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Statistics from the IMA quarterly survey contributed to by 29 provider members show the much discussed anecdotal evidence of green shoots in the market to be true after all. There has been an 11% increase in the number of assignments completed by providers in quarter 2, 548 up from 493 in quarter 1. The average number of new assignment enquiries received by providers rose from 49 in quarter 1 to 58 in quarter 2, an increase of 18%.
Financial services maintained a 25% share of all private sector assignments during quarter 1 and quarter 2 so any decline in the sector that has occurred due to the turmoil seems to have been arrested. I have experienced the usual increase in activity in September now that we are through the summer period. I have also placed my first assignment focusing on the “top line” so far this year in the form of an Interim Head of Customer Insight which is a departure from the recent domination of cost cutting and risk/regulatory assignments; furthermore the client was willing to offer a minimum of a 12 month assignment contract which contrasts with the status quo of rolling 3 month contracts.
Interims that I regularly speak to tell me they are encountering an increase in activity in the financial services market which is very encouraging. I would be pleased to receive comments from interims within the sector to hear about your recent experiences of the market.
Andrew McIntee, is a Director and Head of the Financial Services Practice of Interim Partners.
