection.  A few years ago the candidate management software that many major employers and search firms use to store your CV, phone numbers, email addresses and notes from the meetings with you also included sophisticated tools that automatically searched the web looking for your personal web pages, Facebook tags, blog entries etc. and then added direct links to them in our files.  We didn't have to go looking for this information anymore - it was automatically delivered to us!  In the last four years these features have been removed from most commercial recruitment database tools but, those of us who are familiar with performing detailed web searches can still turn up an extraordinary amount of personal data.  It's all there for us to see, so make sure that what EVER you put on the web isFit for Potential Employer Consumption!

Dealing with me - the Executive Search Consultant

First of all - identify several Executive Search professionals with active practices in your area of interest and target each of them with a specific and focused message.  Send an email discussing briefly what your background is and what your search objectives are.  Ask if they would be willing to speak to you about your search strategy.  Attach your CV, then follow up with a phone call.  If you call with a specific purpose, other than "Do you have a position for me?", search consultants will be less likely to dismiss you and will spend time with you.

Remember that these meetings are part of your over all networking process - so just as you would with any other meeting, make sure you bring something to the table.  Having something to offer means you're just not asking for a favour - you're looking to build an ongoing, mutually beneficial relationship. Ask the Search Professional about their practice area.  Offer information that might be of value, or to introduce them to key people in the sector.  Ask how you can help them with their current assignments. You have your own network to offer up and this makes you a valuable member of theirs.

Follow up with them periodically.  Advise them if there are significant developments in your search, changes in your status or your contact information.  Bring them new, relevant information when you receive it, so that you continue to add value to the relationship.

Fish where the fishing is good!

Change is constant in business just as it is in life, and the skills and talents that are most in demand today might be different from the last time you sought a new position.  Your dream may have been to find your next role in Trust, Fund Administration or Real Estate but the reality of today's world is that those sectors are not growing as fast as they did in the past. It is always easier to fish in a stocked pond so, in today's world you need to examine how your "gifts" will best fit in industries that are growing such as Investment Management, Private Banking and the commercial sector which is supported by a number of government sponsored initiatives and more. Understanding how your particular skills can be directly applied within these sectors is critical to making a successful transition.

Your Objective - Interviews

Ultimately, successful networking and search campaign will begin to achieve your objective - interviews.  Each time you have the opportunity to sit down with someone to discuss an opportunity for you to add value to their organization, be prepared!

Research the company - read their annual & quarterly reports and news releases.  More than likely, they're available on their websites.  Use search engines like Google to learn more.  See if there are blogs by executives, past or present employees or users.  Learn all you can about the company's structure, plans, opportunities, challenges and how you can apply you skills and talents to the company. It is often the simplest of things that make the difference. Remember when your mum told you that you only get one chance to make a first impression - it's true! It starts with the impression you make on the Receptionist with your first call, your contact's Administrative Assistants, whomever you meet! Everyone has influence in the process.

After the interview:

Ask yourself honestly, "How did the meeting go?", "What would I do differently next time? What can I improve upon?", "Did I add any value to the other person's day".

Remember - as a great philosopher once said, "Feedback is a gift!", so if you're the only person who can evaluate the success of the interview, be honest with yourself and make positive changes for the next time.

Follow up

In this world of electronic communications an email is expected as a thank you. A hand-written note or card exceeds expectations.

And Finally

Remember that 6 months ago you may have been the best talent out of a field of 100 people.  Today the field is larger you might be the best out of 1000 potential candidates. It has become more difficult for great employers to find you.  You can make their process easier by utilizing focused and effective networking techniques.

Add the right contacts, a great CV, superior references and you will have everything you need to find employment in one of the most competitive markets in decades.

The Confederation of British Industry (CBI) has called for action to be taken in order to increase the number of women on British boards, news which may interest those in finance jobs.

One way to tackle the under-representation of females would be for the UK to revise the Corporate Governance Code to require companies to explain their diversity policies if they are not hiring enough women.

According to the body, a similar scheme due to be introduced in Australia next year has already seen a sharp increase in the number of female board appointments.

"What is needed is cultural change, not quotas, ratios or tokenism," said the CBI's president Helen Alexander.

She added that was why a flexible system is needed to allow organisations to set realistic targets for their businesses.

Figures released last month by the Cranfield School of Management revealed just one in eight members of the boards of the UK's top 100 companies were women.

Managers of people in trust jobs may be among those that a new study has found are concerned about a shortage of talent over the coming months.

According to the Chartered Management Institute's Future Forecast report, almost half of bosses are expecting further redundancies in 2011, with 43 per cent believing their organisation does not have the right staff to meet its goals for the year.

Nearly six out of ten who were worried about missing objectives cited skill shortages as the primary reason, with 45 per cent placing the blame on poor morale in the company and 44 per cent attributing their pessimism to a lack of adequate leadership.

Those in the public sector were the least confident for the future, with 86 per cent expecting employees to be laid off in the next 12 months and 60 per cent facing an uncertain future themselves.

It was claimed last month by the forum of Private Businesses that a lack of overseas talent due to the government's new migrant cap could force businesses abroad as they hunt for highly skilled workers.

Executives in sectors such as banking jobs may be interested in a new survey that revealed decision-makers have suggested replacing 20 per cent of company directors in order to foster a culture of innovation within companies.

Personnel Today reports the study, conducted by Alexander Mann Solutions, also suggested successful businesses should replace one in eight middle managers and ten per cent of graduate recruits.

Chief executive of the group Rosaleen Blair was quoted as saying: "If human resources is to help drive this culture of innovation, we will need to see organisations taking a genuinely strategic approach to talent."

She advised enterprises needed to move beyond "production-line" style recruitment and prioritise bringing in the best and brightest talent as part of a long-term strategy.

Over a third of respondents to the survey considered recruitment to be a driving factor in encouraging innovation, while over half thought it helped to enable new ideas.

The news comes shortly after research by PwC found almost a third of companies are intending to hire more new staff this year.

Guernsey has a reputation as a safe and secure jurisdiction, offering robust corporate governance, innovative wealth management solutions and the professional expertise of some of the most highly regarded people in the industry, the island has managed to weather the economic storm better than most.

So how exactly has the island faired over the past twelve months?

2009 saw many firms constrained by headcount freezes, often driven out by head offices as a result of adverse conditions affecting their businesses on a global scale. Those that were still able to recruit often did so cautiously, resulting in a recruitment process that could take many months to complete. This, coupled with a wider sense of unease and uncertainty amongst candidates, as well as employers, made for testing times.

The contrast between then and now is thankfully marked. Headcount freezes have, in the main, been lifted and there is a positive sense of optimism amongst recruiters and candidates. Whilst there have been some high-profile corporate casualties, there are also major players putting Guernsey at the very forefront of their global business strategy, and are rapidly establishing the island as the hub of their wealth management business across the whole EMEA region.

The outlook for smaller, locally-based, independent firms would also appear optimistic. There are certainly challenges to be faced, such as keeping pace with ever increasing operating costs and the demands for increased corporate governance and compliance. However the ability to remain nimble and pro active, delivering innovative, bespoke solutions to ever more demanding clients, at a time when bigger firms are often weighed down by greater levels of bureaucracy, can give these firms a vital competitive edge.

Conveniently located and combining a world class business infrastructure with a genuinely cosmopolitan and highly attractive standard of living sees Guernsey continuing to attract high profile businesses and individuals to its shores. Last year saw the likes of Terra Firma boss Guy Hands take up residence here and this year has seen  Formula 1 world champion Jenson Button choose the island as his primary residence. We are also seeing an increase in high profile hedge funds also relocating their operations to Guernsey.

For these individuals and businesses Guernsey does appear to tick all the right boxes. However, whilst its ranking in global financial centre league tables remains strong, the island’s government and leading industry figures continue to raise awareness and forge greater links with emerging markets. At the same time the commitment to greater tax transparency and the preservation of the island’s competitiveness, whilst satisfying its EU neighbours, remains a top priority.

Guernsey has now signed a total of 17 TIEAs (tax information exchange agreements). The latest being with Greece. There are also further agreements likely to be signed over the coming months.

In recognition of the Far East’s rapid rise to prominence, Guernsey has also been strengthening its relationship with key figures in the region. Events such as the recent visit to Beijing and Shanghai by Guernsey Finance Chief Executive Peter Niven, the Island’s Chief Minister Lyndon Trott and the Lord Major of the City of London are becoming increasingly commonplace.

Looking ahead, next February’s ‘Future of Trusts’ conference, featuring key international speakers from the UK, Switzerland, China and India and covering such hot topics as Indian Wealth, Chinese Private Clients and Sharia Law, will only further enhance Guernsey’s reputation as a cutting edge wealth management jurisdiction.

So for professionals investigating employment opportunities on the island, how are things shaping up?

With responsibilities to the island that extend beyond safeguarding the interests of individual organisations, the government of Guernsey continues to regulate the influx of non-locally qualified workers into the island’s financial sector. Therefore before firms can look to apply for the necessary permits to recruit off-island, they do need to provide sufficient evidence that they have made every reasonable attempt to recruit a local candidate.

There are however still some great opportunities for exceptional international candidates, who can bring with them a high level of experience and relevant expertise. Salaries remain competitive in the global offshore market and other contributing factors, such as the island’s 20% maximum rate of personal income tax, extremely safe and secure environment and attractive quality of life means that Guernsey is often at, or near the top of our candidates’ wish list of jurisdictions.

With wealth management professionals becoming increasingly mobile, we are also seeing an increase in expats looking to return to Guernsey. Over the past year AP Executive has placed a number of high profile returnees with firms on the island. The fact that these professionals, who have spent a number of years in other jurisdictions building their careers and are at the very top of their game, are choosing to return to the island now, is an excellent testament to the esteem in which the island is held in the international community and to the employment opportunities that currently exist here.

Mike Bonsall,

Mike Bonsall is a Manager for AP Executive, a specialist global private wealth management consultancy.

For further information email mike.bonsall@ap-executive.com

South East Asia – tropical countries with excellent beaches, sunshine and friendly people, is the destination for expat professionals.

Under the economic crisis, while the US and European countries were deeply indulged in the recession, fortunes of Middle East have dropped, the economy of all Southeast Asia countries is still growing steadily. The growth of high-net-worth individuals from the new wealthy generations in the area really allures expat private client professionals.

At the top of the list, Singapore claimed the title of fastest-growing economy in the world, with GDP growth of 17.9% in the fist half of 2010. Playing a key role in the international trade and finance, Singapore has been an attractive region to expat professionals as the world’s fourth leading financial centre and a cosmopolitan city. It is a small country with a modern infrastructure and convenient transportation. English is the official language in Singapore and 42% of its population are foreigners who work and study there.  With a high rate of Western employees, it makes the country to be a very interesting mix of Western and Eastern cultures. According to a Western lawyer, when he first arrived in Singapore he had no culture shock at all, and enjoyed discovering the Eastern way of life.

The living standard in Singapore is very high. It is a clean and safe country with strict legislation. Expat professionals enjoy highly competitive remuneration packages, reasonable living cost with excellent medical care, affordable accommodation and advanced education system with international schools and universities. One expat private client professional, relocated to Singapore with two teenagers, expressed his satisfaction of his two children learning at an international school, at total expense of USD 15,000 per year per child. And the children were very excited about the year-round summer climate.

In 2009, after several European governments applied high income tax and legislation against tax haven, Singapore rose to be a wonderful booking centre of the world besides Switzerland. As an example, Standard Chartered Private Bank is hiring 300 private bankers from now until 2013. It makes Singapore continue to be one of the most promising regions for expat private client professionals. However, during the post downturn, when unemployment rate in the US and Europe is still high, many wealth management professionals consider Singapore for their career move, making the job market and package more competitive than ever.

Besides Singapore, Brunei is also classified as a developed country in Southeast Asia. This small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Brunei is well-known for crude oil and natural gas production. This too is a very attractive element for wealth management professionals to look at.

Malaysia is a relatively open state – oriented and newly industrialised market economy. Malaysia is an exporter of natural and agricultural resources, with most valuable exported resource being petroleum. Recently, Malaysia’s economy became less dependent on exported goods but instead an increasing tourism. As a result, tourism has become Malaysia’s third largest source of income from foreign exchange and Malaysia has developed itself into a centre of Islamic banking. Since the religion of most of the population in Malaysia is Islam, it may be a challenging for some to understand and integrate in the culture. The medical care is also well developed in Malaysia and living cost there is low, so expats can enjoy the full value of the remuneration package.

Philippines is a newly industrialized country. After the World War Two it was regarded as the second wealthiest in Asia next to Japan but the Asian financial crisis in 1997 affected the economy badly and made the fall of the stock market. And the result of it still dragged on until today when income of 45% of the population is less than 2USD per day. However, expat professionals feel very comfortable with Makati City, the country’s financial centre. It is modern, complies with international standards and very convenient to live and work in.

Indonesia relies on its natural resources and agricultural export. The economy was heavily hit by the Asian financial crisis in the late ninety’s but has been less affected by the recent global recession. However, Indonesia is famous with its nice beaches like Bali and its services. There is no doubt that expats enjoy the high standards of living and integrating with the local community.

Thailand too has an emerging economy. It has been a very attractive place for professionals to live and work for many years. Individuals can afford property, easily commute to work and enjoy life on some of the most beautiful beaches of the world. The medical care and international schools are up to a global standard too. Even though, the recent politic turbulence affected Thailand in a great deal, in general it is still a very attractive place.

Vietnam is known to have won a few wars. Although, the wars destroyed the country and its economy, it has made a significant recovery. After the reform in 1986, the economy of Vietnam has achieved significantly high and stable growth rate. Although the country is still very poor, the affluent demographic is still growing very fast. Recently, as a proof, Citibank has expanded its wealth management network in Vietnam with the opening of a new branch of Citigold hub in Hanoi to target the affluent individuals. The living cost and living standard there is very low, but individuals are respected and treated well in the country, they enjoy the wet rice culture and a value of competitive remunerations.

In general, despite a freeze of graduate hiring in the UK and Europe, the recruitment still continues in Southeast Asia, especially in Singapore. This is a result of both domestic wealth creation and support of new taxes and regulations from certain western governments which are against tax havens.

With much redundancy in international markets, talents are available in certain sectors. However, there is still a lack of true talent supply, especially in private banking where almost all the banks are looking for the seasoned relationship managers with proven track records.

The article was written by Thuy Nguyen, a Former Recruitment Consultant for AP Executive, a specialist global private wealth management consultancy.

AP Executive will be closed for business on the following days over the holiday period.

I'm an Executive Search Consultant and as such, I spend about a third of my time searching for well-qualified people to match my clients' vacancies.  Another third of my time is spent with those clients, learning about their organizations in order to develop as deep an understanding about their corporate culture as possible.  The final third is spent counselingandadvising people whoarelooking forwork- whether currently employed, the product of a redundancy or have experienced other job loss. 

Over the ten years I've been in the business I've made some interesting observations.  Among them is this one:  the "Psychological Contract" has changed!  The Psychological Contact is a well-known theory in HR management that describes the unwritten agreement or commitment between employer and employee. According to Wikipedia, "apsychological contractrepresents the mutual beliefs, perceptions, and informal obligations between an employer and an employee. It sets the dynamics for the relationship and defines the detailed practicality of the work to be done. During the recruitment process, the employer and interviewee will discuss what they each can offer in the prospective relationship. If agreement is reached, most employers will impose a standard form contract, leaving the detail of the employee's duties to be clarified "on the job". But some of the initial statements, no matter how informal and imprecise, may later be remembered as promises and give rise to expectations."

But things are changing.  I tell candidates that generations ago, we were accustomed to having schools, government,andour employersplanout our livesandlookout for our best interests. These assumptions were so pervasive in society that skepticsandparanoids began echoing the Orwellian decree, "Big Brother is watching you!"

Well, nowadays, not only is Big Brother not watching you, he's quite preoccupied with his own problems!

Employers used to plan career paths for their employees, providing them with training and development opportunities and focusing on promoting from within. Up until the late 1980s, loyalty was the best attribute an employee could offer in addition to a strong skill set. It wasn't unusual for a person to spend 20 or 30 years, or even their whole career with the same company.

But we now live in an age where society expects us to take much more responsibility for our own lives than ever before. This is why you must train yourself to be a career-minded person: someone who's constantly evaluating their current job situation against their career goals; someone who's en route to meeting their career objectives by making mid-course adjustments along the way. Being career-minded is not a mindset; it's a way of life.

As a recruiter, it's my job to evaluate people to see if they're right for the roles my clients ask me to fill. I interview between 500 and 750 people a year, so I have a great perspective on the candidate marketplace. Many of the people I meet have the qualifications my clients are asking for, but they hire me to give them more than that. They want potential superstars: people who will fit the culture of the organization; people who are always thinking about success - people who are career-minded.

Here are four easy ways to become a more career-minded person:

1. Take responsibility for your own career by having a plan.

If you don't know where you're going, you're never going to get there. Career-minded people have an idea of what they'd like to be doing or where they'd like to be professionally five years from now. Setting goals today helps you figure out what you ought to be doing tomorrow to achieve them. Review your career history to determine what's missing from your personal portfolio to be qualified for the job you want in the future.

2. Maintain the "always-on" job search.

Career-minded people always think about winning their next role. This doesn't mean you're distracted in your current job or disloyal to your current employer, but you've got to constantly assess the value of the work you're doing in terms of its ability to prepare you for bigger and better things in the workplace. Question whether your current job is taking you in the right direction, or if it's taking you towards a dead end. Also, keep your CV up-to-date and circulate it to people for their feedback. Your goal is to remain top-of-mind whenever a lucrative job opportunity comes along.

3. Work with recruiters to manage your career.

Career-minded people will work with a few well-chosen recruiters. They're the ones who will take interest in your plans and be your best long-term career allies. Select recruiters that specialize in your specific job market and are interested in developing long-term relationships with the best prospective candidates in their field of expertise. Most recruiters are "mandate driven," and the faster they can fill roles assigned by their clients, the better. So, sit down with them and market yourself beyond your CV - they know a candidate's CV only tells half the story, anyway. Be candid about your professional goals and objectives, too. This way, recruiters can recommend you to clients for roles consistent with your long-term plans.

Also, touch base with your recruiter regularly. Let them know when you move homes or change jobs so they always have your latest contact information. Call them when you're considering a new job offer or a promotion and use them as a sounding board to confirm that the move is consistent with your plan.

4. Engage in "CONTEXTUAL" networking.

Whether it's through industry associations, volunteer board commitments, or social events, networking is the best way for career-minded people to get engaged with their business community and initiate mutually beneficial relationships with their peers. The advantages of networking are endless, and go beyond simply meeting new people and passing out your business card. For example, networking events are a way to learn about other people's success: how did they get where they are now, and what was their career strategy? They're also a way for you to rub shoulders with potential employers and make lasting impressions on decision-makers in your field. After all, some of the best jobs are obtained through positive referrals from people you meet at networking events.

Gone are the days where you could rely on other people to map out your career for you. Now, it's all about strategically planning your own professional future and packaging yourself as a career-minded individual with tangible and desirable skills on the job market. After all, this is your career: you own it, you shape it, and only you can control it.

Forget Big Brother. It's time for you to make your own breaks!

This article was written by Hugh Munro, Former Manager, AP Executive, Jersey

As a Gold sponsor, AP Executive is pleased to present 'FiduciaryFuture Cyprus 2012' taking place at Hilton Park, Nicosia, Cyprus on 31 October -1 November.

The conference aims to look into the future and provide some avenues of opportunity and optimism to the wider fiduciary and CSP sector and is titled 'Navigating the winds of a Changing New World'. 

The seminars will focus on three main areas that are of current relevance and importance:

•        Tax, Legal and the Economy
•        Future of Banking and Financial Services
•        Emerging Opportunities

Why attend FiduciaryFuture

•       Conference corresponds to 8 units of Continuous Professional Development
•        Distinguished local and international panel of speakers
•        Analysis and future looking commentary on key industry issues
•        Expert advice on China from leading Chinese practitioners 
•        Presentation of new areas of opportunity for the sector
•        International delegates from China, Malta and other markets
•        Exciting new conference format with more interaction and networking

Who is FiduciaryFuture for

•        Lawyers
•        Auditors / Accountants
•        Fiduciary Providers
•        Bankers
•        Insurers
•        Fund Managers
•        Government Officials

For more information:

www.fiduciaryfuture.com

Date & Time:              Tuesday 4 September, from 12pm-1pm

Speaker:                     Anthony Beckett, AML Course Director from ICA

Venue:                         Jersey International Business School

In light of the recent exposure of banking activities around the world, and even more so with the recent US probe in to Iranian money laundering, training is especially relevant for being able to stay at the top of the game when managing wealth and setting up risk frameworks.

Anthony Beckett, Anti-Money Laundering Course Director at the International Compliance Association, will be in Jersey on Tuesday 4 September to discuss the following qualifications:

• ICA International Advanced Certificate in AML (6 months duration)

This intermediate qualification is suitable for those relatively new to an AML role or those wishing to begin a career in this area. The course covers the legal and regulatory framework, the role of the AML professional and customer due diligence (CDD) in practice.

• ICA International Diploma in AML (9months duration)

This graduate level qualification is aimed at those already working in an AML role who wishes to further enhance their knowledge and skills. Students will learn about AML strategies and vulnerabilities as well as how to design an effective framework.

Date & Time:               Monday 3 September, from 12.30pm-1.30pm

Venue:                                     Jersey International Business School

The JFSC's Review of Financial Advise (RFA) proposes that all retail investment advisers should comply with the new requirements to hold a minimum Level 4 qualification by the end of 2013.

Politicians and regulators are keen to protect consumers, and so the RFA/RDR will ensure that there is a complete overhaul on how investment product advice is given, along with ensuring a clearer regulation over pricing structure. Since time is moving along quite quickly, and some of the qualifications take 12 months to complete, the pressure is now on for students and so time is of the essence to learn more about the available qualifications.

Chris Usher, Senior Lecturer will be discussing the following qualifications:

• CISI Investment Advice Diploma (IAD), Level 4 - starts 17 September
• CISI Private Client Investment Advice & Management (PCIAM) Level 6 - starts 17 September
• CISI Masters in Wealth Management, Level 7 - starts 21 September
• *Chartered Financial Analyst (CFA), Masters Level 7 - starts 15 October

* This will be the first time that the CFA has been taught in Jersey and it is the type of qualification that allows individuals to differentiate themselves in an increasingly global jobs market.

The Business School's recent cohort of students who sat the CISI Private Client Investment Advice & Management (PCIAM) exceeded all expectations by producing a 93% pass rate. This is unheard of with respect to this Level 6 qualification and there was also one distinction and four merits from within the group of 14 students.

Joel Graves, Assistant Vice-President, Wealth and Investment Management at Barclays, is the student who achieved the distinction and comments,

"I thoroughly enjoyed the course; Chris was informative and professional and really helped me to focus on the techniques required to be successful in the exam. I particularly liked the "Think Tank" type approach to group work that was undertaken in the sessions. It was extremely beneficial to openly discuss the exam questions and syllabus with a knowledgeable tutor and with the rest of the class, it reinforced my understanding as I managed to get different people's viewpoints"

To reserve your place at the briefing session contact Gemma Renfrey on 816338 or email gemmarenfrey@jerseyibs.com

AP Executive, the global specialist recruitment division of AP Group has opened a new office in Limassol, Cyprus. Servicing the wealth management, trust, fiduciary and family office sectors, AP Executive opened its first Cyprus office in Nicosia and have been recruiting in the region since 2004. The new office demonstrates company's determination to establish itself as an integral part of the business community in Cyprus and internationally.

The office, situated centrally in Vanezis Business Center, enables AP Executive to provide the best of services to its clients.

The expansion followed an office move in Guernsey where the recruitment agency for senior level executives was established in 1990. AP Executive also has offices in Jersey, London, Geneva and Zurich, from our experienced professional consultants cover senior level hires in more than 55 jurisdictions globally.

To make an appointment at one of our seven offices, see our consultant profiles and find specialists, dedicated to recruitment in your region of preference.

 At any one time, there is more than £180 billion deposited in Jersey. Despite the past year being tough for offshore markets, Jersey remains a strong centre for funds and investments.

The island's focus on innovation, options and flexibility means that it has evolved to meet the needs of the changing, and often difficult, market. Business is conducted in an open and transparent way and Jersey has reviewed its legislation to offer investors protection, reassurance and choice. An investor or job seeker looking to relocate to Jersey can find all kinds of funds and other financial institutions in this hot bed of finance activity, and there is particular expertise within alternative, specialist and institutional funds.

As a place to search for fund management jobs Jersey offers experience professionals the opportunity to work in one of, if not the best, offshore investment centres in the world.

There is a strong emphasis within all funds on relationship management and client service, and this is no different within fund management jobs in Jersey.  Commercial awareness, not just to make the best investment decisions but also to help the business grow and bring on new clients, is needed in this competitive market.

An island like Jersey doesn't develop its reputation for excellence by accident. Their regulation of funds and the financial services market in general plays a large part, but just as important are the people driving the investment; in particular the fund managers. Search for Jersey fund management jobs and you will most likely see requirements for experienced, senior professionals. Individuals with a strong and consistent track record of managing high performance investments are desired as they can help companies drive the innovation and success the island's known for. Looking for ways to diversify assets through alternative investments such as art or wine, or even new and emerging opportunities, is important in order to maximise client profits as well as company revenue, and also to stay competitive.

Applying for fund management jobs in Jersey can be difficult due to regulations regarding recruitment and property ownership but there is a thriving ex pat community so speak to a specialist recruiter for advice.

AP Executive, the global executive search division of AP Group, is pleased to announce two senior level promotions. Fabrice Drouin has been promoted from manager to Director of the company's Geneva office.

In his new role, Fabrice will be responsible for the day-to-day running of the office and the executive search team in Geneva plus continuing to build the companies excellent client base in the Suisse Romande region. Fabrice has a wealth of experience with a strong background in client relationship management and international sales. Fabrice started in AP Executive's London office in 2007 and moved to Geneva in 2009.

Emmanuel Auperin, the Manager of Zurich office has also been promoted to Director status.

His new role will be to continue to manage and team build the Zurich office and to explore a future development of AP Executive in other key European finance centres. Emmanuel joined AP Executive's Geneva office in 2007 and was promoted as Manager for Zurich office in 2009. Emmanuel specialises in placing private wealth management professionals in Zurich and other Swiss German as well as Liechtenstein.

Chief Executive, Gina Le Prevost, who is also based in Switzerland, said 'Both Fabrice and Emmanuel have shown commitment and loyalty to the company.  They deserve to be recognised for their expertise in recruitment and for their achievements during the years. These promotions will enhance their careers and further responsibilities within the AP Group.  With their continued support to me and the staff the company can continue to build on its rivalled reputation and status as a leading global executive recruitment firm specialising in wealth management and trust vacancies in more than 45 jurisdictions.

Since the global financial crisis, the financial services sector in general has experienced large changes, and the asset management market is no different. Demographic evolution and changes in regulation mean that the structure of the asset management industry is undergoing a transformation.

Part of the change is driven by client expectations, as investors are focusing more on risk management and demanding transparency from asset managers. Geographically, emerging markets are also having a big impact on asset management, in particular the strong growth in Asia and the Middle East is causing waves. This all, obviously, has an effect on the market for asset management jobs in Singapore, Hong Kong and other key centres.

Singapore has been an important financial centre for several years. It is ranked 4^th for the asset management industry according to the Global Financial Centres Index survey and is continuing to grow in importance in the market, offering alternative investment options and creating Singapore asset management jobs. This is due in no small part to the Government's policies. They have an aim to become the asset management centre of Asia so have dedicated resources to actively marketing the region as an attractive location, and have implemented tax incentives.

The Government is focused on the long term success of Singapore as a centre for asset management so is not looking for a quick fix of unstable growth. Instead they are encouraging long term stability through regulation, including licensing laws and risk management frameworks. This is a deliberate post financial crisis strategy to ensure that asset management companies are steady and viable, but also to reassure investors of the stability of Singapore's asset management market. This means that those applying for Singapore asset management jobs should be aware of the local economic environment and compliance issues.

Singapore is an economically and politically stable area, so those looking for asset management jobs in Singapore can be reassured of its potential. In 2010 total asset managed by asset managers in Singapore reached $1.4 trillion so the opportunities here are exciting and viable.

Some awareness of the local culture will be beneficial, as will a willingness to learn the language, even though English is spoken widely in business. If you would like advice about asset management jobs in Singapore we have experts on hand to help.

People working in trust jobs may be among those who have different expectations than their bosses of what their benefits package should include.

According to a study conducted by Canadian Life, there is a large "values gap" between what staff want from their employer and what is actually offered in many cases.

While they agree on items such as pension schemes and more than 28 days holiday a year, workers and bosses are out of step on many other incentives, such as critical illness and redundancy cover.

Despite the fact that more than half of workers would be tempted to switch jobs to find one with a better package, employers are underestimating how important such benefits are to staff.

Director of sales and marketing at Canada Life Paul Avis said: "There is a real opportunity for employers to set themselves apart from their competitors."

He added the research showed employees are looking for income protection-related schemes rather than commonly-offered bonuses such as shopping discounts. 

One way to help motivate staff may be to offer flexible working, as it was recently stated by Shirley Borrett, development director at the Telework Association that many workers and business could benefit from this.

The wealth management industry, by its very nature, is truly global. That's why AP Executive is active in more than 45 jurisdictions around the globe, and along with Jersey has further offices in Guernsey, London, Geneva, Zurich and Cyprus servicing international candidates and clients.

Organically grown in Guernsey in1990, the AP Group particularly stands out from its competitors in the Channel Islands.  This is due to our international reach of candidates and clients who put their reliance on our global knowledge and expertise in wealth management and IT.  Trust and fiduciary in particular, which is a niche global industry of  more than17,000 employees has steadily grown over the years and gives candidates the opportunity to travel to various jurisdictions and add international experience to their careers.  AP Executive plays an important part in career development for trust professionals by having the expertise and knowledge of the global trust market which local 'High Street' agencies do not.  We can guide and advise you on living and working in such places like the Caribbean and Miami, plus Latin America, Asia and Europe as our consultants travel to these destinations annually so have the ability to have first hand knowledge and contacts.  We are staffed by qualified consultants who network with international clients on a regular basis and who specialise in all different areas of wealth management.

For example, the Jersey office, which I manage, is responsible for local recruitment as well as in the Caribbean, Bermuda and Cayman as well as the US and Luxembourg.

This global emphasis is  much more than just notching up new markets where we can do business. It's an integral part of providing a professional and personal service in an industry where international expertise is so important. Our aim is to fill vacancies with the very best candidates, regardless of national borders. 

Of course in small jurisdictions, such as Jersey and Guernsey, we do provide our local clients with quality locally experienced candidates too.  In our experience, Jersey and Guernsey employers far prefer to take on a local candidate as first preference, rather than bringing in professionals from outside the islands.

However, it isn't always possible to fill a senior vacancy locally.  This is usually due to specific professional qualifications  needed or expertise required which is either new to the island or not readily available.  This is where AP Executive is best placed in the local recruitment market to be top of its field for providing global knowledge and professional guidance to local employers.

With our database of professionals around the world, we can quickly identify those candidates who might be suited to any particular local vacancy. This often means considering more than just the professional qualifications of the applicant, important though that is. When moving from one jurisdiction to another it's also important to consider all of the other factors. There's not much point in placing a highly qualified candidate in a jurisdiction where they are unable to adapt to a different lifestyle or way of working.

Our international network of candidates and clients  helps us to provide much more than just a recruitment service. We are consultants who can help in many aspects of the process, including costs for accommodation, schooling for children - even the best restaurants to sample!

While our particular niche is in the area of wealth management, we also have expertise in related areas such as compliance, wealth planning, funds and investments.

Our expertise in wealth management has been recognised by the Society of Trust and Estate Practitioners (STEP) with whom we have been partners for nearly ten years.  We regularly attend STEP conferences around the world, and promote the benefits of STEP qualifications.

Qualifications such as these are a crucial first step for any candidate, but experience is also a massive advantage, particularly in the Channel Islands. We find that many local candidates are happy to go overseas to gain international experience for a few years, and then return to the islands equipped to take up a senior position. Others may choose to stay overseas, and it's not uncommon for Channel Island professionals to move to other jurisdictions to gain international exposure for most of their career before bringing back to their islands their knowledge and in most cases a second language !

This free flow of expertise is essential to the Channel Islands. . We must do everything possible to help locally qualified candidates and ensure that they have the skills and experience required, and that may mean allowing them a 'leave of absence' from the island which doesn't restrict them from returning with ideas from other shores. This is still the case even during the current uncertain times.

Most small jurisdictions impose time limits for non-local staff, but they are generally welcomed for the essential roles they play. There is a misconception in Jersey, for example, that non local staff are not welcome. As mentioned, it is certainly true that employers will favour local staff, but there are licences available for those from outside who have the qualifications and international experience to make a significant contribution to the industry. Certainly both employers and candidates are more cautious at present, although in some emerging markets there is little sign of recession.  Until the European situation is resolved and the UK government stops trying to put trading restrictions on the islands then we have no choice but to remain cautiously optimistic of a buoyant economic climate returning.

It is certainly true, however, that economic difficulties have injected a new sense of realism into the recruitment market. Candidates are being much more realistic about salaries and about the ease with which they can move into a new job.

The emphasis on experience and skills is likely to continue and we are a keen supporter of local efforts to improve the skills base. We have entered into a partnership with the Jersey International Business School and will support them where we can. We are a global company but never forget our roots and will continue to promote the Channel Islands as an excellent place to improve careers and lifestyles.

About AP Group

AP Group was established by chief executive Gina Le Prevost in Guernsey in 1990. She had worked in the finance sector and realised that there was a niche for a high quality recruitment agency, and the business was an instant success.

The company developed and branched out into different locations and specialist divisions were created.  AP Group felt that a consultant who had worked in a particular area of business was better equipped to help clients and candidates in their area of experise, rather than having generalists attempting to cover everything.


As well as AP Executive, the group now also includes AP Technical (recruitment for IT, telecommunications and electronics), and AP Personnel for temporary, contract and permanent posts junior to mid level likely to attract salaries of less than £45,000 per annum.

This article was written by a Former Executive Consultant and first published in Business Brief, Channel Islands

Individuals in European finance jobs may be among those that a new survey has found do not have confidence in their bosses.

According to a study by XpertHR and reported by Personnel Today, six out of ten employees do not think their managers are competent at dealing with underperforming staff.

This is in contrast to the opinion of employers, 60 per cent of whom said their organisation is quite effective at tackling underperformance, with one in eight rating themselves as very effective

The report's author Rachel Suff said that bosses need support if they are to be able to take charge of performance management, adding that training is the best way to do this.

Employers believe that the key to managing the issue is regular feedback and guidance on an informal basis, the survey found.

Recently, the news provider stated that many firms are still confused about the impact of new regulations on the default retirement age, with many worrying about the possibility of legal cases.

People in finance jobs in the UK may be affected by new proposals to better regulate the sector that have been laid out by the Treasury.

The plans will see the creation of three new bodies to oversee aspects of the market, including the Financial Conduct Authority (FCA) to monitor the activities of businesses.

Mark Hoban, financial secretary to the Treasury, explained: "The government is delivering on its commitment to reform the financial system, to avoid repeating the mistakes of the recent financial crisis and to ensure that taxpayers are protected."

The FCA will be able to take a more focused approach to regulating the financial services sector and monitoring the conduct of firms in order to create a stronger structure to promote future stability in the market.

Commenting on the proposals, PwC's director of regulatory practice David Kenmir said the new plans would fundamentally change how institutions market their products.

People in European finance jobs may be interested to hear that Allied Irish Banks (AIB) is expecting to cut up to 2,000 jobs as a result of posting record losses.

The institution, which was once the largest lender in the country, but is now almost 93 per cent owed by the taxpayer, said it needs to restructure itself following a net loss of over €10 billion (£8.8 billion) last year.

Recent stress tests performed as part of the European Union and International Monetary fund's bailout of the nation showed that the bank will have to raise €13.3 billion to become stable again.

The job cuts will take place on a phased basis through 2011 and 2012, with most redundancies expected to be on a voluntary basis.

Under plans to shrink Ireland's troubled banking system, AIB is expected to be one of two "pillar banks" that will remain from the six major players in the market prior to the country's financial collapse.

This week, a report in the UK by the Independent Banking Commission stated that financial institutions must reform to protect themselves against any future downturns in the market.

What is a family office?

A standard family office article usually always starts with the same question: what is a family office? Most readers will have a rough idea of what a family office is, but when it comes to the recruitment of staff for a family office this can surprisingly create a wide chasm of requirements depending on the business culture of the client. At the STEP Geneva conference in May 2011, a delegate questioned the definition of the usage of the words ‘family office’. This is because a family office can be a trust company, an independent asset manager, a private equity company with few employees, a multi-family office the size of small private bank, or a really well institutionalised single family office with 100+ staff, investing in various assets such as real estate, hedge funds or private equity. The recruitment needs of a family office can vary significantly according to the family office infrastructure. One thing is for certain: It is a complex and an opaque environment.

Family office trends:

Numerous wealth managers see the private wealth management market becoming increasingly more competitive. Targets will still be difficult to achieve; heavy risk management processes and paperwork make work more demanding and methodical. We hear through the media that clients have lost confidence in the security of alternative investments and now ask for safe investments and independence. In these conditions, we can anticipate that the family office concept will seduce more and more UHNW individuals who are now seeking a qualitative approach and customised be-spoke services rather than a sophisticated products-oriented attitude that was standard a few years ago. A significant number of wealthy families emerged worldwide with an awareness of the benefits to create an independent business such as a single family office. It was commonly agreed that US$ 250 million was a minimum requirement to create a single family office (SFO) structure and US$ 500k for a multi family office (MFO). Now, according to some of our clients, it seems that US$150 million is already a good start, allowing the beneficiaries to have a simple platform with outsourced services. It is known that MFO’s look after UHNW clients. But a new trend could be for these infrastructures to now want a closer look at smaller clients in the affluent to ultra affluent client’s bracket.

The Recruitment Paradox:

For UHNW families, one of the major issues when it comes to recruiting someone is to find the equilibrium between a trusted advisor and qualified professional. When an UHNW client decides to create his own single family office, the principal or business owner looks into his/her private network of business contacts to find them a trusted advisor. However, doing it this way can reduce the chance to tap into a pool of professionally experienced international talent. To ensure the success of a start-up like a single family office, it needs a strong executive, CEO, CIO or Head of family office at the helm. Usually because of the rather small size of the company structure and its complexity, a versatile individual with varied skills (trust, all asset classes’ investment, tax and legal knowledge across boarder, management and diplomatic skills, multi-lingual etc) is recommended. Finding these unique types of candidate is not an easy task for a recruiter. A broad spectrum of search and selection for the right candidate usually on a global basis is key to the success of the role being filled by a specialist recruiter.

Family office talent ranges from private client lawyers, to fund managers to senior bankers (investment or private), to tax and trust specialists with cross-border expertise, to accounting and financial experts with strong reporting and controlling skills to concierge professionals with first class customer services and diplomatic skills. Not forgetting the important and dedicated executive assistants, available to the client 7 days a week, 24 hours a day. Family governance, philanthropy and arts professionals are becoming increasingly popular profiles. It is worth mentioning that one type of candidate profile which can always be of interest for family office (regardless the size of the structure) are real estate professionals.  This area of expertise is due to the large majority of family offices focusing their investments in the global commercial and property development markets. We at AP Executive can identify a general trend, it is recognised that ‘interpersonal skills’ are a very important requirement for our clients. Personality and chemistry is another major factor requested by our family office clients, plus, they want any staff to be professionally discreet and loyal too.  Working for a family office is financially rewarding but you have to be flexible and dedicated. Employees need to offer a "tailor made customer service" mindset and not take their position for granted. Last but not least, the capacity to institutionalise the family office is also something well regarded, especially when the strategy of the family office is to grow to the next stage (Single to Multi or SFO wanting to diversify its investment activities).

What are the misconceptions about family office?

I very often have the perception that a family office environment is thought of  as a type of ‘glamorous’ refuge by people I speak to who are possibly disenchanted in working for a corporate entity and looking for career advice.  They feel they could strive and get the proper career path that they have always been seeking by seeking a role in this niche professional industry. Family offices are most of the time small entities built and developed by business entrepreneurs looking for key players that can bring their broad knowledge and expertise. When family offices are institutionalised the recruitment needs by our clients are even more complex. International professionals with exceptional pedigrees are mainly favoured. Working in a family office environment has got its pros and cons like any other profession. The upside is to work for a cash rich environment which has a direct reporting structure and flat decision making, without the lengthy bureaucratic procedures. Candidates usually desire the ability to be able to have direct contact with the family whilst utilising their cultural management skills with flexibility.  A career in the world of Family Office is a special one and because of this our clients can ‘cherry pick’ the best candidates for the job, the competition is still fierce.

People in banking jobs may be interesting in the opinion of one analyst who has suggested the government should be looking for other methods of stimulating the economy rather than quantitative easing (QE).

Justin Cooke, chair of the British Interactive Media Association, said the prospect of a further round of QE would be "a short-term fix which ultimately dilutes the value of sterling."

Instead, he suggested the coalition could be taking measures to promote investment in the country and increase international trade as steps towards boosting the recovery.

He also stated encouraging banks to lend to small and medium enterprises could be another way to increase the nation's growth, which has slowed recently with gross domestic product figures for the third quarter showing an increase of 0.8 per cent, down from 1.2 per cent in the second quarter.

Mr Cooke did however express optimism for the future, noting businesses were becoming more confident and had "responded brilliantly" to current market conditions.

Companies looking to recruit people to finance jobs may be among those caught up in government over-regulation, as one body has criticised the amount of bureaucracy in employment law.

Alistair Tebbit, spokesman for the Institute of Directors, said legislation was an issue likely to hinder businesses across all sectors and his organisation would like to see rules relaxed in the area.

"There is a range of proposals … on the table at the moment which will add to red tape," he stated, despite the government saying it would like to stop the increase in regulation.

He suggested plans such as abolishing the default retirement age and extending parental leave as examples of proposals likely to increase the amount of administration employers would have to deal with.

Abandoning schemes such as these would be an "obvious stepping stone" towards cutting red tape, Mr Tebbit stated.

A report from the Federation of Small Businesses released last month estimated the regulatory burdens imposed by governments are a factor for over half of the 1.7 million companies in the EU that fail ever year.

According to the Society of Trust and Estate Practitioners, Jersey is a leading global trust jurisdiction. This is not its only accolade - in both 2010 and 2011 it was named Best International Financial Centre at the International Investment Fund and Product Awards. As a result, trust jobs in Jersey are plentiful, competitive and rewarding.

However priority is generally given to local residents or those who have been living on the island for more than 5 years. Therefore if you want to relocate to Jersey for trust jobs it can be helpful to work with a recruiter who will have more knowledge about opportunities and regulations. They will also be able to advise on work permits/visas/housing etc.

While some have the impression of Jersey as an offshore "tax haven", experts argue that it is not a centre for tax evasion and in fact it has very tight regulation and meets strict anti-money laundering criteria. Despite this it still offers a relaxed environment to work and live. The island has autonomy over its own taxation but also benefits from its proximity and associations with the UK.

As Jersey offers very little by way of physical exports, money is its main industry. It's a great place for trust and fiduciary jobs due to its stability, regulation and the size of the market. Trusts don't just require managers and accountants - they also need lawyers, risk specialists, relationship managers and more.

Discretionary trusts account for around 90% of Jersey trusts, popular due to their flexibility and asset protection advantages. This tends to be what investors look for when considering Jersey. These types of trusts give a lot of responsibility to trustees, as all fiduciary roles do, but can also provide great rewards.

If you are considering applying for Jersey trust jobs, understanding the regulations of this market, tax implications and local culture will help you.

Many individuals in areas such as finance jobs could see their bosses as a barrier to productivity at their firm, according to new research.

A survey by the Institute of Internal Communication (IoIC), reported by HR Magazine, revealed 46 per cent of respondents felt senior management is a major block to progress in key areas.

It also found that staff members would be more encouraged to communicate with their superiors if they feel their team leaders are understanding and supportive, or if they have a mentor.

Chairman of the IoIC Dominic Walters said the results of the poll "clearly illustrate the challenges faced by internal communicators in getting through to business leaders, but also how important it is for them to have the abilities required to break down barriers".

He added that personal skills are an important a part of management as technical knowledge and good business abilities.

Earlier this month, a study by Canadian Life found there is a "values gap" between bosses and employees as to what benefits they feel companies should offer their staff.

PricewaterhouseCoopers (PwC) has revealed that a record number of graduates have applied for accounting jobs and other positions at the organisation so far this year. A total of 209 places were given to applicants, who will start work this spring, but there were 5,877 applications for these posts. Compared with last year, this marks a 192 per cent increase and is 446 per cent higher than the number of people looking for accountancy jobs and other roles in the company in 2009. Figures released earlier this month by the Office of National Statistics revealed that in the country as a whole, the number of people in work in the three months leading up to February 2011 was 143,000 higher than in the preceding quarter. Ian Powell, chairman and senior partner at PwC, commented: "The recovery is bringing fresh opportunities and the business is growing, so maintaining and increasing the investment and value we have placed in our graduate recruitment numbers has massively paid off."

Individuals working in finance jobs may be among those who are unnecessarily losing money because they feel guilty or embarrassed about claiming back expenses they are entitled to from their employers. According to a survey conducted by Concur, one in five employees spends cash on work costs of up to £270 that they do not try and get reimbursed for, while five per cent shell out over £600 per year from their own pocket on legitimate expenses. Financial adviser and TV presenter Lawrence Gold observed that another reason for people failing to claim what they are entitled to could be laziness, with many people deciding that it is too much hassle to fill out the paperwork. "If you think about it logically, we are really good at switching utility providers and saving between £200 and £300 a year, but when we're spending our money for our employer's benefit we don't claim it back," he said. He added that considering the tough economic times we live in, people should be doing more to ensure they are not wasting money unnecessarily. 

The tendency towards the increased hiring of wealth and tax planners we observed last year was confirmed and this area still remains active. This has resulted due to the numerous changes of regulations which is increasing potential cross border issues. Foreign tax specialists are highly required by our clients to assist with the efficient complex structuring of the wealth of private clients. In conjunction we have also observed an increase of recruitment needs for the compliance and anti money laundering divisions particularly of private banks and asset managers.

Private bankers, "hunters" able to attract new clients, are still very high priority to the main players. Attention is still turned towards emerging markets, in particular Latin America, Eastern Europe and Russia - African countries is also becoming an interesting market. The Swiss onshore coverage comprising of Swiss nationals and wealthy foreign residents in Switzerland, is the second priority. Foreign banks with offices in either Geneva or Zurich are developing more and more their coverage of this 'onshore' market, by developing teams of foreign national bankers targeting customers from their own community of language and culture residing in Switzerland.

AP Executive has also noticed a growing interest towards the institutional and semi-institutional clients both based in Switzerland and abroad. More and more players target these clients with offers of a wide range of financial products. It has resulted in heavy recruitment of sales and relationship management professionals.

In the trust and fiduciary arena, we see that companies are looking at consolidation rather than at expansion. Family Offices are growing and new ones are sprouting, who are seeking highly specialised professionals - investment advisors, wealth and estate planners, portfolio managers, and concierge professionals in particular. Indeed, more and more ultra wealthy private clients consider this the best alternative providing them with independence as well as a dedicated round the clock service from top quality staff.

Due to the international network of AP Executive offices, which includes our presence in Zurich and Geneva, international candidates consult us to assist them in successfully finding a role in Switzerland which is still the country of preferred choice to live and work in.  Indeed the country is a very attractive destination for professionals in the financial and wealth management industries. It is seen by many as the place to gain international experience and accelerate careers. The quality of life and work balance is very good. Zurich and Geneva are ranked highly each year as the most enjoyable cities to live in. Switzerland's position at the heart of Europe makes the country a central hub and easily connected. The Swiss economy and the political system are still very stable.  Salaries are high with a ratio salary / cost of living often more interesting than in most other European economies.

Job seekers looking to relocate must be aware that Switzerland is a highly competitive market. During the past two years due to the global economic downturn, we are observing a significant increase in the time involved in the recruitment process at all levels of seniority. There is an increase of foreign candidates actively looking for a new job as a result of the global financial crisis. The current job market is definitely an employer's market place.  Thus, it creates greater competition between candidates. A solid technical know-how is no longer seen as enough to make a difference. Besides track record, experience and network, the choice of the successful candidate is often based on the quality of their social and client relationship management skills. That said there are still pockets of experience which is still a busy active employees market place those are Swiss qualified lawyers, compliance and anti money laundering professionals, wealth planners and private bankers with an interesting amount of assets under management.  Swiss employers can afford to be fussy and choosy for certain staff requirements in this market place, particularly operational roles. The global job market is becoming more and more cosmopolitan and languages are becoming a key requirement for jobs. To only speak English these days in most jobs is not enough. In answer to a more complex working environment, the more languages spoken and written the better. It is quite typical for us to come across candidates speaking at least three to four languages fluently, and up to 5 proficiently.  

The present ones which are popular are French and German particularly with Switzerland being historically a multi language country however other European languages required are Portuguese and Spanish for Latin American clients.  Mandarin and Cantonese will be languages which will be sought after by clients. We are already seeing a number of Swiss clients focusing on their Asian operations in Singapore and Hong Kong and the opportunities of opening new offices in China.

This article was written by Emmanuel Auperin, Former Manager of AP Executive in Zurich

This article was first published in Private Client Practitioner

Individuals in accounting jobs may be among those negatively affected by changes to the laws regarding unfair dismissal, as the Trades Union Congress (TUC) has warned they could leave up to three million people with fewer rights.

The plans to increase the minimum qualifying period for legal protection from one to two years of employment will hit younger workers and those in part-time employment the hardest, according to the group.

It stated that almost 60 per cent of those aged under 24 have less than two years service in their current job, while nearly a third of part-time staff will also be affected.

General secretary of the TUC Brendan Barber said: "While everyone wants to see a quicker and more efficient tribunal system, taking away people's rights and pricing vulnerable workers out of the system is the worst possible way to achieve this."

He added that the government should instead be focussed on resolving disputes before they reach court as part of its reforms.

Earlier this month, the TUC claimed that plans to cut £81 billion from public spending would have a "devastating impact" on many workers.

Companies looking to fill positions such as private banking jobs need to take care they hire the right people for the job, as any mistakes could end up being very costly. According to the Recruitment & Employment Confederation (REC), a lack of skills among potential candidates makes finding the best candidates a challenging process. "It is worth investing some time and resource in getting it right," noted the REC's director of policy and professional services Tom Hadley. "The reality is that the real cost of recruitment is getting it wrong." He was speaking in response to a study carried out by the British Chambers of Commerce that found recruitment is one of the biggest concerns for small and medium-sized enterprises. Over four out of ten employers estimated the cost of hiring a new staff member is over £2,000, while just over half used external agencies to fill their vacancies. Recent figures from the Office for National Statistics revealed there was a rise in the number of people working in the private sector in March, up 143,000 on the previous quarter. 

Many people may be opting to delay retiring from their finance jobs and other positions due to money concerns, new research has revealed.

A study conducted by Prudential revealed that 38 per cent of those who had been planning to stop working in 2011 have postponed the move and will remain in employment for longer.

Almost a quarter (22 per cent) of those said financial worries are the main reason why they are putting off retirement, stating they are not well-off enough to stop working.

Job satisfaction may also be a reason for wanting to remain in employment, as 16 per cent of those who intended to retire this year do not want to step out of the workplace.

This comes after recent figures from talent consultancy Chiumento, found 80 per cent of personnel aged over 55 are not in favour of leaving their current employer to work for a new firm.

Head of business development for Prudential Vince Smith-Hughes said people who do not want to put off retiring need to "start saving as much as they can as early as they can".

One of the beauties of working in the finance industry is the ability to go and ply your trade somewhere completely different. In the field of trust, there will be things to learn in terms of local legislation and idiosyncrasies, but essentially it's a case of 'have skills, will travel'. Some of the more exotic jurisdictions have been an option for many years - the BVI and Cayman, for instance - but one that will surprise some people is Cyprus.

After a recent history in which the chief industry was tourism, the island is now well and truly on the map as an international business centre. While the island prides itself on an excellent education system (based on the British model), finance is such a recent arrival there that it can't hope to be self-sufficient with regard to qualified staff for several years.
As in many relatively small places (the population is just under 800,000), the workforce has to be boosted by trained people, not just in this industry, but also in all sorts of others.
Also, there are strict controls on bringing in non-locals, with companies obliged to demonstrate that they have made every effort to recruit a Cyprus resident before they are permitted to look elsewhere.
The Ministry of Commerce, Industry and Tourism is adamant that the island is well catered for within its own shores.
'We have a surplus of qualified people,' said a spokesman. 'Also, the unions are very strong and they're reluctant to see foreign workers coming in. For the moment we can supply the needs of businesses.'
However, our own experience as a global recruitment firm tells us that there are opportunities in Cyprus. While having one of the lowest rates of unemployment in the EU is generally considered a good thing, it does present problems for employers in the lack of available candidates.
Cyprus is a popular location for international consultants, contractors and expatriate workers who do find themselves allowed in. Because this is a former British colony, English is spoken fluently by about 90 per cent of the population, and all major roads and towns are signposted in English and Greek. With a lower cost of living than most of Europe, an excellent climate,
an English public-school system (from pre-school to university level) and one of the lowest
crime rates in Europe, it is not difficult to see why this is considered an excellent place to work and bring up a family.
On 1 May 2004 Cyprus joined the European Union, which means that EU nationals can live and work there without the need for work permits and with no currency restrictions. While the cost of living is lower, it must be taken into account that salaries are often less than in other European countries. However, out of the ten new member countries that joined the EU at that time, Cyprus has the highest GDP and income per head of population.
Now that it has EU membership, the island is ideally placed for international companies trading in Eastern Europe and the Middle East. It currently enjoys the lowest corporate tax rate in the EU (ten per cent). This, coupled with the fact that Nicosia, the capital, ranks as one of the least expensive of the leading international centres, also makes Cyprus an attractive destination for the international business community.
Healthcare is free for all EU nationals - only in private clinics do you have to pay - and every town has its own hospital.
So, the standard of education is excellent, salaries are relatively low, and company tax is ten per cent. All in all, the situation is similar to Dublin before the boom, although obviously the climate is very different - and that can hardly be considered a complaint.
All this has not gone unnoticed in the international business community. More than 30 foreign banks have established a presence here, along with upwards of 1200 international business corporations who have fully fledged offices. On the trust front, among the big names are IFG, Amicorp, Citco, Mutual Trust and Consulco.
Something of which the Ministry of Commerce, Tourism and Trade is very proud is its 'one-stop shop' designed to smooth the path of any new business in Cyprus. The idea is to make it possible to complete all the procedures and acquire all the necessary permits within seven days of the initial application. Although that might be optimistic, it is clear that the island is moving in the right direction.
The government has been intent on 'transforming Cyprus into a regional hub for research and development' and attracting foreign investment in what it calls 'the field of high-tech, knowledge-based products and services which contribute towards the transfer of advanced technological expertise.' The island has dramatically increased the number of people employed in high-tech areas.
And what of all the people needed to fill the positions? The aforementioned well-educated young people are obviously ideal candidates in many areas, and their fluency in the local language makes them particularly desirable in the civil service, where it is largely Cyprus dealing with Cyprus and connections are vital.
In other areas of work, there is little choice but to recruit from outside the island. The world is becoming ever more accustomed to upping sticks and going where the professional action is, but obviously it is important for anyone considering such a drastic change to be fully aware of what they are taking on. Until about five years ago, Cypriot companies often took a do-it-yourself approach, spending valuable time and money on looking for staff perhaps thousands of miles away.
Increasingly, though, they have joined the international firms in realising that there are specialist consultancies that can do it for them - and increase the chance of making the right appointment.
Tourism has not been ignored, with attempts being made to boost visitor figures outside the peak months. This is a place where all-year-round tourism is a realistic proposition, as even in January, which locals might consider the depths of winter, there is often bright sunshine and a pleasant temperature.
Again, this contributes to the island's appeal for those wanting to move from areas where gales and sleet can take the edge off their desire to leave the house and go to work.
The government is promoting the phenomenon of 'medical and wellness tourism', combining the good weather with the much-trumpeted healthcare facilities and expertise.

PANEL
Cyprus trust law began with the Cyprus Trustee Law Chapter 193, based on the English Trustee Act 1925, but the island's trust regime was brought into line with normal international practice with the International Trusts Law 69(I) of 1992. The result is that there are three types of trust available, of which only the last will normally be of interest to the international settlor:
Local trusts are governed by English common law and the original trustee law. The settlor and beneficiaries are normally residents of Cyprus, and the trust and its property are subject to exchange controls.
Offshore trusts are equally outside the international trusts legislation, and are the same as local trusts except that their beneficiaries must be non-resident and all the trust's activities must be outside Cyprus.
International trusts are the normal form of Cyprus trust used by foreign settlors. They have the following key characteristics:

• The settlor must be non-resident
• The beneficiaries must also be non-resident (except for local charities)
• One of the trustees must be Cypriot (individual or corporate)
• The trust period may be up to 100 years (longer for charitable trusts)
• Confidentiality is protected in the law, and foreign judgements are specifically non-recognised
• There is no registration requirement
• Trust documents are in English
• Trust assets may not include immovable property in Cyprus
• Creditors have to prove intent and must claim within two years
• There is stamp duty of CYP250

People in accounting jobs may soon notice a difference in the way stories about their sector are reported in the press, following the publication of two new exposure drafts.

According to Accountancy Age, the recent release of the drafts by the Accounting Standards Board (ASB) could see "big changes" in the way the results of those in finance jobs are published.

The source predicted it could also "significantly reduce comparability of companies' financial statements".

"It is essential that potentially affected companies review the proposals and comment on the consultation to help shape the ultimate outcome to one that will make sense for business," urged the industry publication.

According to the ASB, the current guidelines on financial reporting are confusing and often lead to varying standards and differing disclosures in various media outlets - and are also well out of date with the way in which much business is now carried out.

The Telegraph recently highlighted the importance of people in finance jobs for aiding customers with big life decisions, such as wills and buying a home.

The wealth management sector is no longer dominated by "men in pinstripe suits", female job hunters have been reassured.

Talking to the Financial Times about the change in the wealth management jobs world, global head for graduate and embark resourcing and development at Barclays Wealth Helen Bostock said that the old-fashioned stereotypes are now longer true.

She stated that at Barclays Wealth, it has been found that many of the abilities needed in wealth management jobs come naturally to some women.

These include strong communication skills, working on client relationships and "building a rapport" with customers and other people in wealth management jobs, she remarked.

Those keen to enter the sector were advised to work on achieving a range of skills.

"As wealth opens up across the world and our client base becomes more diverse and sophisticated, we need to recruit people with a broad range of skills," Miss Bostock continued.

Recent Budget announcements revealing extra funding to help firms take on apprentices could be good news for those looking for wealth management roles that offer on-the-job training. 

People in hedge fund jobs are "battening down the hatches" in the wake of the ongoing crisis in Japan.

This is according to news agency Reuters, which noted hedge fund managers have been "keeping their heads down" in the market in recent days, with only a relative few making profits on the back of unexpected gains.

Speaking to the source, chief investment officer and co-founder of hedge fund jobs company Liongate Randall Dillard said that the news is surprising as "you'd think in a market like this that they would be extremely aggressive".

The yen has been anaemic since the country was hit by an earthquake and subsequent tsunami a week ago, with some voicing fears that Japan may be plunged back into recession if the country's currency continues to be weak.

Japan's most recent recession was its worst since the end of the second world war and the country has also been battling inflation levels for years.

Anyone looking for an accountancy job should seek out roles that offer on the job training, an expert in the sector has said.

Business development manager at the Association of Accounting Technicians Rob Alder stated that to get ahead in the accounting jobs hunt, it is "fundamental" for job seekers to have a qualification in the field.

Having an accounting job qualification demonstrates "commitment to the profession" as well as the right skills to work in an accounting role and by obtaining it while working, employees can save themselves cash.

Before applying for accounting jobs, Mr Alder urged employment seekers to make sure their CV is up to scratch. While being good with numbers is no doubt a benefit when applying for such roles, adequate grammar and spelling is also essential, he remarked.

"Spelling mistakes indicate a lack of care and attention to detail," he warned.

Target Jobs recently urged graduates to remain hopeful of getting work, despite statistics that showed the jobs market is still tough for many - and pointed out that research can often make the condition of the job seeking market appear worse than it is. 

A number of financial experts have made predictions about the possible contents of the new Budget, set to be announced later this month.

Those in tax jobs may be affected by any new Budget and according to head of tax at law firm Berwin Leighton Paisner Michael Wistow, the government should focus on creating a "roadmap" about how and when taxes will be reduced as the economy gets back on its feet, the Financial Times reports.

National tax director at accountants and financial advisers Smith & Williamson Richard Mannion said that it would make sense to "lump" national insurance credits with income tax to create a combined payment, something that those in tax jobs may agree with.

"However, this would translate as a basic rate of income tax of around 28 per cent which could give the government some difficult headlines," he noted.

This month's Budget is the second set out by the new Conservative and Liberal Democrat coalition government, which came into power last year.

A proposed private banking arm sale between Belgian firm KBC and the Indian group Hinduja has been blocked by sector regulators, potentially impacting those in private banking jobs at both firms.

The sale of KBC'S private banking arm to Hinduja, which would have been worth some €1.35 billion (£1.17 billion), did not get the green light from CSSF, the Luxembourg financial markets regulator.

According to the Wall Street Journal, in order for the private banking deal to have gone ahead, KBC would have had to secure antitrust clearance from Luxembourg and a further nine nations.

Following the rejection, KBC said it will now "thoroughly assess" its options.

No details were given on the reasons for the deal rejection, but the firm's group chief executive Jan Vanhevel said there is "no denying" it is a disappointing result.

French bank BNP Paribas announced earlier this week that it is to merge two fund management units, in other banking news reported by Reuters. 

Aviva Investors has given new investment management jobs to Peter Fitzgerald and Ian Aylward, two well-known and successful faces in the sector.

According to the Financial Times, the pair will both be employed as multi managers as the firm looks to relaunch a fund of funds range worth more than £394 million.

Mr Aylward was previously head of alternative research at Skandia and Mr Fitzgerald was employed at BNP Paribas Wealth Management as a senior wealth manager.

Both men have substantial experience in the investment management sector and will bring knowledge of long and short-term equity, wealth management, infrastructure and portfolio management to their new finance jobs.

The latest Report on Jobs study produced by the Recruitment and Employment Confederation and KPMG showed that in February this year, the finance sector enjoyed its fastest growth in permanent placements in the previous ten months, which could be good news for those looking for finance jobs.

Individuals in international hedge fund jobs may want to consider Singapore as a gateway to emerging Asian markets, as the nation is trying to position itself as a business hub for the region. Minister for Trade and Industry Lim Hng Kiang said that the city-state is in an excellent position to act as a base from which multi-national corporations can expand into Asia, while also allowing companies from the region access to global markets, Govmonitor reports. He noted that the country is in a strong position, as its economy grew by 14.5 per cent in 2010 and its recovery from the financial crisis had been swift.

"Our value is not just location. Our companies must also understand the business environment in Asia. They must know the business regulations, demand conditions and ... HR best practices in various Asian markets," Mr Lim continued. One company expecting growth in the region is HSBC, which recently forecast it will see higher returns from its Asian operations this year, Bloomberg reported.

European proposals that are intended to reduce the possibility of future financial crises have been welcomed by the British Bankers' Association (BBA), a view that may interest those in finance jobs on the continent.

The proposals set out measures to strengthen the oversight of financial institutions and end the scenario of banks being 'too big to fail' by ensuring that those that do enter difficulties will not pull down the wider economy with them.

Commenting on the plans, chief executive of the BBA Angela Knight said: "This industry is building for a future in which we achieve the right balance between enabling a banking industry which can support growth but which also fully understands that in the event of future failure the taxpayer cannot be expected to stand in."

She added that positive steps have been taken in the UK to achieve this and it is now important to build on this start at an international level.

Recent assessments from the European Commission have suggested that the recovery from the economic downturn is gaining strength on the continent, with investments and exports faring well.

Reports that HSBC is considering moving its centre of operations to Hong Kong, which could interest those in Asian banking jobs, are "speculative and presumptive", the institution has said. The Sunday Telegraph had stated that a move to the city was "more than likely", but executives from the firm dismissed this. In a joint statement, the bank's chairman Douglas Flint and chief executive Stuart Gulliver said: "London continues to be widely recognised as one of the world's leading international financial centres [and] we have been very clear that it is our preference to remain headquartered here." However, it went on to note that HSBC is concerned that additional costs such as the banking levy to be imposed by the coalition on financial institutions will make it more expensive to operate in the UK. Mr Gulliver already has his main office in Hong Kong and the bank has announced that the majority of its profits last year had come from overseas. Last week, chief executive of UBS Oswald Grubel told the Financial Times that many banks may begin to look outside Europe, as traditional centres such as London are not rewarding success in the way they used to. 

More must be done to ensure young people such as graduates looking for accounting jobs are equipped for the world of work. According to the British Chambers of Commerce, commenting on the Wolf Review into vocational education that was published yesterday (March 3rd), there should be a greater focus on ensuring those leaving education are ready to enter employment. Dr Adam Marshall, director of policy at the group, said "basic employability skills are essential" and called for lasting reforms to the educational system that would benefit the UK's economy in the long-term. He also highlighted the benefits of apprenticeships, which he said must be given a real status to reflect the quality of the workers they produce. The review, which was commissioned by the education secretary Michael Gove and carried out by Professor Allison Wolf, found that many young people are making poor choices when they select which qualifications they will study for.

Most populous city of Switzerland, Zurich is firmly focused on the financial industry, being a strong hub for wealth management and asset management. In a country where 70% of the inhabitants speak Swiss German, English remains a must, and the main language at work within the finance industry. As a result, talents from abroad keep coming to join the local workforces remaining competitive. Zurich is indeed extremely international and it is not unusual to find more than 20 nationalities working at the same work place. Alongside major private banks and pension funds, Zurich counts a large numbers of independent trust companies, privately own banks, law firms and independent wealth managers. External assets managers are legion and family offices flourishing. They both offer a wide range of services from technical asset allocation to concierge services, wealth and tax planning structuring, private equity, etc.  At the difference of the ‘sister’ Geneva which is, from a private banking client’s perspective, now turning more and more its attention towards Middle East and LatAm clients, Zurich remains the main center for Europeans, Eastern Europeans and Scandinavian clients. Quality of living is one of the main factor attracting foreigners. Switzerland has indeed a lot to offer:  located in the centre of Europe, commuting is extremely easy and Switzerland has one of the densest public transport networks in the world.  The safety is unique and leisure spots never far from home. Accommodation his however an issue due to the currently short supply of vacant apartments, but with a little patience and persistence, chances of finding something suitable within a reasonable period of time are good. Cost of living is notably higher than in the rest of Europe but salaries tend to be twice higher than elsewhere. In comparison with the surrounding countries Switzerland still registers a very low level of unemployment. Obtaining a residential/ working visa remains easy for EU nationals but can be problematic for others. Switzerland applies indeed quotas for non EU and applicants will see their chances increased towards the beginning of the calendar as counters are reset to zero.  2010 versus 2011 - Having suffered the recession as the rest of the other financial places, employment is now again boosted. 2010 labor market was still pretty slow but first signs of recovery are showing up. Since the beginning of the last quarter we see this tendency confirmed and the outlooks for 2011 seem fairly promising according to our clients. Attention is now turned as an example towards Wealth and Tax Planners. They are highly ‘wanted’ in order to cope with the changes of regulations and cross border issues while it comes to structuring wealth of private clients. We are also more and more contacted by foreign companies who want to establish a local presence. Those are mainly hedge funds, independent trust companies and law firms. Challenges for employment in 2011 will be directly linked to the reaction of Switzerland authorities towards the foreign attacks of its bank secrecy. New regulations on external asset managers will also tend to increase their back office costs and as a result many of the small players will merge in order to survive. The trust industry faces changes of changes in regulations but is still growing and new players are joining the local market. Swiss and foreign Private Banks tend to switch from an offshore perspective to an onshore focus.

This article was written by Emmanuel Auperin, a Former Manager for AP Executive, a specialist global private wealth management consultancy.   

As thoughts of depressing UK economy seem to move further away, I still find myself being approached by more professionals in the UK and further afield looking to move to sunnier climes that offer more relaxed way of life whilst also looking for that ‘international exposure and experience’ for their CV and in their career.

A contact of mine who I recently placed in the BVI, had returned from a previous stint over there, tells me he couldn’t be happier and whilst economy has been slow in the previous years, businesses are keeping their heads above water.

So, you may ask yourself, why the British Virgin Islands? As well as offering an outstanding quality of life, exceptional sailing conditions and favourable tax rates, we are starting to see excellent job opportunities surfacing again in the international finance sector.  We are seeing a high demand for qualified professionals to work in the Legal, Accountancy or in the Trust and Fiduciary field, and in excess of over 50% of AP Executive placements in the BVI last year were within the island’s Trust industry.

The BVI economy is now one of the most stable and prosperous in the Caribbean. Legislation was enacted in 1984 to facilitate the administration of companies for use in international business and, as a result, the IBC (International Business Company) came into its own in the 1990s and to date well over 500,000 companies have been registered.

The Financial Services Commission was set up in 1993 to regulate the quickly growing offshore business sector and the FSC has separate departments supervising the banks, trust companies, insurance entities and mutual funds. In common with other jurisdictions, the BVI has extensive Anti-Money Laundering legislation in place and every trust company must have a compliance officer to ensure that statutory and regulatory requirements are fully met.

Last year, after the controversial reveal of ‘blacklisted’ offshore jurisdictions, BVI signed 12th Tax Information Exchange Agreement (TIEA) and were moved to the ‘white list’ in August 2009. Despite the recession at its peak and bad publicity, the island’s status has maintained as one of the leading finance centres and has steadily started to move towards the recovery in 2010.

The largest island, Tortola (meaning “Land of Turtle Doves”) is where most of the financial institutions are based and is situated 60 miles east off Puerto Rico. The main point of entry is the airport, which is linked to the capital of Road Town. It provides a scenic setting with a yacht-filled harbour and a laid-back lifestyle evolved over four centuries by English, Dutch, French and Spanish adventurers.

To maintain a balance between expatriates and locals or ‘Belongers’, as they are also known on this small island, being able to work in the BVI is subject to restrictions on work permits to prevent the island becoming overcrowded.  Currently, with a population of 23,098, 50% of this number is accounted as expatriates who include workers from UK, Canada, South Africa and the United States. The BVI Government need to remain strict on how many people come to the BVI from off island meaning your prospective employer will have to prove that no one suitable can be found on island and then prior to your arrival in the BVI, must apply to the government for a work permit on your behalf. The majority of these permits are valid for one year and can be re-applied for on an annual basis.

With UK Tax laws and VAT increase next year BVI is more attractive to British professionals than ever. This will mean increasing competition between jobseekers and possible tougher regulation on working visas.

A quote from the BVI STEP Chairman explains “Professionals here can expect challenging work, because BVI truly is globally connected.  Our clients are everywhere and we serve professionals and HNWIs from the world’s top tier financial centres, every day.  Opportunities for intellectual as well as professional development are myriad all in an environment as far removed from the hustle and bustle of city life as we are from Mars! As a bonus, the BVI offers a safe and healthy life style choice with pristine beaches, unbelievable beautiful vistas from every vantage point; sailing, biking, diving and other outdoor activities relieve the demands of a busy work schedule. The hospitality industry has evolved to meet the needs of an increasingly sophisticated clientele, providing accommodation, dining and entertainment choices that balance the simplicity of island life with an appropriate measure of metropolitan influences.”

So, as a general rule you will find that the working environment and dress codes in the BVI are fairly relaxed, but that doesn’t mean that expectations of output and professionalism are any lower.  Most of the people who relocate to work in the BVI do it for two reasons - firstly, professional development and, secondly, a lifestyle change. They work hard and play hard, which is a small price to pay in order to be able to take up sanctuary in this small, quaint and unspoilt paradise.

This article was written by Claire Hopkinson, Former Manager for AP Executive, a specialist global private wealth management consultancy.

Article first published in Private Client Practitioner magazine, October 2010

Individuals in finance jobs may be among those who a new study has found are working beyond the age of 65.

According to figures published by the Office for National Statistics (ONS), the number of people older than this who remain in work has more than doubled over the last decade, despite the impact of the recession.

In 2001, 412,000 people over the age of 65 worked in the UK, with 106,000 of these in full-time employment.

At the end of last year, the total figure was 870,000, with 270,000 people still performing a full working week.

ONS statistician Jamie Jenkins said: "The analysis also looks at how long these individuals have been in continuous employment and it shows that around two-thirds of those in work after reaching the age of 65 have been with their current employer for over 10 years."

In January, it was announced by the government that the Default Retirement Age, which allows employees to force staff who reach the age of 65 to leave their job, is to be scrapped.

One group has urged companies to make sure that employees who work in finance jobs are fully qualified and have adequate training to provide the best service to customers.

The statement comes from the Institute of Financial Services (IFS) in response to a new report that revealed there were almost 100,000 complaints made against firms in the second half of 2010.

Vice-principal of the IFS School of Finance Anne Kiem said that while many institutions take care to treat their customers fairly, the figures are evidence that some do not.

"We'd like to see all firms giving serious consideration to ensuring their staff are appropriately qualified in delivering high quality customer service that complies with all relevant regulations," she said.

According to the figures released by the Financial Services Ombudsman, 53 per cent of the complaints it received were upheld in the second half of 2010, compared with 44 per cent in the fist six months of the year.

Individuals looking for banking jobs may be being discouraged from applying to the Royal Bank of Scotland (RBS) due to the political row about bonuses.

This is according to its chief executive Stephen Hester, who told a BBC radio interview that coverage of the payments is affecting morale and perception of the organisation, People Management reports.

"Our ability to attract, retain and motivate the best people is still not what we want it to be," he said.

He was defending plans to pay out £950 million in bonuses to staff members at the institution's investment banking division, despite it posting a £1.1 billion loss for 2010.

Mr Hester added that RBS is working to improve staff motivation and develop the business, while addressing past mistakes.

Recently, it was reported by the Daily Telegraph that workers at Barclays Capital will receive pay rises of 24 per cent, while bonuses at the firm fell to 12 per cent.

Individuals who are leaving the public sector and looking for private sector employment in areas such as banking jobs may struggle to be noticed.

This is according to a study carried out by Barclays Corporate and the Financial Times that found many companies would be wary about hiring those from such backgrounds.

More than half of employers who responded to the survey said they were unlikely to consider those from the public sector, with most believing that such staff would be ill-equipped to adapt to new roles.

However, managing director at Barclays Corporate Kevin Wall warned against this line of thinking, saying it is a dangerous strategy.

"It reflects a prejudice in people's minds that risks them not hiring people who can actually give them a hell of a lot," he explained.

Recently, a study by the Recruitment and Employment Confederation found that one in four companies in the private sector will be looking to increase their headcount this year.

Bosses of people in banking jobs may be interested in the view of one expert who has warned the new immigration cap will have a detrimental effect on the UK.

Audrey Elliott, partner at international law firm Eversheds, stated that the move would make the country uncompetitive as companies will be less able to attract top talent from abroad, HR magazine reports.

"Curtailing the ability of UK employers to recruit from as wide a candidate pool as possible will work against those companies' ability to compete with their peers on a global level," she warned.

Exemptions for higher earners and intra-company transfers would not be enough to make the UK an attractive place for financial firms to hire, Ms Elliott continued.

Alex Patterson, partner at immigration law firm Fragomen, added that it remained to be seen whether the 20,700 cap on numbers is enough to meet the needs of businesses.

Earlier this week, it was announced by the Home Office that the proposed cap would not apply to anyone earning over £150,000.

The idea of imposing quotas on companies to require them to have a minimum number of women at executive level has been ruled out, news which people in private banking jobs may find interesting.

Lord Davies, who was asked last summer to look into the problem of gender inequality in the workplace by business secretary Vince Cable, has instead suggested firms should set their own targets, the Guardian reports.

While currently only one in eight boardroom members of FTSE 100 companies are female, Lord Davies said he does not believe regulations to enforce diversity are the answer.

"Quotas have proved successful in some countries, but many of the women I have spoken with are against these ... I am not convinced that they are the right method to encourage progress," he said.

Last month, the French parliament passed a bill that will require firms that employ more than 500 people to have at least 40 per cent of their executives made up by women within six years.

Individuals in investment management jobs may like to consider the opportunities available in Asian markets, according to one expert.

Liz Rae, investment adviser at the Share Centre, explained that the last decade has seen eastern nations grow in importance and this trend is set to continue.

"We firmly believe that Asia will continue to prosper over the next three to five years and beyond, not only through their ability to continually deliver goods and services at lower prices than the west, but just as importantly through their continuing advancements of technology," she said.

However, Ms Rae noted that doing business in the region is "not for the faint-hearted", explaining that poor regulation and a lack of corporate governance are among the challenges faced by those looking to enter the market.

Recently, Ernst & Young's Item Club identified China as one country in which UK financial services may like to focus on in the coming year, as Britain is being left behind by other nations in exploiting emerging markets.

Mangers of those in finance jobs may be interested in the view of one group on how to stimulate economic growth.

The Institute of Directors (IoD) recommended cutting back on employees' rights, such as removing flexible working and abolishing the right to request time off for training.

Both of these are an administrative burden on businesses and do little to achieve their stated aims, the group stated.

The group also suggested weak tribunal cases could be deterred by introducing a minimum deposit of £500 from any worker who wishes to make a claim against their employer.

"Many of the measures we have proposed today are long overdue and would improve the UK's infrastructure and the functioning of its labour market," the organisation stated.

Responding to the proposals, Brendan Barber, general secretary of the Trades Union Congress described the IoD as living in a "Thatcherite fantasy world", adding that rights such as flexible working are good business sense as they can help staff feel less stressed and help their productivity.

Individuals looking for international finance jobs may like to look to Singapore, as the country has excellent prospects for those searching for employment at the moment.

This is according to Jyoti Narasimhan, spokeswoman for IHS Global Insight, who noted that the city-state's diversification into new industries, as well as strengthening of established sectors, has reduced its vulnerability to global downturns.

"Singapore is an advanced global trading and financial centre and seeks to be the premier financial hub in Asia," she explained.

Ms Narasimhan added that, in the fourth quarter of 2010, 96 per cent of the 30,600 jobs created were in the services sector and the prognosis for the near term in this area is "very good".

Overall, she stated that she expected the unemployment rate to stabilise and then improve dramatically over the course of 2011.

Recently, foreign secretary William Hague told an audience in Hong Kong that the UK would seek to strengthen its economic ties to countries in Asia in order to encourage investment and trade between Britain and the east.

Markets such Hong Kong could be a key destination for individuals looking for international finance jobs, it has been suggested.

According to an article in Forbes magazine, investment banks are rapidly expanding in Asia and there is a high level of competition to attract the best talent.

Turnover in the area is expected to rise sharply as individuals who were reluctant to relocate during the financial crisis seek new opportunities.

"As a result, the war for talent is likely to heat up as financial firms get more creative with their sourcing, hiring candidates from related sectors or from overseas," the article noted.

The publication suggested that the areas that are likely to see the highest demand include private banking relationship managers, equity capital markets bankers and investment bankers with experience in the Chinese market.

Recently, foreign secretary William Hague told an audience in Hong Kong that the UK would seek to increase its economic ties with countries in the region.

Boardroom members in positions such as banking jobs may be among those bosses who a new report has found are out of touch with their workforce.

A study by Roffrey Park found that many executives are in a "boardroom bubble" and are significantly more optimistic about their prospects than those beneath them.

While over 83 per cent of board directors feel that redundancies within their firm have been handled well, only 44 per cent of managers share this view.

Director of research at Roffrey Park Jo Hennessey said: "Many senior executives are living in their own world, which has a distinctly rosy hue, for their positive view is out of sync with the concerns and challenges of managers reported by managers beneath them."

They may also be looking forward to large reward packages, as it was recently reported by the BBC that the government has resigned itself to the fact that billions of pounds in bonuses will be handed out to executives this year.
 

Businesses hunting for staff for roles such as European banking jobs may look more favourably on candidates who can demonstrate language skills, it has been claimed.

Teresa Tinley, director of planning, delivery and communications at the National Centre for Languages, said learning a new tongue demonstrates "international savvy" and a cultural awareness that would be valuable to employers.

In an increasingly globalised economy, she said ability with languages would "absolutely" help candidates stand out from the crowd.

She added that future entrants into the workforce may be better placed as teaching of these subjects at school level has seen a lot of activity in recent years.

However, Ms Tinley warned that "We must guard against languages being seen as an elitist subject which is of no relevance to lower performing pupils."

The expert was speaking in response to new figures from Ofsted that revealed fewer students are taking subjects such as French and German, but those who did are attaining higher grades.

Businesses hunting for staff for roles such as European banking jobs may look more favourably on candidates who can demonstrate language skills, it has been claimed.

Teresa Tinley, director of planning, delivery and communications at the National Centre for Languages, said learning a new tongue demonstrates "international savvy" and a cultural awareness that would be valuable to employers.

In an increasingly globalised economy, she said ability with languages would "absolutely" help candidates stand out from the crowd.

She added that future entrants into the workforce may be better placed as teaching of these subjects at school level has seen a lot of activity in recent years.

However, Ms Tinley warned that "We must guard against languages being seen as an elitist subject which is of no relevance to lower performing pupils."

The expert was speaking in response to new figures from Ofsted that revealed fewer students are taking subjects such as French and German, but those who did are attaining higher grades.

Those working in accountancy jobs may be interested in the view of one expert, who has stated a review of employment law should be welcomed.

Chief executive of Work Wise UK Phil Flaxton stated that current regulations favour staff, noting that there have been major improvements in pay and conditions over the last 20 or 30 years.

He went on to note that the UK has "over the years become a suing society" as individuals follow on from what happens in the US as opposed to the system in place in the rest of Europe.

"We have seen over the last decade a tendency in certain quarters that [some] UK citizens have been very quick to either sue their employer or … claim for industrial injuries and accidents," he continued.

Mr Flaxton suggested that the law was too lenient towards things like industrial tribunals and said that a review of the system "is a good thing".

The Daily Telegraph recently reported that changes to employment regulations could include measures such as allowing companies greater freedom to sack underperforming workers.

A shortage of talent is holding back the growth of many businesses, a new report has revealed, which may be of interest to those in trust jobs.

According to the study, conducted by the Institute of Directors (IoD), 60 per cent of companies are not operating to their full potential due to a lack of skills among both candidates and existing employees.

It also found 31 per cent of bosses are having difficulty filling vacancies, with nearly three-quarters of these saying this was because applicants did not have the required qualifications or experience for the job.

Management expertise and technical knowledge are among the areas most lacking, the IoD stated.

Director-general of the group Miles Templeman said it is "disturbing" that growth in the private sector was being stalled by these shortages, going on to urge the government to do more to encourage organisations to invest in training.

However, a recent report by the Recruitment and Employment Confederation and KPMG revealed there had been an increase in demand for staff in the past month, with more candidates becoming available to fill positions.

More than half of employers do not consider depression to be a good enough reason for taking time off, according to a new survey that may interest managers of those in accounting jobs.

According to Personnel Today, the study, conducted by online therapy service Mentaline.com, found 52 per cent of bosses thought the condition would not be a reason for taking time off work.

Founder of Mentaline Jesper Buch said it was shocking to see how many corporations were ignoring or downplaying the serious effect problems such as stress and depression could have on a worker.

"Many of these issues can actually stem from working environments, so it's important that employers acknowledge the problems and fully understand them," he was quoted as saying.

The findings come as a survey conducted last month by the Chartered Institute of Personnel and Development and also reported by Personnel Today found 90 per cent of those with poor mental health said it affected their performance at work.

Females who work in accountancy jobs may be among those who still feel as though they are treated worse than their male colleagues, as one expert has claimed women still consider there to be a gender bias in the workplace.

Piya Khanna, executive coach at Change to Succeed, stated 85 per cent of female employees felt they were the victims of discrimination, while 72 per cent had experienced explicitly sexist behaviour such as bullying.

She noted that, despite a range of laws and regulations designed to prevent this at a company level, it was still a serious problem among some individuals.

"In my opinion it is not all intentional or deliberate, but many times people are just not aware of what constitutes discrimination," the expert stated.

Not wanting to hire women who had children because of an assumption they may not want to travel was one example of this, Ms Khanna added.

A report from the Equality and Human Rights Commission recently found the pay gap between the genders still remained, with women aged 40 earning around 27 per cent less than men of the same age.

Workers in areas such as accounting jobs who enjoy what they do are more likely to be happy than those who change employment looking for more money, according to one expert.

Senior consultant at CV preparation specialist The Write Stuff Peter Panayotou stated individuals who changed careers for purely financial reasons would find any increased happiness was "only a short term thing".

He noted there was "no such thing as a career for life anymore", but said those who found roles they enjoyed would usually stay longer and get more satisfaction from their work.

They are also more likely to perform better in employment they are comfortable in, as Mr Panayotou observed people will "never excel at something [they] don't enjoy".

The expert was speaking in response to a report from Magnet Trade that revealed only one in seven people will end up in the career they had desired as a child and 60 per cent were unhappy in their current job.

Managers of people in banking jobs may be among those interested in the opinion of one expert who has warned failing to tackle anxiety in the workplace could have serious financial consequences.

Neil Shah, director of the Stress Management Society, said greater pressure could see people losing productivity or taking more sick leave, as well as becoming argumentative with colleagues and making errors.

He stated bosses had a responsibility to keep their workers happy and healthy by ensuring they did not place unreasonable demands on them.

Implementing a support network to allow employees to cope with their workload may also help, he added.

Managers needed to pay attention to any changes in behaviour that may indicate stress and plan how best to tackle the problem, which if left unchecked could cost "a lot of money", the expert continued.

According to Mr Shah's organisation, stress affects one in five working people in the UK and costs businesses £1.24 billion a year.

People in finance jobs may be interested in the latest economic outlook report from PricewaterhouseCoopers, which has suggested borrowing could reach £10 trillion in the next five years.

The amount of debt in the UK has grown rapidly over the past two decades, up from double the national income in the late 1980s to over five times the income in 2009, the report says.

It puts this increase puts down to money owed by "household mortgages, private companies related to commercial property and financial institutions lending amongst themselves," the report states.

Gross domestic product is expected to rise by around two per cent next year, but the organisation warns businesses to keep contingency plans in place for the possibility of a double-dip recession.

It also advises companies to assess the potential impact of any future interest rate rises and suggests they consider whether relying on equity rather than debt may be more appropriate.

At its latest monthly meeting on November 4th, the Bank of England's Monetary Policy Committee voted to maintain interest rates at a record low of 0.5 per cent, where they have been since March 2009.

People in banking jobs may be interested to hear the opinion of one analyst that further quantitative easing would be unnecessary in the UK.

Andrew Goodwin, senior economic advisor to the Ernst & Young Independent Treasury Economic Model club, which is the only private sector body to use the same parameters for measuring the UK economy as the government, believes the country is capable of withstanding the expected "softer patch" at the end of the year.

He said his firm is of the opinion "there is sufficient momentum and another cash injection is unlikely to be required".

However, it is widely thought that chancellor George Osborne would be prepared to pump extra capital into the system if the economic recovery shows signs of faltering.

The minister said the Monetary Policy Committee has the flexibility to do whatever it thought was required to stimulate the economy, be that changing interest rates or "using any other monetary tool".

But Mr Goodwin warned that due to the UK's smaller market, intervening in private sector assets such as bonds and securities "could create a position of monopsony, which the Bank will be keen to avoid".

A new set of legal requirements could mean people in finance jobs may be looking to recruit specialist lawyers in the near future.

The Law Society Gazette has reported many corporations are hunting for legal professionals for their compliance departments ahead of the implementation of the Bribery Act next April.

Senior client partner at executive search firm Korn/Ferry Simon Hankey is quoted by the publication as saying demand for compliance officers has risen as "companies need to demonstrate that they are meeting the increased regulatory demands upon them".

The new act will make it an offence for businesses to fail to prevent bribery, with executives being criminally liable if they have consented to being involved in a bribe, the news provider said.

Companies can defend themselves if can prove they had "adequate procedures" in place to eliminate any illegal activity.

The Act was finalised in April this year and introduces several new regulations that the government says will "help tackle the threat [this crime] poses to economic progress and development around the world".

People hunting finance jobs may be interested in a new study, which has found the growth of recruitment is still increasing, albeit at the slowest rate since August 2009.

The statistics compiled by the Recruitment and Employment Confederation (REC) and accountancy firm KPMG showed both permanent and temporary vacancies had risen slightly in October.

It also indicated that starting salaries increased and the availability of temporary and contracted working grew faster than at any time in the past seven months.

Kevin Green, chief executive of the REC, said the government needed to do more to encourage businesses to hire, including removing unnecessary legislation and reducing taxes.

However, he did state he was "confident that the private sector will ultimately be able to offset public sector job losses".

The news comes as the Chartered Institute of Personnel and Development warned that the sector would need to create 1.6 million jobs in the next six years to offset the effects of government spending cuts and VAT rise.

Managers have to be able to defend their judgement to those in trust jobs and other positions if they introduce voluntary redundancies.

This is according to director of human resources research and consultancy at the Institute for Employment Studies Peter Reilly, who discussed some of the difficulties bosses can have with the matter.

He explained many may exclude people with certain skills when introducing a voluntary redundancy scheme because they do not want to risk losing certain workers.

However, "the difficulty with that is that you have got to be able to defend your judgement and you've got to have some criteria by which you do it", Mr Reilly stated.

The expert suggested it is, in some ways, easier to force redundancies upon staff, but this may not always be a feasible option.

Mr Reilly's comments come after chancellor George Osborne predicted last week that up to 490,000 public sector workers could lose their jobs during the spending review period.

People in investment management jobs may be just as productive if they are permitted to work flexibly, the results of a new study indicate.

Conducted by Cisco, the Connected World Report revealed three out of five employees think they get just as much done away from the office as they do when they are in it.

Many would also take the opportunity to work flexibly over a higher-paid position, the study found.

Dave Evans, futurist and chief technologist of the Internet Business Solutions Group at the firm, said enterprises should use these results as an indication they need to introduce changes.

"Employee mobility is a fact of life and the business advantages are clear across many industries," he stated.

Many survey respondents admitted flexible working opportunities could affect their loyalty towards their employer.

Earlier this month, chief executive of Work Wise UK Phil Flaxton said the opportunity to carry out tasks away from the office could change "the face of employment" in the UK.

The recruitment industry should be more involved with future skills policy in the UK, which may benefit those looking for new trust jobs.

According to the Recruitment and Employment Confederation (REC), agencies should be permitted to "feed into" the training process as they are at the "forefront" of the jobs market.

Similarly, the organisation is calling for a simplified funding structure, better vocational training and improved collaborations between the government, sector skills councils and recruitment firms.

Tom Hadley, director of policy and professional services at the REC, said the body wants to work with the Department of Business, Innovation and Skills "to ensure it is aware of the expertise and value professional recruiters bring to making young jobseekers aware of the opportunities available in sectors where there are skills shortages".

If enterprises are looking for new and skilled employees to fill employment gaps, Chris Smith recently explained in an article for Real Business that they should enlist the help of existing workers to find suitable candidates.

Recruitment programmes across the UK must be allowed to maintain the quality of their offerings in spite of public sector spending cuts, one industry organisation has claimed.

Director of policy and professional services at the Recruitment and Employment Confederation (REC) Tom Hadley said it is obvious efficiencies need to be made, but it is important that certain frontline provisions retain their value.

The move could affect those in finance jobs, with Mr Hadley highlighting procurement departments as one example where access to top talent is required.

He commented: "Being able to call upon suitably skilled and vetted staff - when there is a need - can be a great driver of efficiency."

According to the expert, the government needs to avoid "knee-jerk cuts" to personnel levels and agency budgets.

His comments followed recent statistics from the REC that showed demand for permanent and temporary workers in September increased, albeit at a slower rate than the previous month.

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.

According to one expert, flexible working could change "the face of employment" in the UK, which may affect those in accounting jobs.

Phil Flaxton, chief executive of Work Wise UK, explained some companies are not as keen on the idea as others.

However, he believes it is a positive step and one that many organisations have reaped the rewards of.

"There are many critical case studies out there from large employers who have implemented it successfully without causing widespread disruption to the workforce," Mr Flaxton explained.

He also welcomed the fact that the new coalition government is continuing to encourage flexible working in the same way Labour did previously.

Mr Flaxton suggested that in order for flexible working to be successful, employers need to achieve a greater level of understanding.

According to the Department for Business, Innovation and Skills, the right to request flexible working will be extended to parents with children under the age of 18 from April 2011.

Brits in banking jobs are likely to find their role changes as the years go by.

This is according to Brian Capon, assistant director of media at the British Bankers' Association, who said the rise in internet services will have an effect on branches.

He said there is always likely to be a need for high street outlets, however he does not know whether they will operate in the same way ten years down the line.

Mr Capon also explained that banks are increasingly acting as a retailer to consumers.

"The whole concept of banking is changing so banks will take on the form that the customers drive," he continued. "I'm sure there will still be bank branches in ten years time."

His comments come after research conducted by MyVoucherCodes.co.uk revealed 51 per cent of Britons think bank branches many not exist in ten years time, with 31 per cent saying they prefer to carry out transactions online.

Senior figures within Jersey's Finance Industry have outlined their broad support for the jurisdiction's current business tax regime and urged caution about the repercussions of making significant changes to it.

Further to the recent States of Jersey consultation paper on Business Tax, Jersey Finance surveyed its member firms to gain their views on the Government's business tax regime proposals. 

In total, the heads of 49 businesses completed the survey between 16^th and 23^rd August 2010 and the full results will be sent to Government before the end of their consultation period.  The key findings were as follows:

·         69% of the respondents indicated that there should be no change to the "0/10" taxation regime or that it should remain but with alterations to it

·         39% of respondents believed that moving from the "0/10" taxation regime would have a negative effect on their company

·         65% of respondents indicated that a change to the "0/10" taxation regime would have an adverse effect on Jersey's status as an International Finance Centre

Heather Bestwick, Technical Director of Jersey Finance, commented:

"These results provide a vital snap-shot of the views of Jersey's finance industry and re-enforce the need to think carefully before any alternatives to "0/10" are considered, to ensure that any move does not effect Jersey's finance industry negatively."

- 24 September 2010

One of Guernsey's most respected trust companies has a new identity. Ardel Holdings Limited is launched today as the new name for the Bachmann's trust and funds business.

The new name will take effect immediately and has been implemented across the majority of the group's businesses.

The name change is part of the management buy out (MBO) process which has seen around 40 of the senior management team become shareholders in the company.


Chief executive of Ardel, Gerry Williams, said that whilst the change in identity was essential to take the company forward, continuity, and the ongoing provision of excellent client service were paramount.

"The new brand is the next logical step in the MBO process. With so many of our employees now invested in the company it is natural that our identity should evolve to match our new ownership.

"This company has been built on our solid reputation for independence and expertise, which enables us to be flexible and innovative in providing solutions for our clients. We're confident that this will continue as we take Ardel forward, and will set the foundation for our 'buy and build' strategy, which will see us pursue opportunities for expansion, both in Guernsey and in other jurisdictions."

The Ardel group of companies has around 100 employees in Guernsey, and also has offices in the UK, Geneva and New Zealand.

Mr Williams added that the new name had been a democratic decision: "We involved all our senior management team in choosing a new name, and Ardel came out as the most suitable choice.

"The Bachmann brand will not disappear entirely from the island however, as elements of the business not involved in the MBO, like the payroll services companies, will keep this name."


First published on  www.ifcfeed.com on 12/08/2010

Jersey's finance industry was recognised today in a MP's Debate in Westminster Hall regarding offshore financial centres.

The Debate was brought forward by Mark Field, the Conservative MP for the Cities of London and Westminster, who proposed that the debate on the role of small IFCs had been remarkably one-sided to date and had demonstrated a fundamental lack of understanding of their function and the proven benefits they provide to the wider global economy. He also dispelled many of the myths associated with IFCs, and mentioned Jersey specifically, commenting:

"An IMF review of Jersey's regulatory standards in September last year concluded that Jersey was in the "top division" of financial centres and gave it the highest ranking ever achieved by a financial centre in terms of its compliance with FAFT recommendations."

He also recognised that Jersey had a "positive effect on the wider UK economy" and that the island (Jersey) "provides a conduit through which mobile capital from around the world can be aggregated and invested, primarily in London". He stated that "much of this liquidity simply would not reach the UK but for the relationship between professionals in the City and in Jersey."

Responding to the speech, Mark Hoban MP, Financial Secretary to the Treasury, recognised the progress that had been made by the British overseas territories and acknowledged the importance of such centres to London.

Commenting on the Debate, Geoff Cook, Chief Executive of Jersey Finance, said:

"The debate in Westminster today very clearly demonstrated the importance of Jersey's financial services industry, especially with relation to the vital role that Jersey provides to the City of London's transaction chain. Mark Field MP also acknowledged that Jersey is a significant provider of administrative and legal services to international businesses active in the City, citing the recent Vallar IPO (a Jersey company), which successfully raised more than £700 million and is one of the most significant IPOs to come to market in London so far this year.   

"It is also very encouraging that Mark Field MP outlined that the beneficial role that IFCs play in the global economy and called for recognition of this at the G20 Summit in Korea. This is further positive recognition of the high regulatory and supervisory standards that Jersey has."

Appleby is pleased to announce that the Society of Trusts and Estate Practitioners ("STEP") has shortlisted the Group for the "Independent Trust Company Team of the Year" and the "International Legal Team of Year" categories of the STEP Private Client Awards 2010/11.

The awards highlight excellence and innovation among private client professionals worldwide. STEP received over 150 entries this year, with the judges only shortlisting those they felt to be the most outstanding in each category.

Appleby, through our Fiduciary and Administration Group, has provided offshore trust management and administration services for over 50 years. Our Private Client and Trusts Practice Group advises on the structuring, establishment, restructuring and winding-up of private, charitable, purpose and commercial trusts, private trust companies, foundations, holding companies and partnerships. We work with families and private individuals and their advisors to establish effective and innovative structures, combining the most attractive features of each jurisdiction in which Appleby operates.

The shortlisting for the international awards is further recognition of Appleby's high levels of service and expertise. In the spring of 2010, Appleby was named one of the world's top 25 trust companies by Private Client Practitioner; while the trust team leaders were named in the 2009 Citywealth Private Wealth Leaders List. In 2007/08, the Appleby Private Client and Trust Team was also named Caribbean/Bermuda Private Client Team of the Year by STEP.

Farah Ballands, Appleby Partner and Group Head of Fiduciary and Administration Services commented: "We are delighted with our shortlisting for these prestigious awards. STEP's recognition of our private client services further reinforces our market leading position in the offshore world."

Timothy Faries, Partner and Private Client and Trusts Practice Group Head at Appleby added: "It is an honour to be recognised by our peers in this manner.  It is our strategic goal to be the world's leading provider of offshore legal and fiduciary services and thus, our shortlistings underscore the breadth and depth of experience and expertise we offer clients."

The award winners will be announced at the awards ceremony on 19 October 2010 at the Hilton Park Lane Hotel in London.

First published on http://jersey.isle-news.com/ on 19/07/2010

Jersey's finance industry has further enhanced its reputation, winning 'Best International Finance Centre' at the International Fund and Products Awards 2010 this week.

The results of the Awards, which are recognised as a key event in the field of international finance, were announced on Tuesday 15^th June. Consisting of a range of categories, they feature leading financial organisations and providers based in the UK and international financial centres including Guernsey, Isle of Man, Dublin and Luxembourg, as well as Jersey.

The International Fund and Product awards have been held annually for 11 years and are judged by a panel of eight senior investment experts and advisers in the UK.  The judges' decision to select Jersey for this Award was based on the quality of its funds offering as well as its reputation on the international scene and its robust legislative and regulatory framework.

Geoff Cook commented:

"This latest endorsement for Jersey's finance industry reinforces the excellent work that is conducted in Jersey, the UK and internationally, not just in the investment fund area but right across the range of financial services sectors Jersey excels in. Jersey has consistently ranked favourably in a number of influential independent indexes and we look forward to building on this performance in the coming months and years."

Mourant Ozannes has been recognised as the leading law firm in the Channel Islands by Chambers Europe 2010, a respected research publication for the legal industry.

Published online in May, with the print version due for release this month, Chambers Europe ranks law firms for their performance over the past year based on feedback from clients and peers.

Mourant Ozannes is the only law firm in the Channel Islands to be ranked in the top tier for its Corporate & Finance, Investment Funds, Dispute Resolution and Employment work in both Jersey and Guernsey.

Mourant Ozannes is ranked in the top tier in eight of 11 categories, twice that of any other firm.

Chambers Europe also recommends 38 Mourant Ozannes lawyers in Jersey and Guernsey, more than any other law firm.

Jonathan Rigby, Managing Partner of Mourant Ozannes, commented: "We are delighted to be rated so highly by clients and peers in one of the industry's leading research publications. This clearly shows that Mourant Ozannes has unrivalled strength-in-depth in the Channel Islands."

On 1 June 2010 Mourant du Feu & Jeune and Ozannes, two of the leading law firms offshore, merged to create Mourant Ozannes. Mourant Ozannes draws on the heritage of two market leaders and has approximately 200 fee-earners and 50 partners practising from offices in the Cayman Islands, Guernsey, Jersey and London.

Robert Shepherd, Guernsey Managing Partner of Mourant Ozannes, said: "It is particularly pleasing to receive this recognition so soon after the completion of the merger."

Several lawyers from Mourant Ozannes have been included in the '2010 Expert Guide to the World's Leading Investment Funds Lawyers', published this month by the Legal Media Group.

Mourant Ozannes partners from the Cayman Islands, Guernsey and Jersey have been selected, emphasising the firm's strength in depth and industry knowledge in key international finance centres.

To be rated as "world leading", Mourant Ozannes' funds lawyers were nominated by clients and leading industry figures based on their work and reputation, followed by a review from a panel of impartial experts in legal centres worldwide.

The "world's leading" list includes Mourant Ozannes partners Neal Lomax (Cayman); Gavin Farrell, Peter Harwood, Paul Christopher, David Moore (Guernsey); and Edward Devenport, Ben Robins and Jacqueline Richomme (Jersey).

The Legal Media Group have been publishing international guides to individual lawyers in specific practice areas and jurisdictions for over 15 years, with a new edition of each Guide being published every two years.

Jonathan Rigby, Group Managing Partner at Mourant Ozannes, said: "We are delighted that our funds partners from across the firm have been recognised in this way. We strive to be consistently recognised as the leading law firm offshore and for our funds lawyers to be rated as world leading is a fantastic achievement."

On 1 June 2010 Mourant du Feu & Jeune and Ozannes, two of the leading law firms offshore, merged to create Mourant Ozannes. Mourant Ozannes draws on the heritage of two market leaders and has approximately 200 fee-earners and 50 partners practising from offices in the Cayman Islands, Guernsey, Jersey and London.

Mourant and Ozannes, two of the leading offshore law firms, have merged to create Mourant Ozannes.

The merged firm brings together two of the premier legal practices in Jersey and Guernsey to create a firm with unrivalled strength-in-depth and industry knowledge across the Channel Islands. With over 200 fee-earners and 50 partners practising from offices in the Cayman Islands, Guernsey, Jersey and London, Mourant Ozannes is one of the world's largest offshore law firms.

Group Managing Partner, Jonathan Rigby, said: "We are very excited by the opportunities that the merger presents and we are looking forward to working together as one firm towards our shared vision, to be consistently recognised as the leading law firm offshore. We aim to achieve this by delivering exceptional client service through collective effort and mutual support and by becoming an employer of choice. Mourant Ozannes draws on the heritage of two great legal practices and I am extremely proud to be leading the new firm at this exciting time."

Recognised as the world's capital in private banking, and controlling 40% of the over CHF5000 billion managed in Switzerland, Geneva is also one of the global centres of world trade and international trade financing. There are in excess of three hundred banks listed, and a growing number of literally hundreds of independent asset managers, wealth advisory boutiques and family offices in Suisse Romande and across the country.

A commensurate growing number of traders, bankers, lawyers, accountants and fiduciaries are adding to Geneva's increasingly highly qualified workforce and its burgeoning reputation as a centre of choice for the private client professional.

With 2009 a year of questions and doubts for the financial industry the global economy has continued to show contradictory signals between recovery and further deepening of the crisis, which has been reflected in the job market. Broadly speaking, firms have consequently been cautious with their recruitment strategy, tending more toward consolidation with some selective hiring apparent. It has therefore been very difficult to establish any general trends and therefore to make any calls on future market behaviour.

Switzerland generally, and Geneva specifically, continues to be a jurisdiction of interest to the private client practitioner seeking high quality work in an established and stable environment, albeit one which is changing rapidly in these volatile times.

With 2008 and 2009 behind us, although still a vivid and painful memory, hiring and growth in 2010 are showing some signs of recovery. A recent report released by the Economist Intelligence Unit (EIU) predicts, that one in two organisations plan to ramp up recruitment over the coming year. Similarly, a recent study showed that even in weakened jurisdictions such as London, the financial services job market is improving with an increase of 21% of new opportunities in March in comparison to the previous month. It is even more interesting to highlight that compared to the same month last year, openings in March 2010 increased by 83 per cent^[1].

If we narrow our scope to Switzerland, a macro analysis of the labour market shows that the employment related to Swiss nationals remained stable, while expatriate hiring increased by 1.3 % ^[2]. This first point speaks for itself and shows how Switzerland is in need of international talent. If we have a look at the financial industry, we see that positive signs are increasing. According to the Swiss Federal Bureau of Statistics, the financial industry represents 4.8 % of total employment. An estimate made by the STATEM (employment statistics body) reveals that recruitment in the financial industry in the last quarter of 2009 totalled 219000 employees, and was one of the industries which increased its number of staff (+1.5%). It is important to keep in mind though, that Switzerland is a unique case. With the unresolved banking secrecy matter, the outlook of the financial industry remains uncertain. If the government cannot protect the Swiss bank secrecy, it is clear that the marketplace is going to change extensively before and after 2011. Difficult to tell at this time, certain pundits predict that a considerable number of private banks could cease to exist and that jobs numbering in the thousands will be lost^[3]. This catastrophic scenario is softened by the pretty good year that banks have accomplished in 2009. It has been speculated that bonuses for staff at Anglo-Saxon banks were paid this year and with sums amounting to close what staff received before the crisis. In Switzerland, 284 out of 327 banks which share their data have published an increase in net profit at the end of 2008^[4].

In light of the global crisis and negative spotlight on certain practices, for example in banks, there has been a shift towards more specialist client-focused boutiques, the idea being to put client's interest first or to align them with those of the advisor. We anticipate more growth in this area as firms seek to return to emphasising the 'private' and 'client' in private client.

With regard to hedge funds, onerous new EU regulations coupled with an adverse tax environment in the UK, has prompted the first of a no doubt increasing number of managers to leave London for a more commercially friendly environment.

To coin the French phrase 'qui se ressemblent s'assemblent', key hedge fund players means more hedge funds and hedge fund services firms. It also means more investment bankers and lawyers. Which means more private wealth and more call for qualified private client professionals. With many professionals moving from the UK to Switzerland, UK trained and qualified private client professionals will be in greater demand than ever.  

Private banking industry concerns to one side, the future for the private client professional in Geneva looks positive.
 

[1]"London's Financial Jobs Market Continued To Improve In March - Recruiter", Wealth Briefing, April 15 2010,

[2] Office fédéral de la statistique OFS, communique de presse, 25.02.2010

[3] Edito, Olivier Toublan, Private banking magazine, April 2010

[4] Office fédéral de la statistique OFS, communique de presse, 25.02.2010

This article was written by Anicet Tanghe, a Former Recruitment Consultant for AP Executive, a specialist global private wealth management consultancy.

Article first published in Private Client Practitioner magazine, May 2010

There are six stress risk factors that people in London hedge fund jobs could be affected by, it has been suggested.

Ann McCracken, chair of International Stress Management Association UK (ISMA UK), said these are triggers that cause people to feel under pressure in the workplace and consist of control, relationships, change, support, role and demands.

She explained although companies are required to carry out assessments for stress management, there has been an increase in the number of employees in the UK with worries about their job.

Ms McCracken said members of ISMA UK "have noticed that they are meeting and working with more people concerned about work".

However, she pointed out that no official figures will be released on the matter for another 12 months.

In August this year, a study conducted by Medicash found men are four times more likely to have time off work due to employment-related stress.

Ultra-high-net-worth families are taking a long, hard look at the performance of their family offices as events of the last year have laid bare weaknesses and strengths. Many will concentrate on core wealth management functions while considering offering services to outside families, consolidating with other family offices or closing, finds the 2009 U.S. Trust®/Campden Research North American Family Office Survey.

Released today as part of a new study entitled Building for the Future, the North American Family Office Survey provides a comprehensive look at the state of the family office, the most pressing issues they face and the road ahead now that market volatility appears to be subsiding. With 81 percent of their investment strategies impacted by the recent credit crisis and market correction, the study provides invaluable insights into how family offices are focusing their resources to concentrate on core mandates, addressing risk and planning for the future. This ground-breaking research includes findings on how owning a family business affects risk tolerance, the wealth management focus and overall services offered by family offices.

The research was conducted between June and September 2009 by interviews and an online survey with family office executives and family principals from 40 single-family offices and 10 evolving multi-family offices in North America. It captures a complete spectrum of family office models, as family offices transition from closed operations serving only the founding family to operations opening specific investment or advisory services to non-family clients, consolidating into private multi-family offices (MFOs), and becoming full-fledged commercial operations.

"Like most financial services organizations, family offices were not immune to recent market upheavals," said Belinda Sneddon, group executive, U.S. Trust Family Office, part of U.S. Trust, Bank Of America Private Wealth Management. "Scandals and widespread investment losses have left family offices poised for a period of significant evolution. The family office model is turning back to basics, enhancing risk assessment and focusing on its strengths which lie primarily in wealth management services."

Key findings include the following:

Family offices are:

-Recruiting in-house research analysts and expanding their interest in proprietary research. Twenty-three percent of family offices acknowledge financial analyst skill shortages, and 22 percent plan to recruit them over the next three years. -Rethinking long-held models with an emphasis on managing liquidity and becoming more opportunistic.


-Returning to core mandates of consolidated control of wealth management. Nearly all SFOs offer financial advisory services (92 percent offer trust and estate planning, financial planning and tax planning) with a significant minority (49 percent) offering life management or concierge services.

-Heavily weighting features such as the reputations and recommendations of financial services providers. On a scale of one to five, with one as "most important," "confidentiality" (1.58) and "reputation" (2.17) ranked among the top criteria for selecting a financial service provider.

-Considering opening to non-founding family clients (28 percent). Their main motivations are increasing their access to investment opportunities by having greater assets under management (54 percent), and retaining their top investment professionals by providing more opportunities to earn and run more and larger investments (31 percent). They are focusing on opening an internal hedge fund or private equity fund (23 percent) or, to a lesser extent, a private equity or hedge fund of funds or diversified investment services (15 percent).

-Though expressing no specific plans to close, 31 percent said it was a possibility, even if remote.

"The tumultuous economic and market climate of the last thirteen months has exposed the weaknesses and strengths of the family office model, and as a result, we are going to see family offices increasingly concentrating on core competencies and looking to others to provide non-core services," said Mindy Rosenthal, managing director of Campden's North American Business and author of the research. "Now more than ever, family offices will be considering significant organizational changes ranging from consolidation with other family offices, opening services to non-family clients or possible closure."

Although it faces increasingly stiff competition from other financial centres in the region, Singapore has been identified by many analysts as the jurisdiction of choice to replace Switzerland in the coming years. In a bid to remain competitive and attractive over its counterparts in the region - and above and beyond its socio-political stability, sound infrastructure and well-regulated financial sector - the Singapore government has enacted the Trustees (Amendment) Act 2004 and amended the Trust Companies Act and the laws relating to income tax and estate duty.

As an Asian and international banking hub, an investment and wealth management centre, the world's fourth-largest foreign exchange centre and an emerging Islamic finance centre, Singapore is in many respects ideally suited to the job. In addition to its common-law heritage, its territorial and remittance-based tax system and its range of double-tax treaties, its international credibility and reputation as a compliant jurisdiction is well substantiated.

Nevertheless, although it serves all of the above for business entities and high net worth individuals, can Singapore's infrastructure really cope with the proposed inflow of new business? Given that it is a relatively small city-state with a well-documented low birth rate, how does the government expect to support this anticipated growth?

Singapore has answered this question emphatically on a number of fronts.

Opening the gates to immigration is fundamental. Because of that flagging birth rate, and in order to remain competitive in the region and globally, the government is welcoming multinational corporations, and aims to admit up to one million foreigners - well educated, ambitious and wealthy - to live and work there. The government of Singapore has a very progressive policy when it comes to attracting foreign talent into the country, especially as far as skilled workers, professionals, middle-level skilled workers and entrepreneurs are concerned. They must do so to supplement the country's internal capacity if they are to maintain its leadership position in a number of sectors, especially finance. To support this policy, the government offers a number of visas including the Professional Visit pass, Employment Pass, S pass and Work Permit.

In spite of its new open-immigration policy, efficient government, first-world infrastructure, sound educational system and clean, safe streets, Singapore has not always been seen as an exciting place to live and work.

The wheels of change are already in motion - and Singapore's image has been given a fresh, cosmopolitan new look. Indeed, according to Lee Kuan Yew, Singapore's former prime minister, the city aspires to be a 'tropical version of New York, London and Venice' all in one. Plans to give the republic this facelift are well under way: the financial district will have a striking new skyline, while there are no plans for hotels, casinos, a new theme park and super yacht marina to spring up in the city. Singapore also hosts a Formula One Grand Prix. The city's revitalised waterfront, not far from the growing financial district at the mouth of the Singapore River, will be a veritable playground for hard-working bankers, lawyers, accountants and professionals, not to mention the proposed influx of tourists.

After the Asian financial crises of 1997, the government set about creating policies to generate higher-paying white-collar jobs in sectors such as private banking and finance - indeed, Singapore is becoming the largest focal point for private banking outside Zurich, with assets rising by 20% annually in recent years.

But where will the people needed to support and enable this growth actually come from? The demand for already limited human resources is high, and this is one of the biggest obstacles faced not only in Singapore but in the broader region and globally. Globalisation has vastly increased the opportunities within the financial service sector - with an upwardly mobile, well-educated, cosmopolitan and multi-cultural workforce capable of switching between jurisdictions with relative ease.

Singapore has the economic and intellectual resources to compete at the highest level and, importantly, the will and ability to fast-track its development through government and regulators who are in communication with industry professionals. This has been shown in the revised trust laws mentioned earlier and also in the rapid growth experienced in the guest workforce - a phenomenon not seen in other offshore financial centres, which are hampered by strict immigration and affirmative-action policies.

However, this increase in foreign workers is not without its inherent problems. With an average influx of 100,000 expatriate workers annually; there is some local anxiety over the government's efforts to boost immigration. Some Singaporeans fear losing their jobs to foreign professionals, and that the open-door policy will not necessarily translate to more jobs. Many are expressing their concerns about how Singapore's island and infrastructure will support the increased population and subsequent pressures on transportation, housing and education.

The strong tradition and ethic of learning and progress has also been embodied here with the recent establishment of world-class seats of learning such as John Hopkins University and INSEAD Singapore campuses.

If Singapore can invest in the education and continued professional development of native Singaporeans while bolstering its growth with talent from abroad, then the territory has a place at the top table and a bright future ahead.

I think now is a particularly exciting time for anyone to be considering a career as an advocate at the Guernsey Bar or wishing to work as a lawyer in Guernsey. Over the past twenty years the size of the Bar has increased from approximately twenty advocates to 100 and rising. A record number of people will be taking the Guernsey Bar examinations this coming summer.

There has also been the phenomenon of the non-locally qualified lawyer working for the firms of advocates on the Island. Non-locally qualified lawyers now outnumber locally qualified advocates. Legal practice in Guernsey has benefited from the input of persons with qualifications from all over the world but particularly Australia, New Zealand and South Africa.

Why this growth? It is a direct corollary of the amount of work coming into the Island. In the 1960s and 1970s much was heard of "invisible exports". The work brought in to Guernsey by lawyers on the Island must account for a sizeable proportion of Guernsey's economy.

It is an exciting time to practise law in Guernsey; whereas twenty years ago most advocates were generalists turning their hand to many tasks, now it is very much the norm to specialise in a chosen practise area of particular interest to a lawyer. New areas of practise in my own firm, for instance, which has dedicated teams to include employment law, compliance work, data protection, medical negligence, pensions laws, employment benefits - and the areas of specialisation will continue to increase.

Guernsey

Guernsey is a common law jurisdiction; however its laws are a combination of old Norman law and English law. Although the customary law of Normandy forms the historical basis of Guernsey law and is still the basis of the laws concerning inheritance and property, all other areas of law have drawn increasingly on English law over time. As a result Guernsey advocates must not only be proficient in English law but must also have a good understanding of old Norman law.

The Route to Qualification

Unsurprisingly, becoming a Guernsey advocate is a lengthy process. Candidates must first qualify as an English solicitor or barrister before attempting the specific Guernsey requirements. Once qualified, candidates must attend the University of Caen in France for three months and complete the Guernsey Bar examinations.

Qualifying as an English Solicitor or Barrister

The first step in qualifying as an English solicitor or barrister is to complete a degree from a recognised university. While many students choose to undertake a law degree it is possible to convert a non-law degree to a qualifying law degree by taking a post-graduate diploma in law ("PgDL"), also known as a Common Professional Examination. The PgDL comprises the seven core subjects of a law degree: Tort, Contract Law, Public Law, Criminal Law, Equity and Trusts, EC Law and Property Law.

The PgDL can be undertaken in a number of manners: full-time, part-time or by distance learning. The full-time course is over one year, whereas the part-time and distance-learning courses are studied over two years.

Following completion of a law degree or non-law degree and PgDL, candidates must choose whether they wish to be a solicitor or a barrister.

Qualifying as a Solicitor

To become a solicitor, students must undertake a vocational course known as The Legal Practice Course ("LPC"). The LPC is designed to allow students to apply the knowledge and procedures they learned in their law degree/PgDL in practice. The LPC consists of three core subjects and three electives. The compulsory subjects are Business Law in Practice, Litigation & Advocacy and Conveyancing & Property. The choice of electives includes Acquisitions & Group Structures, Commercial Law, Commercial Dispute Resolution, Commercial Property, Corporate Finance, Employment Law & Practice, Family Law & Practice, Media & Entertainment Law, Personal Injury & Clinical Negligence Litigation, Private Client and finally, Welfare Benefit & Immigration Law. The choice of electives allows students to tailor their studies according to the area in which they would like to specialise. Occasionally, where candidates have secured a training contract for when they finish the academic stage (see below) the employer may request the student to take specific electives.

Like the PgDL, the LPC may be taken full-time, part-time or by block learning, the full-time course lasting one year and the part-time and block learning courses lasting two years.

Training Contract

Once candidates have completed the academic stage of training (i.e., the law degree/ PgDL and LPC) they must train as a solicitor for two years within an accredited firm . Until recently it was necessary to train in either England or Wales; however it is now possible to complete this stage in Guernsey. At present, Guernsey law firms offering training contracts include amongst others, Carey Langlois and Wedlake Bell. Many mainland firms recruit trainees two years in advance so it is necessary to apply in the final year of the law degree or during the PgDL. At present, the Guernsey firms tend to be more flexible so it may be possible to secure a training contract after completing the LPC.

During the training contract trainees take a number of "seats", meaning they spend set amounts of time in different departments, allowing them to obtain experience of different areas of law. This can be particularly useful where a trainee is not sure of the area in which they would like to specialise.

The final stage of training as a solicitor is the Professional Skills Course ("PSC") which is pursued during the training contract. The PSC comprises 72 hours (12 days) of training which includes three compulsory core modules and a wide choice of electives. The compulsory core modules are Financial & Business Skills, Advocacy & Communication Skills and Client Care & Professional Skills.

Qualifying as a Barrister

Instead of pursuing the LPC, prospective barristers must undertake a different vocational course known as the Bar Vocational Course ("BVC"). The BVC is designed to prepare students for becoming pupil barristers and there is much emphasis on developing interpersonal skills, casework skills, written skills and a professional attitude.

Like the LPC, the BVC has three core areas which include Civil Litigation, Criminal Litigation and Sentencing and Evidence. There are also a number of electives to choose from. In order to hold rights of audience in the Superior Courts of England and Wales one must first be called to the Bar. It follows that students should join one of the Inns of Court prior to undertaking the BVC, as the Inns alone have power to call a student to the Bar. The Inns of Court are Lincoln's Inn, Inner Temple, Middle Temple and Gray's Inn. The Bar Council recommends that students join an Inn by the end of June in the year in which they will pursue the BVC; however many students choose to join earlier. The Inns are generally non-academic societies designed to provide support to barristers and student barristers. The Inns provide advocacy training seminars and lectures on various areas of law.

Normally, following completion of the BVC and having been called to the Bar, students must then obtain pupillage with a chambers in the UK, where they will train for a year. This is not necessary in order to become a Guernsey advocate and thus many barristers return to Guernsey to undertake the Guernsey Bar examinations following the BVC.

Studying in Caen

Following qualification as an English solicitor or barrister, a prospective Guernsey advocate must attend the University of Caen for three months. Students usually go to Caen in September and finish their exams in mid-December. The courses they will take there are designed to provide an understanding of Norman customary law and French contract law. As the courses are taught in French it is essential to have a good understanding of the language. The courses include Customary Law (Coutûme), Institutions of Normandy (Institutions Normandes), Judicial Thought (Pensée Juridique) and Contract Law (Obligations). The first three courses provide an historical analysis of French law; however the course on contract law focuses on the modern French law of contract.

The Guernsey Bar

In this stage of the training, which may be undertaken prior to or after attending the University of Caen, candidates must write four papers to be called to the Guernsey Bar. They must write papers on the Constitution and Laws of Guernsey, Civil and Criminal Practice and Procedure and the Law of Real Property. Students then have a choice between a paper on the laws and practice relating to private clients or the laws and practice relating to business clients.

Whilst there is no formal training programme prior to writing these papers, candidates must have worked within a Guernsey law firm for a minimum of 1 year under the supervision of an advocate of at least 5 years' standing prior to being called to the Bar. In addition, many law firms in Guernsey provide seminars for students in order to assist them in their studies. Once students have completed these requirements they will be called to the Guernsey Bar and become a Guernsey advocate.

This may all sound a long and arduous road. It is, but as in most things in life the more the preparation the greater the reward.

By Michael Eades, Bâtonnier, Guernsey Bar Council.

by Alan Binnington, President of the Law Society of Jersey,
Partner of Mourant du Feu & Jeune, Alan is a Jersey Advocate and an English Barrister

In the 19th Century the number of advocates in the Island was limited to six and it has been suggested that in order to be called to the Jersey Bar a newly qualified lawyer had in those days to pay an existing advocate a sum of money sufficient to persuade him to retire. Thankfully, times have changed and the Island now has over 140 advocates and over 50 "ecrivains", as Jersey solicitors are known.

The route to qualification is not an easy one. The Jersey profession is now essentially a graduate profession although the aspiring Jersey lawyer does not need to have obtained a law degree : for those who have a degree in a subject other than law it is possible to complete a one year conversion course in the core legal subjects in order to pass the Common Professional Examination which puts the student in the same position as if they had a law degree which included the core legal subjects. Students who wish to pursue a career in law in Jersey would then usually attend the Legal Practice Course ("LPC") or the Bar Vocational Course ("BVC") in order to qualify respectively as an English solicitor or an English barrister. Unfortunately that is not the end of the studying !

Having qualified either as an English solicitor or barrister many students return immediately to the Island to commence their studies for the Jersey Qualifying Exam for call to the Jersey Bar or admission as an ecrivain. However some students decide to spend some time gaining experience as a barrister or solicitor before returning to the Island. Such experience can be invaluable if it is in the field in which the aspiring Jersey lawyer ultimately wishes to practise.

Once back in Jersey it is likely to take in the region of 2 years of further studying before one is ready to take the Jersey law exams. Although Jersey law is, in many areas, similar to English law there are important differences, particularly in the law relating to contract, immovable property and succession. As some of the statutes and most of the early commentaries are written in French a good working knowledge of French is particularly useful, although contrary to popular belief the language used is "normal" as opposed to "Norman" French!

Once qualified as a Jersey lawyer the range of work available is diverse. Many of the smaller local firms concentrate on advice for Jersey resident individuals and institutions covering areas such as criminal, matrimonial, conveyancing, contract disputes and personal injury litigation. The larger firms, whilst doing some purely local work, tend to specialise in advice to institutions using Jersey as an offshore finance centre. Such advice will cover areas such as trust and company law, offshore financing and commercial litigation.

The island's legal aid system brings with it both advantages and disadvantages for the newly qualified Jersey lawyer. All Jersey qualified lawyers of fewer than 15 years' standing must accept legal aid work on a rota system, which means that each lawyer is allocated, on average, one legal aid case per week. The work is carried out free of charge if the client does not have sufficient means to pay, or is carried out at a reduced rate where they have the ability to pay some, but not all of, the fees. The lawyer does not receive the balance from any other source. Although the obligation to receive cases that are allocated on the rota is a personal one some of the larger firms set up specialised legal aid teams to carry out the work. The advantage from a newly qualified advocate's perspective is that even if he or she joins a large commercial firm there will still be an opportunity to gain useful experience in areas such as criminal advocacy and to do work that fulfils the sense of vocation that many newly qualified lawyers demonstrate. The disadvantage of the system is that it operates as a substantial disincentive to a lawyer who wishes to set up on his own, providing advice primarily to local residents. The cost of carrying out a substantial amount of work for no remuneration for up to 15 years can be financially crippling to someone in that position. Thus anyone who wishes to specialise in, say, providing advice in matrimonial and criminal cases is likely to find that it is financially impossible to do so. Although the cost to the States is negligible whether such a state of affairs really benefits the local community is debateable.

It is possible to work for a Jersey law firm without being either an advocate or an ecrivain: one can be employed as a lawyer within a Jersey legal practice without having to pass the Jersey law exams, although professional rules would prevent a person in such a position becoming a partner in a Jersey legal practice. A Jersey legal qualification is however required before you can hold yourself out as being able to practise Jersey law. In addition, a number of firms of English solicitors have a presence in Jersey advising Jersey resident individuals and institutions on English law matters.

Many Jersey law firms have associated trust companies that specialise in the administration of trusts and companies for both individual and corporate clients. There are opportunities for lawyers to work within such companies and for non-lawyers to work as trust and company administrators and managers. It is the associated administration work that makes many Jersey firms very different from the traditional law firms in the U.K. and ensures that the range of job opportunities with Jersey law firms is more diverse than their English counterparts.

Legal work in Jersey is not confined to private practice. In the public sector there may be job opportunities in the Judicial Greffe, which deals with the administration of the courts and in the Law Officers' Department, which handles criminal prosecutions and advises on legal matters affecting the States.

What qualities does an employer look for in a candidate for a legal position? To some extent the answer will depend on the area in which the lawyer is likely to practise. In general one would expect the candidate to demonstrate an ability to think logically, to distinguish relevant information from a mass of irrelevant material and to be able to identify and solve problems. Where court work is likely to be involved it is clearly important to be able to speak in public with confidence, although that is something that may well develop with practise, and to be able to think on one's feet : faced with a difficult question from the judge it is unfortunately not possible to ask the audience or phone a friend. In the private client field it is obviously important to be good at dealing with people although in some areas such as criminal and matrimonial work it is also important to be able to take a detached view of the problem. This sometimes leads to clients, particularly in matrimonial cases, complaining that their lawyer doesn't appear to be sufficiently sympathetic. However one shouldn't go to a lawyer for sympathy; that can be supplied in abundance by friends and relations. What one needs in these circumstances is someone who can stand back from the emotion of a problem and supply objective and independent advice whilst nevertheless being sensitive to the situation in which the client finds himself or herself. With the increasing international nature of legal work in Jersey an ability to speak one or more foreign languages is useful, particularly French for the reasons referred to above. Finally, both physical and mental stamina are useful attributes : the hours are likely to be long!

For many students considering a career in law their only experience of the work of a lawyer (assuming that they have not appeared in the local Magistrate's Court!) is likely to be T.V. series such as Rumpole, Ally McBeal and Kavanagh Q.C. As is often the case what is portrayed on television and reality do not coincide. It is therefore useful to gain some practical experience by working in a law firm during school or university holidays.

Although the training is long and once qualified the work can be arduous, most lawyers will agree that a career in law is both varied and stimulating. Whilst the financial rewards in some areas of the law may be excellent, job satisfaction is more important. As the American publisher, Malcolm Forbes, once said: "The biggest mistake people make in life is not trying to make a living at doing what they most enjoy".

Jersey is the first of the British Crown Dependencies to enact legislation permitting the establishment of foundations. The Foundations (Jersey) Law 200 - (the 'Foundations law') was passed by the States of Jersey on 22 October 2008 and is expected to become law there in the first half of 2009.

Foundations are rooted in Roman law, which has meant that they are more familiar to inhabitants of civil law jurisdictions than those of common law jurisdictions.
Liechtenstein was the first jurisdiction to introduce the modern foundation (in 1926) and has built a whole economy on the principle. Other jurisdictions, such as Panama and the Bahamas, have enacted their own legislation for the same reasons. There has been pressure to introduce foundations in Jersey for several years - not as a replacement for trusts, which are well established in the island - but as a new vehicle for wealth management, particularly for those for whom the trust is an unfamiliar concept, where transparency is necessary or where a degree of control which is not permitted with trusts is required.

The foundation is neither trust nor company, but a brand new concept for Jersey. Many civil law jurisdictions do not recognise the concept of a trust but are happy with the foundation. It is expected that foundations will be used by those who require transparency, wish to control assets, or who prefer a structure with which they - and their advisers or the authorities in their home jurisdiction - are familiar. It is hoped that this new product will keep Jersey at the leading edge in the provision of international financial services.

This article is abbreviated from the work of Carolyn Cowan, Senior Associate, Ozannes Jersey. The full version can be found in Ozannes' newsletter 03/09
Email Carolyn.cowans@ozannes.com or telephone (+44) 1534 723466