WELCOME
...to the 16th edition of House, where the traditional summer lull has been replaced by a resurgence in hiring for regulatory professionals, particularly in roles related to wealth management and fixed income. In the wake of Brexit, this resurgence has not been universal and, in stark contrast to feedback received during last month’s visit to London, UK based candidates are now more interested than ever in moving to Asia Pacific to avoid the prolonged uncertainty in the UK.
Targeting UK professionals
In the weeks following Brexit, we have been asked by banking clients in Sydney, Singapore and Hong Kong to explore the UK market for high calibre individuals who would be looking for a move to the region. This strategy is very opportunistic and largely driven by the reluctance of such talent to move in the last year or so. It seems concerns over Brexit outweigh concerns over schooling, pollution and ‘China’! There are some shrewd hires available if firms are willing to move fast and take advantage of this unique opportunity.
Fixed Income compliance is busy!
With all the uncertainty surrounding Brexit and how it will affect the Financial Services industry, one thing is for sure, fixed Income is busy. The volatility of Sterling has led to a surge of activity and, judging from recent results at global investment banks, in a lot of cases profitability. As a result, the fixed income compliance departments have got a lot on their hands.
Private Wealth
The IMDB scandal has sent shockwaves through the private wealth management sector. Initially, it seemed that a lot of the scandal was contained within the Swiss Bank BSI. However, now that several global banks have been implicated in the scandal and the level of corruption has spread beyond Asia, the need for wealth management compliance officers has grown. Several global firms have already announced they are looking to focus a lot of their growth in Asia and, as such, we anticipate a real war for talent amongst compliance officers with private wealth management and AML experience.
Chinese Banks continue to ramp up...
‘Western banks’ have been relatively quiet for the last quarter or so in Hong Kong and we have seen a real effort by the international arms of Chinese Banks to hire talent, with a lot of success. Job seekers need to put aside the stereotypes of Chinese banks, there are a lot of positives; they are growing, they are generally well capitalised and they pay good bonuses (in cash)...