Legislation fears drive recruitment of IT contractors

IT contractors have found a huge surge in demand for their services from hedge funds, in the last few months.
This is according to data from Re-think Recruitment, which found that some City funds are looking to increase their IT staff by around 50 per cent, City AM reports.
In turn, this has led to an increase in pay for IT contractors, with some who specialise in office trading software commanding up to £700 per day.
Driving this demand is the need to ensure compliance with new regulations governing hedge funds, due to come into force during the next few months.
Companies are taking on IT contractors in order to make sure all changes to working practices necessary to comply with Basel III and the Alternative Investment Fund Managers Directive.
Employment screening firm Powerchex recently published data which indicated that job offers for IT contractors rose by 320 per cent from May to June.
