Pay for IT staff in hedge funds surging because of regulations
PAY for IT staff working in hedge funds and asset managers has surged 13 per cent in the last six months as businesses face extra pressure to comply with banking regulations.
The figures, from a survey by ReThink Recruitment, also reveal some funds are increasing their IT staffing by more than 50 per cent.
Post credit-crunch, firms are upgrading their systems and software developers with experience in front office trading systems now command £700 per day on average, up from an average of around £620 per day at the start of the year.
According to Rethink, one of the key drivers of demand for IT skills is the need to strengthen compliance and risk management systems. The forthcoming Basel III rules and the Alternative Investment Fund Managers Directive will both require greater transparency and disclosure.