Fund administration and fund management

The funds industry manages the savings and pension investments of millions of people who combine their financial wealth so that they can invest in assets such as securities, shares, bonds or property.

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Who’s who
in the funds industry?

  • Promoters (usually banks or
    stockbrokers) advertise and sell
    funds.
  • Fund or asset managers decide
    where best to invest the money.
  • Fund administrators do all the ‘back
    office’ financial paperwork
    processing, ensuring that clients
    have up-to-date information on
    their funds’ investment
    performance and also that the
    funds comply with all necessary
    legal requirements.

Fund administration

It is the fund administration side that
dominates the industry in Ireland. The
Irish funds industry has investment
managers from over 50 countries
around the world as clients, and the
services we provide on their behalf,
reaches investors in some 167
countries around the world, using 28
languages.

While the industry was initially
based in the International Financial
Services Centre (IFSC) in Dublin’s
North Docklands area, there are now
funds operations throughout the
Republic in places such as Kilkenny,
Waterford, Cork and Limerick as
companies look to set up cheaper
operations and also to tap into local
talent pools.

It is a very young industry and this
is reflected in the fact that most
people working in it are in their early
twenties or thirties and even senior
managers can be in their mid-thirties.
Women are also very well represented
in the industry here.

Many of the careers available to
graduates are related to the servicing
of investment funds. These areas
include shareholder services, fund
valuations, custody, fund accounting,
client relationship management,
compliance, taxation and risk
management.

The industry has created exciting
roles in Ireland and the range of skills
being employed in the funds industry
continues to expand, providing an
intersection of people with
accounting, legal, financial analytics,
IT (software and hardware),
languages, communications,
marketing and people management
skills. There are numerous specialised
courses dedicated to the funds
industry and the Irish Funds Industry
Association (IFIA) also run professional
courses that you can do once you’ve
entered the industry. Visit the Association’s sitehere
for further details.

Who would it suit?

Candidates for the funds industry will
need to be methodical, good
communicators and team players,
who work well under pressure and can
work long hours when necessary. The
work requires a great attention to
detail and accuracy.

While there is a high turnover of
staff at junior levels, there are good
opportunities to progress up the
management ladder, moving from
administrator to senior administrator
to team leader to manager.
Many of the organisations based
here are multinationals, so while most
of the positions recruited to will be
based in Ireland, there may be
opportunities for international travel,
especially in the business
development, marketing or client
relationship management areas,
where you will be dealing with clients
from all over the world.

Fund management

Fund managers manage equity and
fixed income funds, currency or
property on behalf of clients who are
looking for the greatest possible
return on their investment.
The fund manager is the person
responsible for implementing a fund’s
investing strategy and managing its
trading activities. A fund can be
managed by one or more people.
Clients may include insurance
policy holders, investors in insurance
companies, holders of unit and
investment trusts and contributors to
pension funds. The amounts of money

involved can be quite considerable and
the responsibility is great because
poor investments can lose clients’
money. Fund managers should
understand world business and
financial affairs and be capable of
evaluating complex financial
information; they must also be aware
of trends and current activity in the
financial market.

Who would it suit?

The individuals involved in fund
management (mutual, pension, trust
funds or hedge funds) must have high
educational and professional
credentials and appropriate
investment managerial experience to
qualify for this position. To become an
investment fund manager you would
therefore generally need extensive
financial management experience.
Most people start their career as an
investment analyst or as a trainee
fund manager, progressing to fund
manager over a number of years.

The whole point of a client
investing in a fund is to leave the
investment management function
to the professionals. Therefore, the
quality of the fund manager is one
of the key factors to consider when
analysing the quality of any
particular fund. Famous fund
managers include George Soros,
Chairman of Soros Fund
Management, LLC who famously
‘broke the Bank of England’ in 1992
by betting successfully against
sterling, making over US$1.8 billion
for his fund in one week!

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