Fighting for fund managers
The Middle East's global asset management aspirations are fuelling fund manager recruitment.
With the likes of ING Investment Management rushing to open offices in Dubai's International Financial Centre, fund managers are flavour of the month. Raed Sater, a partner at Edward M. Kelley & Partners, says there's been a surge in demand for asset managers in the past 18 to 24 months.
Sater says investors are increasingly sophisticated and the region is meeting the need for greater technical skills in money management. Demand is no longer simply for managers with local real estate experience: the region has seen growing numbers of private equity funds and asset management firms investing in equities directly or through funds of funds.
Nor is just about money management types - there's also a need for people who can sell money managers' services. Russell Adam, managing director at headhunter Akamai Financial Markets in Dubai, says there is demand for institutional sales people selling products out of the GCC. The region is now manufacturing and distributing its own products with firms such as Deutsche, HSBC and Credit Suisse on the ground. At the same time, the emphasis is moving away from purely Sharia products with the region is also developing a specialism in emerging markets.
Satar says earnings are rising in line with London and New York packages; base salaries are now anywhere from US$200k to US$300k a year. He adds that the 'glass ceiling' of 100% bonuses is starting to crack under a shortage of good candidates.
