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Send us your CV. Salaries for asset management, operations, hedge fund, private equity, investment banking, capital markets and private banking. There is continuing appetite from regional institutional clients to diversify their investment portfolio in both traditional and alternative asset classes, and there is huge potential within the retail market as well due to MRF mutual recognition of funds in Hong Kong and ASEAN Passport in South East Asia. This is significant as it will allow Chinese investors access to international markets, which was only previously possible for a small proportion of the population.
With a new generation of well educated middle class Chinese generating wealth, the Chinese asset management industry should surpass the markets in Japan and Australia, given time. Several hundred asset managers have applied to the Hong Kong regulator for MRF status, and we expect continued appetite for Asset Management professionals in Hong Kong. Institutional salespeople have been highly sought-after and there has been significant movement of these professionals, particularly in north Asia in In addition, there has also been movement in other positions such as product development over the course of the year.
Overall it has been a busy 12 months. Local language skills are in many cases essential in client facing asset management roles in Hong Kong, as the core markets covered in North Asia are greater China and Taiwan. Internal mobility from locations such as New York or London in these positions can be challenging, unless it is for leadership positions. In non-sales roles, local language skills are less important. Local market knowledge is desired in most cases. Candidates with client contacts and experience in regional markets, such as China, Korea and Taiwan are sought after.
Opportunities for relocation to Asia for senior positions are becoming less prevalent, as there is a preference for locals with the right language skills, and cross cultural understanding.
Permanent roles dominate the landscape, as operations are generally lean. It is therefore rare to see professionals contracting unless it is for technology based projects. Within front office, many roles are benchmarked, and pay levels are comparatively similar across the market.
The China crisis is impacting growth across equity research. As a result many positions are being put on hold and there is a lot of outsourcing occurring. Areas that were quieter last year have seen a significant increase in hiring. Successful capital raising for larger players such as Tencent and Alibaba in the States is now being followed by "smaller" tech companies, with significant IPO pipeline anticipated through in Hong Kong. There are an increasing number of women occupying senior management positions.
Many banks have diversity initiatives that encourage females to take over senior roles and provide better maternity leave and benefits. The ratio of local to international professionals across equity research is Banks prefer to hire locals, unless there is an immediate vacancy in an area with a talent shortage. For example, the Internet is one area where there is a lack of skilled professionals in Hong Kong, and banks may be open to hiring someone from the USA.
There are very few opportunities for professionals to take on international roles. This is because local market knowledge is essential, unless it is a position with a Pan-Asia focus. These jobs occur more on the senior management side. However, due to budget pressures, contracting is on the increase, particularly at the junior level. Banks can probably hire an associate on a contract basis for half the price that they have to pay for a permanent professional because they do not have to pay for other benefits as well.
In , bulge bracket banks will continue to pay higher base salaries with lower bonuses. However, Chinese platforms will offer lower bases with a better bonus system. There has been less turnover in in investment banking compared to that of , with a few larger European and American banks having made a small number of redundancies. After remaining static for the past five years, saw an increase in salaries. However, as a result bonuses are expected to be smaller this year. Whilst we expect salaries to remain static in at bulge bracket firms, we expect salaries at Chinese banks to increase as they continue to seek to attract and retain qualified staff.
Overall, hiring in investment banking is cyclical, and has become more so at junior levels with analysts now receiving their bonus payments in Q1 of each year as opposed to the second half of the year. Investment banking is still male dominated.
The extremely long working hours are often not compatible with having children and family life, and therefore there tends to be fewer women across this discipline. Although there is a trend towards hiring more females, they often leave when they want to start a family or have caring responsibilities. In general, Mandarin speaking professionals that are born in China and schooled in the USA or UK are still highly sought-after for investment banking roles in Hong Kong.
Since the start of , we have seen a steady increase of candidate requests for roles in private equity firms. This is partially due to market uncertainty and coupled with the decline of available positions in global investment banks.
With banks making sizable redundancies since the start of the year. With private equity investing likely to increase for the remainder of and heading into , we expect to see a number of both regional and global players adding talents to their stables in the coming months. There is a lack of available professionals, and companies are struggling to find individuals with the right skill sets, such as the ability to manage large scale accounts.
Many corporate bankers handle small medium enterprises or mid cap clients, and do not have experience with larger companies. Furthermore, due to the skills shortage, professionals have an abundance of jobs to choose from. Chinese banks are actively hiring, more so than international banks which are already well established in Hong Kong.
Whilst it is predominantly replacement hiring occurring at the global banks, Chinese banks are creating new teams and new headcount, in an effort to innovate and compete with the more established players. However, there are more women working in this area than years ago and more females occupy head of department positions than ever before.
The majority of corporate banking professionals are locals. However, for a niche position, such as one that deals with clients in Mainland China, companies may need to hire someone from overseas that has the relevant market experience and is a native Mandarin speaker. For senior hires, firms prefer professionals who have worked for at least two years in the Hong Kong market.
Chinese banks will find challenging due to the continued economic slowdown in Mainland China. It would not be surprising if Chinese banks made redundancies, and experienced headcount freezes or a slowdown in hiring over the coming year. Relationship managers, who have good relationships with high net worth individuals, are highly sought-after.
Furthermore, due to Hong Kong Monetary Authority regulations, professionals with good regulatory knowledge are also in demand. Often professionals are trilingual in English, Mandarin and Cantonese. Therefore, most hires are locals, as they need to be able to communicate effectively with Chinese high net worth clients.
Occasionally, overseas professionals will be brought in for business management positions. There are opportunities for international mobility within the private banking sector. Particularly for business manager roles, there are opportunities for relocation to Mainland China. Companies want these professionals to develop their knowledge and expertise of the Chinese market, as it is a key business area.
Salaries are not expected to change significantly. In the private banking industry, salaries and bonuses are determined by the revenue generated. There has been significant downsizing across operations, as well as offshoring to low cost centres, such as The Philippines, Malaysia and India.
Hiring managers have become more demanding; in order to justify staying onshore they need to retain their top talent. As a result, there is a skills shortage across the Hong Kong market. There has been an increase in regulatory-related positions, such as client onboarding, and operations regulatory reporting and control. There is continued demand for client facing professionals within operations, such as trader assistants, sales assistants and client services.
The operations market has a good gender balance. Many companies are promoting gender equality at all levels, and there is a trend towards women occupying more senior level board positions.
Local hires dominate, and many companies will only look internationally if there is a skills shortage in Hong Kong. Whilst senior positions were previously occupied by professionals from the USA, Europe and Australia, this has changed and locals are now filling these roles.
Opportunities for international relocation typically occur at the senior level; however, it often depends on the requirements of the business. For example, a company that has offshored to a low cost center may require a senior manager to oversee the operations.
Permanent hiring dominates the Hong Kong market and most professionals prefer the stability it offers. However, the contract market continues to grow and this type of hiring allows banks to assess an individual before offering them a permanent position.
Contract positions exist mainly at the junior level, as young professionals are more willing to accept lower salaries and a lack of benefits. Due to ongoing cost pressures, salaries are expected to remain stable. View the discussion thread. Skip to main content. Banking Operations Salary Ranges Role: Manager I Front Office. Corporate Banking - Product Specialist. Commercial Banking Relationship Management. Corporate Banking Relationship Management.