An article written by Conor O'Reilly, Head of Funds Recruitment at Darwin Hawkins, sharing insights on the current hiring landscape across Funds, Banking and Treasury.
I’ve been back in the market the past month, speaking with clients and candidates across Funds, Banking and Treasury, and that’s the clearest takeaway so far. There’s activity, but it’s more considered. People are thinking twice. Decisions are taking longer. In some ways, it feels like a bit of a reset.
Even outside of conversations, you can see it. The DARTs feel busier again, probably the closest we’ve been to pre-Covid levels. More people back in the office. But that shift isn’t without its challenges.
I’ve had a number of conversations with clients being pushed towards four or even five days in the office, often coming from group decisions in the US or Continental Europe. The reality is that doesn’t always line up with what the local market is willing to accept. And you can see the impact straight away, smaller candidate pools, longer processes, and more drop-off along the way. At the same time, candidates aren’t exactly rushing to move either.
There are plenty of conversations happening, but fewer turning into actual moves. It’s not a lack of interest - it’s more a case of people weighing things up properly before making a decision.
Across Funds, hiring is still happening, but it’s focused. What’s interesting is that demand isn’t sitting in one area, there’s activity across both ETF and Private Assets, which in reality require quite different skillsets. It’s less about one dominating, and more about firms hiring against specific needs within each, rather than broad team expansion.
In Banking, it’s a similar story. Roles tied to risk, control and regulatory requirements are still moving, along with areas linked to change and transformation. But overall, it feels more targeted than before.
Treasury has been consistently busy, just slightly under the radar. A lot of the roles I’m seeing are centred around banking relationships, liquidity and cash management, particularly where there’s exposure to global structures. There’s also strong demand for corporate treasury profiles with in-house bank experience. These aren’t always easy hires, which keeps things ticking over.
Stepping back, it doesn’t feel like a quiet market, it just feels like one that’s holding back slightly. There’s intent on both sides. Candidates are open, but taking their time. Clients are hiring, but being more cautious. When that shifts, I don’t think it’ll be gradual, it’ll move quickly.
For now, it’s a market where having a clear view of what’s happening, and how to position things properly, will make a real difference.
A lot of my time at the moment is spent working closely with clients on that. Helping shape hiring plans, advising on how roles are coming across in the market, and supporting processes end-to-end to make sure they land the right people.
If you’re hiring across Funds, Banking or Treasury, whether it’s a key hire or a broader build-out, happy to share what I’m seeing and where I can support.
And if you’re considering a move, feel free to reach out for a confidential chat.