Hong Kong still attractive for bankers despite high living costs, senior headhunter says
- Hiring mandates up more than 40 per cent in private equity, real estate and venture capital, according to recruitment firm Selby Jennings
- Salary offers are flat after bumpy second half for banks
Hong Kong remains an attractive destination for portfolio managers and investment bankers looking to switch jobs despite its persistent reputation as one of the world’s most expensive cities to live in, according to a senior industry headhunter.
Abimanu Jeyakumar, the head of the Hong Kong office of financial services recruiting firm Selby Jennings, said the city remains a “key focus” for candidates, including ones based in other major financial centres such as London and New York.
“Hong Kong is seen as a gateway to one of the most interesting and fast-growing markets at this time: China,” Jeyakumar said.
Selby Jennings is one of five micro-specialist recruiting brands owned by London-based Phaidon International. It has 32 consultants in Hong Kong, as well as an office in Singapore.
Despite a bumpy fourth quarter for banks as Asian markets fell sharply last year, salaries and new offers have not declined, but remained flat, Jeyakumar said.
“What we’ve seen is a decline in aggressive sign-on bonuses, aggressive buyout packages and aggressive relocation packages for talent,” Jeyakumar said. “Banks are not having to roll out the red carpet with bells and whistles in order to attract top talent.”