O N E T E N A S S O C I AT E S
Talent squeeze as industry grows Interview with Lamia Allam
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s Luxembourg attracts growing numbers of fund managers and service providers, the progress is raising concerns among those with existing operations in the region. Attracting and retaining top talent is becoming more of a struggle as the number of players increases and the industry needs around compliance continue to mount. “Investment management clients can no longer solely rely on competitive salaries to attract and/or retain talent, which was the case historically. Instead, candidates are increasingly looking for a clear career path and an employer who goes beyond the material aspects, offering opportunities for personal growth, career fulfilment and a good work-life balance,” explains Lamia Allam, senior consultant, One Ten Associates. More recently, the difficulties in attracting talent have been compounded by the uncertainty caused by the Covid19 pandemic. Allam observes: “Although, from a recruiter’s point of view, recent months have proven to be a great time to engage with talent who would otherwise be less accessible, approximately 40 per cent of the candidates we speak to have been rather reluctant to engage in interview
processes unless the upside is significant enough to compensate for the perceived risks.” In an attempt to tackle these chalIenges, One Ten Associates continues to provide clients with comprehensive talent mapping services and an extensive coverage of the local market, ensuring the relevant talent pools are identified, developed and nurtured. Allam comments: “This year’s unforeseen events have allowed us to allocate more time to building and maintaining long-term relationships with candidates, which, in turn, led to a rise in referrals and, subsequently, an increased number of placements.”
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LUXEMBOURG FUND SERVICES IN FOCUS | Oct 2020
Brexit effect As the UK heads for a potential no-deal Brexit, Luxembourg has been seeing a spike in interest from managers planning for future ease of access to Luxembourg fund products and structures. Allam observes: “The upheaval caused by Brexit seems to have made the Grand Duchy an even more appealing setup location thanks to its political stability and CSSF’s ongoing efforts to make Luxembourg a secure and attractive place for fund managers. “The transitional regime introduced by the Luxembourg
