Over the last 6 years we have seen a large migration of employees in wealth management move into Singapore. Over the last 2 years we have since this trend slow significantly due to the global financial crisis and the following reasons:
The markets of Singapore and hong kong have become increasingly sophisticated and no longer need to rely heavily on foreign talent and expertise.
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By GlobalDataAs banks have looked to cut costs wherever possible, relocating European staff has in the past proved an expensive and often unsuccessful process.
As Europe has struggled in recent years, the private banks of Asia are primarily focused on the north and south Asian markets and not Europe, US or middle east.
In fact we see very few requirements from the private banks in Asia looking to hire European bankers these days.
However we are inundated with CVs from across Europe of bankers looking to move to Asia.
In addition to this, the expat packages nowadays are very rare, an employer may assist with flights, car allowance and relocation costs however perks such as housing, schooling and club memberships are a thing of the past.
What employers are really looking for in foreign talent is skills that they cannot find locally or previous experience in Asia or with Asian clients.
We see hong kong now has become far more China focused and therefore we recommend that candidates begin to learn mandarin if they are looking to relocate there.
For Singapore an issue we see is that housing and schooling are High therefore to relocate candidates have to be earning a good package to make it worth their while.
Our first question to candidates looking to relocate to Asia is what are their motivations? If it’s purely or mostly financial then we are reluctant to help.
If they are looking for more diverse experience, new challenges and exposing themselves to different cultures with an open mind then we are more inclined to assist them.
For the banks In Asia who are considering hiring expats they will want to know how much research the individual has done in terms of all aspects of relocating, have they discussed it with their families and are on side?
Are they willing initially to take a drop in salary, which often becomes an overall gain when they take into account the mostly favorable tax rates.
For Singapore in particular foreign talent is a topical subject as the population of the country has grown significantly and the granting of employment passes is now a far stricter process, favoring more senior and highly paid employees and we don’t see this changing in the short term.
We often recommend candidates looking to relocate here utilize their personal networks and consider an internal move before approaching headhunters or banks directly.
The less established markets for exampl Indonesia, Vietnam, shanghai are where we see more desire to bring in experienced foreign talent however in Singapore and HK there has to be a compelling reason or x factor for the banks to decide to bring in a foreigner externally over a local with similar experience .
I Would recommend that candidates who are seriously considering moving to Asia to make a trip here of their own accord and attempt to meet a target list of banks while they are here. It shows a genuine desire to be here and the interviewer can really gain.
Feel for the individual in a way that is impossible by telephone or even video conference.
The individual should also be comfortable in committing to being in Asia for at least 5 years and really consider how their partner and children will adapt to the drastic change in lifestyle and culture.
As mentioned previously, relocating staff to Asia is a costly process and the banks here want to make sure they get it right and hire a committed individual .
Nick Hughes is the founder of Asia wealth management search, a boutique firm specializing in moving mid-senior level bankers in Singapore and across the region. For more information the company website is www.asiawms.com .
