HEDGE FUND REGULATION COULD MEAN RICH PICKINGS FOR COMPLIANCE CONTRACTORS
The proposed new regulatory framework surrounding the hedge fund and private equity sectors could be good news for compliance professionals – particularly contractors. That’s according to Michelle Myers, head of Compliance within the financial services division of Twenty Recruitment.
“To date hedge funds have been largely unregulated” says Myers, “but increased regulatory and investor scrutiny – and the ensuing regulation - will make it essential that that their operations meet the highest standards of risk management, full regulatory compliance and operational control”.
Myers predicts a flurry of recruitment activity in this area if the regulations get passed – with asset management firms becoming the main victims as hedge funds offer big financial incentives for people to move. “The experience and skills needed tend to be very product specific and the increasing complexity of those products means that compliance officers’ product knowledge has to be second to none to be able to converse on an equal footing with the sales and trading areas – those are skills that the hedge funds are likely to pay top dollar for.”
What’s also clear is that we are not talking old school, box ticking auditors here. “Ten years ago, compliance was seen as a function almost restrictive to the business – and was very much a middle/back office role”, says Myers. “Today, compliance teams have taken on the mantel of trusted advisors – and gatekeepers. They have to be assertive, direct and solutions driven and have the ability to stand up to what are often very strong characters.”
However Myers predicts that little is likely to happen immediately. “Many will be sitting back to see what happens as there is still uncertainty about what exactly will have to be implemented. From an overhead point of view the Hedge Funds will not be in a tearing hurry until the deadline is set in stone. Consequently the contractor and interim market is likely to take up the slack in the medium term and so this could be a huge growth area”
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