Property investment funds look to ramp up staff in Asia-Pacific next year as optimism returns, study finds
- Nine out of 10 real estate funds plan to increase or maintain the same headcount, according to the joint survey by PwC and the Anrev
- The study underscores how sentiment has been improving across a region that has largely managed the Covid-19 pandemic well
“The hiring [plans] captured in this survey indicate a positive outlook for Asia-Pacific business in 2022 and beyond,” said Paul Walters, a partner at PwC.
The survey attracted the participation of 31 fund managers spread across the globe with significant operations in Asia-Pacific. Their funds represent more than US$1 trillion of property assets under management globally.
The survey was conducted between August and September, two months before South Africa reported the discovery of the Omicron variant of the coronavirus, a strain that is responsible for the surge in infections in the US, Europe and several parts of Asia and the reason for the reinstatement of some lockdown measures.
Positions that are likely to see an increase in the staffing levels included those in front office functions, portfolio management and accounting and sustainability.
“[The results of the study show] that industry players still retain a positive outlook for business in Asia-Pacific in 2022,” said an Anrev spokesman. “Mostly front office functions, portfolio management, accounting and sustainability are the areas where more than 77 per cent of the respondents are hiring.”
A separate study by property consultancy Colliers released last week found that 84 per cent of investors in Asia-Pacific were optimistic about the economic outlook.
Property funds look to ramp up staff in Asia-Pacific in 2022, study finds
The hiring process may not be plain sailing in all cases, the PwC study suggested. Finding the right talent for some functions including portfolio management was described as “more challenging”.
“Also in the 2017 survey, only 50 per cent of the respondents were hiring risk management and compliance staff, highlighting how these areas are becoming increasingly important to respondents over the past few years, likely as a result of tightened regulations from regulators globally,” the report said.
Last month, international organisations setting corporate climate and sustainability disclosure standards agreed to consolidate into one body and unify key standards to improve the quality of disclosures and gain investors’ trust when it comes to their sustainability claims.
The Climate Disclosure Standards Board and the Value Reporting Foundation, among other bodies, will be merged into a new entity called the International Sustainability Standards Board by June next year.