Is Melbourne The Place For Financial Services Professionals In Australia?
I was reminded how great it is to be part of Melbourne’s financial services community at the recent launch of the 2016 Melbourne Mercer Global Pensions Index. In his address, Wade Noonan MP, Minister for Industry and Employment highlighted that Melbourne’s financial services sector is “going from strength to strength”.
Financial services is the largest and fastest growing sector in the Victorian economy representing $37 billion or 10% of Gross State Product and employing approximately 120,000 people. Everyday in our office is proof that the career opportunities in Melbourne are extensive across banking, funds management, superannuation and financial planning.
Australia’s superannuation industry manages over $2 trillion with Melbourne being the home to seven of the ten largest superannuation funds including, AustralianSuper, CBUS, Hostplus, Unisuper and HESTA. Superannuation funds are in the midst of technological change and increased competition and we are increasingly seeing the need for talented professionals across these areas:
- Technology – Project Managers, Business, Systems and Data Analysts are in high demand
- Investments – Investment professionals are being hired by superannuation funds as the internalisation of investment capabilities continues
- Advice – Superannuation funds are seeing their advice offering as a competitive advantage, as well as a retention strategy and there is an increased hiring of professionals with financial advice expertise
- Marketing and member engagement – Marketing teams have exploded and have created huge opportunity for marketing professionals to win the hearts and minds of fund members. The move to digital has been transformational.
As superannuation funds continue to grow, the flow on effects to other industry participants / services providers in funds management, asset consulting, custodian / funds services, technology and consulting have provided for new employment opportunities.
Global and domestic fund managers that call Melbourne home include Franklin Templeton, Legg Mason, Vanguard, IFM Investors, Invesco and Bennelong. Increasingly we are seeing strong interest from global fund managers who want to enter the Australian market.
The Future Fund and VFMC (Victorian Fund Management Corporation) also have large investment teams and are always looking to hire and retain markets best investment professionals.
Kaizen’s fund management clients have kept us busy this year and we have recruited positions including investment (all asset classes), business analysts, application support, investment accountants, business development managers, client and investor services, risk and compliance, investment operations, performance analysts and marketing to name but a few.
Asset consultants including Frontier Advisors, Mercer, Jana and Willis Towers Watson have also benefited from Melbourne’s superannuation sector with all these businesses hiring to meet the changing market demands but also providing a growing talent pool for these funds to draw from.
Global custodians BNP, State Street and Northern Trust all have representative offices in Melbourne and are growing.
Melbourne’s financial services sector, while undergoing change is absolutely full of opportunity and enjoying growth. If you or your organisation need assistance with recruitment in this space, please reach out to Kaizen Recruitment today.
Best regards
Matt
Matt McGilton – Director
Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney. For assistance or further information please telephone our office at +61 3 9095 7157 or submit an online form.
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