special feature people and recruitment
The Leasing “melting pot”
Since I first started recruiting in 1996 for the Banking, Asset Based Lending and Leasing sectors I have seen many changes and developments in the market. We have all witnessed the disappearance of many names and organisations that have been absorbed into other organisations, or simply let their books run down. Names such as General Guarantee, Pallas, First National, Sovereign, Royscot, etc. are all but a distant memory. However, as fast as one brand disappeared, another would take
it’s place but with a slightly different USP and remit. This has always generated a need for new people to move into the sector, fresh opportunities for people within the sector, as well accelerating the move of some people into other sectors. Areas such as Receivables Finance, Trade Finance and even various areas of Banking have benefited enormously from this movement. In other words, Leasing has always been in a “melting pot” for talent and new ideas.
There is no doubt the leasing sector is, shall we say, evolving very quickly at the moment. Over the last two years some of the banks have reduced the size of their Sales forces dramatically, particularly in the SME sector. Business appetite is very much now geared towards existing banking customers of these institutions. The busy space in the SME sector is now also occupied by numerous
brokers, many of whom have taken redundancy from the very institutions that they now provide business for. Brokers are also clubbing together in the form of what I term “super brokers” who are then going to the remaining funders and getting better rates for their customers. In other words, in the downturn the sector continues to evolve, and providing new opportunities for talent. Businesses in the private sector are also starting to buy again. They have survived the last two years by keeping costs down, and expenditure to a minimum, providing more finance opportunities for the Leasing sector. It remains to be seen what the full impact of the cuts in the public sector will have on levels of Leasing but, if the Government is right, then a large percentage of additional work will be taken up by Private Sector.
I feel the existing funders will do well over the next few years, while funders that have withdrawn will come back in to get a bigger slice of the cake, and there will perhaps be some new players. What I am absolutely sure of is that the Leasing sector is still an exciting place to work, with numerous opportunities for talent now, and in the future.
ANDREW J MITCHELL MA (OXON), DIRECTOR, OPUS MITCHELL LTD
WWW.OPUSMITCHELL.COM
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