Are private markets really a safe bet?, Autumn budget - key points, Hanover's new programme and FREE masterclass
In this week's Hanover Talent Insights:
?? Are private markets really a safe bet?
?? Autumn budget 2024 - key points
? Hanover's Cross-cultural Collaboration Programme
?? FREE masterclass: - The Perfect Executive CV For Financial Services
Today, we celebrate the 100th edition of our Hanover newsletter! ?? A heartfelt thank you to all our subscribers - we hope you’ve enjoyed our content so far. Stay tuned, as we have plenty more to share, including insightful blogs, thought leadership pieces, the latest Hanover news, exciting job opportunities, webinars and events, industry updates, and much more!
Are private markets really a safe bet?
Recent developments have changed the game for UK pension funds. Amid rising interest rates, around 90% of defined benefit (DB) pension schemes are now in surplus, totalling ￡475.5bn just last month. In response, 53% of large DB schemes are targeting buy-outs , putting bulk purchase annuities (BPA) transactions in our estimation at ￡40bn this year and with some commentators predicting it to hit a record-breaking ￡80bn in 2024 .
This raises questions about where all that money will go. With new entrants like Brookfield, Royal London and Utmost bolstering the UK’s BPA market, as well as the Schroder-Phoenix alliance , Future Growth Capital (FGC), emerging to support the Mansion House Compact, it looks like the stage is being set for an influx of pension money into UK private markets.?
But is driving pensions into private businesses really a good idea? Some say no, arguing that the opaqueness and costliness of private markets leaves stakeholders and members open to unnecessary risk. Do they have a point? Sure. Does that mean channelling pensions into private markets is a mistake? Absolutely not.?
The shift is epochal and represents huge growth opportunities for UK markets. After a period of low risk appetite and a waning stock market, pushing pension funds into UK private businesses is the best chance the country has at rejuvenating its economy.
But if this move is going to happen, the sector at large needs to assuage outlying concerns by de-risking the process. Clearly, the private marketplace must become more transparent, efficient and cost-effective. Technology, as it turns out, could be the answer.?
Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power at July’s general election.
Hanover's Cross-cultural Collaboration Programme
As organisations expand globally, their cultures diversify and enrich. While this is beneficial, it's important to explore similarities and differences across geographies. People connect more easily through similarities, while differences require intentional effort to foster belonging, trust, and safety. McKinsey's research shows that companies in the top quartile for cultural diversity are 36% more likely to be profitable. By understanding and leveraging both similarities and differences, we can better meet the needs of diverse clients.
How aware are you of your cultural influences and preferences?
How might these impact your interactions with colleagues, teams, stakeholders, or customers?
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We have had lots of interest in our new programme. If you'd like to discuss how our Cross-Cultural Collaboration programme can empower your talent and drive value for your organisation, join our waiting list by completing our short 4 item questionnaire.
Hanover & City CV Present - The Perfect Executive CV For Financial Services
Your Executive CV is the passport to your professional future. The right one will bypass the technology and the initial 5-second human scan to earmark you for your target role. Isn’t that what a great CV is all about? Writing your own CV doesn’t come naturally. Everyone benefits from fresh eyes, perspective and industry insight. Your CV must articulate your distinctive skills and attributes in a way that shows the value you bring to your future employer.
In this one-hour masterclass, you'll learn:
- CV evolution - how AI and algorithms can make or break your career (and how to beat the CV robots)
- Soft skills to avoid in your CV - how to show, not tell
- The essentials for every bullet point
- How to ‘prove it’
- Be 'smart' - sell yourself every step of the way
- Avoid the formatting errors that guarantee rejection from most CV screening systems
- The two mistakes that spell rejection from 97% of recruiters
- Live Q&A
About Hanover
Hanover is a global team of more than 70 experts with deep functional knowledge of asset and wealth management, banking, fintech, insurance, private equity, technology and professional services.
Combining expert knowledge, creativity, agility, innovation and problem-solving capabilities enables us to deliver a broad range of solutions. These solutions support your organisation’s talent lifecycle, whether that’s mapping markets, hiring key business leaders, assessing and developing these leaders, creating and implementing DE&I programmes or career transitioning support.
Hanover serves our international and regional clients through our European headquarters in London, US offices in New York, LA and Chicago, and through a partnership in Asia.
We offer a full range of talent services including: