Shrinking compliance budgets put pressure on asset managers' hiring habits

Firms increasingly hiring staff from sell-side

PwC's survey of chief compliance officers (CCOs) has shown regulatory scrutiny and cost cutting has forced asset management firms to adapt their compliance hiring practices.

The survey found asset managers are increasingly hiring compliance staff from the sell-side rather than the buy-side. Due to the increased regulatory pressures from initiatives such as MiFID II, 33% of CCOs surveyed by PwC said they were hiring staff from the sell-side, expecting them to be better equipped to oversee the necessary changes in the business. Deloitte launches regulatory compliance service for asset managers PwC, which surveyed CCOs from 14 global asset managers, with a total of £6.5trn in AUM, also found half of the respondents felt their compliance budgets had reache...