There was continued growth and hiring in Hong Kong’s asset management industry last year, but it was significantly less than in 2015, according to findings from Robert Walters’ 2017 salary survey.
Also last year, there was increasing demand for private banking relationship managers in both Hong Kong and Singapore, which will continue in 2017, the survey showed.
The survey’s findings echo the views of Lyndaine Demetilla, Hong Kong-based associate director for investment management at executive recruitment firm Aquis Search, that the demand for private banking staff is comparable to that of asset management firms.
“There is still demand from the typical fund management houses, but not as much as before,” she said in a previous FSA interview.
Salaries in Hong Kong’s asset management and private banking industries are not expected to change much this year, according to survey findings.
Hong Kong salaries for asset management and private banking:
Source: Robert Walters
Besides private banking, fintech is also expected to be a growth area in Hong Kong this year, with banks and institutions sharpening their focus on innovation, the survey said.
“Banks have taken significant steps to engage with fintech firms to automate more processes in their businesses,” the survey report said, adding that there will be continued demand for cybersecurity talent.
Banks and financial institutions are also under increasing pressure to cut costs and exploit the opportunities that technology offers to reduce headcount in support functions. This makes individuals who are tech-savvy, as well as the ability to translate business issues into technical solutions, highly sought after.
Singapore
Like Hong Kong, relationship managers will continue to be in demand in Singapore.
Compliance professionals are also expected to be in demand in the broader banking and financial services industry.
“Due to MAS regulations surrounding financial crime compliance issues such as anti-money-laundering, know-your-customer, anti-bribery and corruption, banks are taking cautionary measures to safeguard their systems,” the study said.
Singapore salaries for compliance:
Source: Robert Walters
Hiring managers are expected to recruit compliance professionals with specialist knowledge of financial crime compliance. Candidates with investigations and research background will also be sought after.
However, hiring managers may find it difficult to hire experienced local compliance professionals given some reluctance to change roles in an uncertain economic climate, according to the study.
