In 1991 the Warsaw Stock Exchange was established in Poland. However, it didn’t necessarily mean that investment banking started in that year. Companies from the capital markets space had already been involved in Poland since the 1990s. Especially in the case of UBS, and later in the case of Credit Suisse who established their offices in Warsaw in 1992. Today these companies have merged, but they were the forerunners of the Capital Markets companie recruiting specialists in Poland.
Other companies prominent in the space include HSBC, Unicredit, and Morgan Stanley. Each of these banks have been involved in asset management for institutional clients and wealthy private customers. They also focus on the primary and secondary markets for shares. In the case of UBS, the bank co-ordinated the privatisation of Tauron.
Since the regime change in Poland many banks have entered the market. Not all of them can support institutional clients locally, however many of them have teams who support institutional clients globally. In a recent interview with Malgorzata Rusewicz, CEO of the Polish Chamber of Fund and Asset Managers (IZFIA) this was put down to several factors. The main reason being that the Polish investment fund market is less developed compared to other EU countries.
Malgorzata shared how “the share of pension funds and life insurance are over three times lower than the EU figures, and investment funds only make up 6% compared to 10% in the European Union.”
Who are the People Leading Capital Markets Teams in Poland Today?
Most of the members of IZFIA operate as ‘TFIs’ or investment fund companies in English. These are usually divisions of banks like Goldman Sachs, Millennium, PKO, and similar. However, its important to note that not all investment banking players are members of IZFIA in Poland today. Many of these institutions have chosen to remain unaffiliated.
A few of these TFIs stand out. In a recent article in Bank.pl TFIs involved in Capital Markets were ranked by assets under management. These are calculated in the billions of Zloties:
AUM
PKO TFI 45.4 billion PLN
Goldman Sachs TFI 29.6 billion PLN
TFI PZU 29.2 billion PLN
Pekao TFI 26.8 billion PLN
Santander TFI 21.3 billion PLN
TFI Allianz Polska 19.3 billion PLN
There are other members of IZFIA who are critical to the success include companies such as Proservice Finteco. The company initially supported the local Polish investment fund companies with transfer agent services. Today the portfolio has grown substantially, Proservice Finteco has become one of the success stories of Poland’s capital markets sector.
What about the Shared Services Involved in Capital Markets?
Now you may be wondering what companies like Franklin Templeton, State Street or BNY Mellon are doing in Poland. They are also involved in the capital markets sector. However, they support the Polish capital markets in an extremely limited capacity. The bulk of their work supports the U.S. and other markets.
The presence of these multinational players on the Polish market has had an effect. It has caused plenty of disruption. For instance, the high demand for risk specialists that has created more interest in a career path in the sector. And its not just companies involved in fund administration who have been recruiting talents in this sector. Quant leaders, proficient in risk, python and modelling, are present in many multinational companies today.
Working with a Trusted Capital Markets Recruitment Partner
When your internal recruitment team has exhausted all its efforts to find the ideal talented candidate for your business, then you need to turn to the market for help.
The more complex the tasks that the individual needs to undertake, the more important it is to find the right recruitment partner. If your recruitment partner is not familiar with trading, settlement periods, fixed income, derivatives, product control, and other terminology, then they may not be very good at convincing talents to join your organization.
With talented portfolio managers, risk analysts, or specialist fund administrators with private equity exposure, it is important to know what interests these people have. It is also key to be able to explain the role to potential talents. Roles that include regulatory scrutiny and reporting. Roles that need an awareness of ESG and how carbon credits work. Most importantly, you need a recruitment partner that can differentiate between the ‘buy side’ and the ‘sell side’.
Does your recruitment partner ensure that all its recruiters are thoroughly trained on your company and your specialism? Do you want to talk to the specialists at Verita HR to find out more about how much our teams know about capital markets?
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