MIK Fund Solutions to Open New Belfast Office

 

The US financial services company MIK Fund Solutions has announced plans to establish a new Belfast office as part of its ongoing growth strategy. The move will create twelve high-paid jobs, comprised of two business financial analysts and ten software developers. MIK Fund Solutions chose Belfast after looking at several possibilities, citing various reasons for the final decision. These include operating costs, infrastructure and the supply of skilled software engineers as well as time zone. The new Belfast office will enable MIK to offer clients a 24/7 ‘follow-the-sun’ support service and facilitate the extension of the company software development footprint. As a global professional services company, Procorre recognises the advantages of job creation in Europe and is able to assist consultants, clients and preferred suppliers in navigating aspects of business here such as compliance. Working with preferred suppliers, Procorre ensure their Consultants have the on-the-ground knowledge and expertise to assist in business and product expansion.  

MIK Fund Solutions

MIK stands for ‘Making Information Knowledge’ and that is what MIK Fund Solutions does best. The company provide software for comprehensive data management and actionable intelligence for both traditional and alternative asset managers. The innovative software solutions cover all asset management needs, from portfolio analysis to security, data warehousing to treasury management. With both comprehensive and modular software, MIK Funding Solutions do all the heavy lifting and make business complexities comprehensible, actionable and digestible. Solutions from MIK help clients to integrate data from numerous sources, converting that data into information that is meaningful and interactive. Customers of MIK Fund Solutions include multi-billion-dollar asset managers working in both traditional and alternative investment markets.

New Operations Base in Belfast

The new base of operations being established in Belfast will create twelve new jobs, each attracting an average salary of around £63,000. COO of MIK Fund Solutions Marshall Saffer stated that the firm was very excited about the new venture, which brings the company access to a highly skilled professional workforce within a relevant time zone. Saffer went on to say that the current growth strategy of MIK revolves around an expansion of the current product offering. This enhanced offer will be supported by both the US office and the new Belfast team. Each high calibre finance or software professional to be taken on board will be provided with plenty of additional training on the job, exploring up-to-the-minute concepts including financial, business and technology. Invest Northern Ireland assisted with the creation of the twelve new roles with £84,000. Alastair Hamilton chief executive of Invest NI helped to make the announcement during a recent trip to the US offices of MIK Fund Solutions. Hamilton emphasised the growing reputation of MIK Fund Solutions within a niche market.


MIK Technology

MIK uses an open platform to harness user data in the latest technologies. This data can then be used to enable advanced management of funds and portfolios. Data can be aggregated from any source, including Internal, OMS, Brokers, Risk, XLS, Accounting and Reference Data Providers. Each firm’s exacting requirements can be met with meaningful information that enriches and transforms both analysis and action. With MIK Fund Solutions doing all the heavy lifting, clients can then focus on running investment operations efficiently and making the right decisions. The open platform allows for ease of integration, bringing in leading third-party applications and accommodating every activity of the fund or portfolio in question.  

Customised End Solutions

MIK Fund Solutions recognise that each firm has unique requirements and for that reason the end user’s view can be customised to meet those needs. To ensure data quality, MIK uses enrichment, cross-referencing and data-scrubbing before sharing data. Each customised solution is fully scalable to grow alongside the business without any compromise on the quality or availability of data or speed of operations. The combination of in-depth knowledge of the financial services industry with expert software development practices ensures that MIK is ideally placed to deliver sophisticated custom solutions that work with each business.

The opening of the new offices in Northern Ireland will enable MIK Fund Solutions to expand their support for clients. With the Belfast and US offices working hand-in-hand, MIK will be able to offer a comprehensive support package that will be accessible to clients twenty-four hours a day. Northern Ireland was selected as it represented the best fit in terms of the strategic development plan of MIK Fund Solutions.

Consider Applying for these 5 Finance Jobs in Singapore

In this post you will learn about the finance industry in Singapore…….

Policy – What is Singapore’s new policy on hiring foreign workers? 

Opportunities – What five finance positions are often filled by foreigners?

 

New policies affect foreign workers

Companies interested in hiring foreign workers in Singapore are soon going to face stricter criteria for obtaining Employment Passes. The Ministry of Manpower recently announced new guidelines which will require companies to make a concerted effort to find Singapore residents qualified to fill the position before hiring a foreigner. Government officials will also look at the ratio of foreigners to Singapore workers in the company’s existing payroll, as well as the company’s general contribution to the economy before approving a new EP or even renewing an existing agreement. The rules are aimed at reducing the number of foreigners who undercut qualified Singapore citizens for some of the country’s best jobs. Companies that comply will face economic benefits, including an easier time hiring foreigners for positions where it’s really necessary.  

Continued opportunities in finance

In spite of the new regulations, there are still many options for foreigners interested in working in Singapore. Procorre has expanded its international consultancy services in the past few years, and with a strong base in Singapore it can be instrumental in helping qualified consultants fill all the requirements for approval.

The new regulations haven’t changed Singapore’s status as a hub for many different types of financial services. Even with the growing number of talented Singaporean workers, there are many positions in the financial industry where local qualifications are lacking and companies will have trouble finding local talent that is qualified.

Foreign consultants interested in working in Singapore should consider one of these five jobs.

• Specialists in foreign regulation – any bank with a global basis needs personnel who are familiar with financial regulation around the world, especially recent acts like Dodd-Frank and EMIR. Specialists in US and European laws are rare in Singapore, so foreign applicants have a distinct advantage in this field.
• Commodities market risk – this is one of the highest paying finance jobs in Singapore and according to Nick Wells a director at Alicorn Chase bank in Singapore there is a shortage of local talent. Ex-traders with a considerable amount of career experience have a good shot at commanding a big salary.
• Quants – quantitative analysts need PHD level education so they can apply advanced mathematical statistics to the finance market. There still aren’t many Singaporean analysts qualified for the job.
• Portfolio management – managing international portfolios can be difficult for finance professionals who have not worked outside of Singapore. According to James Stokes from Anton Murray Consulting, foreign workers have a distinct advantage applying for this type of job.
• Regulatory risk – this is another area where big salaries and bonuses are still used to attract foreign talent. Nick Wells says this is because US and Europe based organisations operating in Singapore need individuals familiar with global markets.

Even with the new regulations, there are still many opportunities for global finance professionals in Singapore’s competitive market.

Don’t let Singapore’s Faltering Economy Fool You: Finance Remains Strong

In this post you will learn about how the Singapore’s finance economy……

Slump – How much has Singapore’s economy grown this year?

Opportunities – How has the economic downturn changed the way companies hire?

Sectors – How much can finance professionals earn in Singapore?

Growth – What is the future outlook for Singapore’s economy?

Embed This Graphic On Your Site: <img src="https://s-media-cache-ak0.pinimg.com/originals/a1/b8/f7/a1b8f73e30ed10a96682c244d9f83bc0.jpg" width='540'><br /><a href='http://procorre.blogspot.com/2016/08/dont-let-singapores-faltering-economy.html'><br /></a></p> <br /> <p> Hot finance jobs in Singapore in 2016 [Infographic]</a></p> <br /> <p> </a>

Economic slump in manufacturing 

Recent announcements show that the economic downturn in Singapore has continued into the first quarter of 2016, with year-on-year expansion measuring 1.8 percent. This growth was actually higher than economists had predicted. Many experts had forecast only a 1.6 percent growth rate for Singapore in 2016 after a global slowdown shrunk the manufacturing sector by 6.7 percent during the final months of 2015. The slump in manufactured commodities has had a widespread affect with Singapore also dropping places to be rated 20th in Monocle’s Quality of Life Listing.

More opportunities for foreign consultants

However, there are still areas where qualified professionals can expect to command a big salary. Industry experts believe that economic changes in the Singapore economy may offer more opportunities for workers interested in temporary contract work since this type of employment can help companies fill their personnel requirements at a lower cost. Procorre works internationally partnering with companies who want to hire experienced consultants for the length of a project. With operating capacity in more than 120 countries, including many parts of Asia, Procorre can help expatriate workers handle local immigration requirements and reduce the problems that come with living and working in a foreign country.

Finance Sector

With extensive government support, IT is expected to see the most growth, but the financial sector remains another ‘bright spot’ in Singapore’s economy with a triple-A rating and more than 700 institutions that employ a variety of finance professionals. Singapore is an important hub for many areas of the industry and finance employment is expected to remain strong despite minimal growth. The monthly salary for a vice-president in finance and risk runs between S$10,000 and S$17,000, while finance technology developers can expect to command an income of S$7,500-12,000.

Higher growth expected in the coming year 

Overall the long term outlook for Singapore is favourable. Global trade is expected to pick up over the next several years and once Singapore’s manufacturing sector gets back on track the rest of the economy is likely to follow. Projected growth for 2017-20 is 3.2 percent, so the opportunities in Singapore’s financial sector and elsewhere are only likely to increase. Stay tuned for the next post to learn about five jobs in the financial industry that are ideal for foreign consultants

Further Job Creation in Construction and Hotel Sectors

In the previous, post we looked at how business services is creating thousands of new UK jobs. Employment has also been rapidly rising in the hotel and construction sectors, a fact that has not gone unnoticed by Procorre. Forecasts for growth in 2016 have been slightly edged down by the Organisation for Economic Co-operation and Development (OECD), yet the outlook is still positive. The latest forecast, which predicts a GDP increase of 2.1% over the year, would still place the UK at the top of the 2016 G7 growth league. Retail sales in January were up by 5% year on year, and consumer purchasing power remains strong due to the very low level of inflation – despite relatively slow growth in wages. All in all, while employment growth may not continue to increase at the breakneck speed of 2015, expectations are that the year will still see growth.  



Growth in the Construction Industry

The construction industry in England alone contributed almost 100,000 jobs to the growth in the UK market in 2015, and demand for new housing and other building continues. In January of this year, the Construction Industry Training Board (CITB) called for more new apprentices as forecasts predicted a 2.5% annual average job growth rate for the coming five years. The Construction Skills Network report from CITB forecasts sustained industry growth until at least 2020, driven primarily by demand for private housing and infrastructure. This sustained growth is predicted to encompass all areas of the UK.  

Growth in the Hotel and Restaurant Industry

Back in March 2015, PricewaterhouseCoopers predicted impressive growth in the UK hotel and restaurant sector over the coming two years. By the end of 2015, almost 100,000 new jobs had been created within that sector. BigHospitality.com reports that more than half of hotels under development in the UK are budget hotels, responding to increased demand for cheaper accommodation. Serviced apartments are also expected to increase in popularity, especially with business travellers. In addition to these changes, more major hotel brand consolidations are expected on the back of the Marriott Starwood merger.

UK Employment Boom Driven by Business Services

The UK jobs market continues to burst with good news as we enter 2016. More than half a million new jobs were created in 2015, with 200,000 of those created in the last three months. On top of this, the rate of unemployment has dropped to just over 5%, and experts predict that it will hover around the 5% mark for some time to come. Three sectors were primarily responsible for the creation of new jobs: construction, the hotel and restaurant industry and business services. As shown in the short video that accompanies this post, business services accounted for around half of all extra jobs generated in the past year. Business services is seeing rapid growth for a number of reasons, with companies such as professional services consultancy firm Procorre experiencing increased demand as we enter a new age of business. Procorre and other business services companies, both in the UK and across the world, have seen this growth evolve rapidly since the late seventies due to three particular trends, which are discussed below.


Embed This Graphic On Your Site: <img src="https://s-media-cache-ak0.pinimg.com/originals/a4/91/4f/a4914f78e2de722b88838f1cb8191223.jpg" width='540'><br /><a href='http://procorre.blogspot.com/2016/08/uk-employment-boom-driven-by-business.html'><br /></a></p><br /> <p> The Good News about Jobs in the UK [Infographic]</a></p><br /> <p></a>
1. Outsourcing

The trend for outsourcing began in the 1980s and has since continued to expand. Outsourcing is the practice of reducing business costs by transferring certain portions of work or sectors of business to outside suppliers rather than employing people internally. By outsourcing specific tasks to external companies, a business can save on the cost of employing a full-time, in-house staff. Examples of areas that are often outsourced include IT, accounting, property management, security and a wide range of back-office functions. By outsourcing non-core activities, businesses can shift their primary focus onto their core activities, thus streamlining practices and increasing efficiency and productivity. Companies tend to see a reduction of costs of around 15% when outsourcing various non-core activities.

2. Technology and the Internet 

The advent of the internet forever changed the way we do business, and companies today need to manage their websites as well as keep track of large amounts of data. Many businesses, especially small to medium enterprises, simply did not or do not have the skills and resources to manage their websites and databases effectively, which created the increased need for business services professionals. For instance, companies might bring in business services experts to set up and manage their websites, to install and monitor software for digital transactions or to assist in creating and maintaining a strong online presence.

3. Overseas Market Growth

Influenced in part by the internet and in part by increased affordability of travel, the business services sector has also seen huge growth in overseas markets. In 2015 alone, more than £60 billion of foreign earnings in the UK came from the export of business services. Today, the value of exported business services from the UK exceeds the value of exported manufactured goods. These services are delivered by people using technology, with the knock-on effect of a higher demand for other business sectors – such as more airport capacity and faster, more reliable broadband connections.

In the post to follow, more information will be provided about the other industries creating thousands of new jobs in the UK.

Get Established in the Financial Sector

In the UK and many other larger economies across the globe, the financial services sector is a significant contributor to overall gross domestic product (GDP) and employment. According to a report by TheCityUK, which represents the financial services industry in the UK, banking and insurance contribute to more than 7% of employment and account for more than 10% of the United Kingdom’s GDP.

With the 2008 financial crisis firmly in the rear view mirror for many financial institutions, there’s a renewed need for hiring financial talent. According to a study performed by recruitment specialist Morgan McKinley, the market for available jobs in the financial services sector continues to increase at a monthly average of 14%. Procorre research has also shown that it is part of a long term upward trend. Individuals seeking new roles in the sector will not lack for opportunities, with many hiring managers seeking to plug a skills gap and nurture future talent.



While it is widely perceived that London is the financial capital, other cities like Leeds, Birmingham and Edinburgh are also burgeoning financial centres, so there’s no need for job seekers and graduates to restrict themselves to one location in their job hunt.

It is usual for financial companies to take applications from a variety of disciplines, although it’s crucial for applicants to have an above-average understanding of numbers and show desire to work in the financial sector. Additionally, individuals who demonstrate attention to detail, analytical skills, and the ability to work in high-pressure situations are desired by many employers.

Important Aspects to Think About Before Accepting a Project

Experienced finance professionals may have noticed that with emerging skills gaps in the financial sector, there seems to have been an upswing in opportunities for specialised positions. Even though time is always of the essence when an opportunity presents itself, there are a few things to consider first.

While it is simply common sense to evaluate an offer before accepting it, there are some specific considerations which consultants in the financial sector should take into account:

Money shouldn’t always be the deciding factor 

Many often make their decision to accept a project based simply on the pay or the promise of more work in the future. While money is obviously a big factor in the decision-making process, making the transition based on money alone can be shortsighted.

Start by being honest with yourself about potential negative aspects of a new project. This will ensure you are making the move for the right reasons. Conversely, evaluate the positives too. Additional benefits which offer more security are a good indication that the company is invested in its contractors. When looking to deploy its skilled and experienced financial consultants on projects, global professional services consultancy Procorre recognise that it is essential to consider more than just financial terms. Tangible benefits like private healthcare, life cover, and project income guarantees are some additional ways the consultancy supports its consultants. For clients that work with Procorre, having motivated experts on board assures them of good results.



The new company’s stability 

The financial industry is a dynamic one. It’s important to carefully gauge a financial institution’s stability through disclosure information, news and industry websites. Analysing financial performance over a number of years and comparing this to competitors and benchmark levels are some of the things a prospective contractor can do to help form an accurate overview of a company.

Small firm versus big firm 

Finance firms are not created equal. It’s important for an individual to understand what it means to work on a project for a small firm, compared to a big firm.

For example, big firms often have additional work resources and good compensation packages that make the project more attractive. However, decision making takes on a more structured approach at such companies. This means consultants may find they have less freedom when it comes to making decisions.

Smaller firms tend to offer leaner compensation packages and typically rely on a few, but critical, business deals/partnerships to keep operating. However, employees at smaller firms often have more autonomy over their roles.



Passion is key 

Finally, it’s important for individuals to look past the offer on the table and consider whether they really have enthusiasm for the role. Passion is what keeps people going, even when work hours go late into the night, or the results required go beyond what’s in the job description. Passion and motivation are what lead to long-term success.

In our next post, we look at why taking on projects abroad is something you should consider and what opportunities are emerging for recent graduates and those moving into the finance sector.