Longevity risk has several things in its favour. It’s interesting and allows for the study of social and demographic factors, such as the higher life expectancy for certain age cohorts in the UK compared to Continental Europe (possibly due to WW2). It’s a growth business. And banks are ploughing into it.

It’s unfortunate, therefore, that there don’t really appear to be many jobs on offer yet.

Structured products recruiters, eager for something to replace CDO hiring, say longevity risk is no big deal in recruitment terms. “It’s always on the radar, but is very peripheral,” says the head of one derivatives-focused boutique. “There’s no real buzz there.”

This is despite predictions that the market for longevity swaps is finally about to take off. It emerged today that Deutsche Bank has taken on nearly 3bn of pension liabilities from BMW’s UK scheme. Forecasts suggest that as many as 10bn of UK pension funds’ longevity-related risks could be sold onto banks and repackaged as swaps this year.

As well as Deutsche, existing banking players in the longevity market include Goldman (through its subsidiary Rothesday Life), Credit Suisse, RBS, and JP Morgan – some of whom are members of the newly formed Life and Longevity Markets Association, which aims to help pension funds cope with long-living members by promoting market-based solutions.

A senior insurance industry banker says the lack of longevity-related hiring is because most banks are using existing hybrid and exotics traders to trade longevity risk. However, he says that ‘some’ structuring expertise is needed, and that, “Structuring longevity risk requires knowledge of long maturity complex products, and possibly an actuarial background.”

Martin Bird, head of longevity and risk solutions at consultants Hewitt, which advised the trustees on the BMW deal, was himself an actuary in a former life. He says they’re always keen to talk to people interested in moving into an advisory career in the longevity space. Actuarial experience is preferred.