Asset management hiring in Ireland is generally quiet, but more banks are looking to secure the services of money managers with expertise in property in a bid to get the most out of their tumbling portfolios.

More banks in Ireland are recruiting fund managers in an attempt to maintain the market value of the commercial property portfolios on their books or turning around underperforming assets, suggests research from recruiters Morgan McKinley, which tracks the professional job market each month.

This does, of course, sound slightly similar to the raft of workout roles that are appearing within both domestic and international banks, but there is a difference, says Matt Doyle, consultant – financial services at Morgan McKinley in Ireland.

“The loan workout roles are about managing the lending agreement, whereas these asset management positions are about looking after the property itself to maximise value, but on a large scale,” he says.

Most of the candidates recruited for these roles therefore tend to have either a property asset management background, or come from commercial real estate agents themselves, he adds.

“Most banks with a strong presence in Ireland are recruiting for these roles,” adds Doyle.

Ken Harbourne, managing director of recruiters Wallace Myer International, agrees that most banks are recruiting for these roles, but adds that some are outsourcing the work to Big Four professional services firms, which are in turn bolstering their headcount because of the increased workload.

“The hands on roles are being given to relatively junior people, who are going in and dissecting the investment. These jobs usually pay €40-55k,” he says. “But there are also more strategic managerial positions, which offer salaries of anything between €55-120k.”