Recruiters reluctant on Asia virgins
Want to migrate to Asia? It will help if you have an existing connection with the region.
Rob Hughes, Asia-Pacific consultant with London recruitment firm Astbury Marsden, says relocating bankers with absolutely no prior connections to Asia can be risky: "Clients have had problems with people going out there and treating it like an extended holiday, staying in expat bars and leaving after six months," he says.
Asia-focused recruiters can increasingly afford to be choosy, particularly in areas like structured credit, where UK and US-based staff are being laid off while Asia continues to grow. A study by financial services consultancy Oliver Wyman says hedge funds in India and China are investing more money in structured credit, and predicts the market will deepen as spreads widen, potentially creating more jobs.
Chris Mead, general manager at Hays recruiters in Singapore, says candidate keenness is already up: "We've seen increased interest from candidates from the UK, Europe and especially the US in making the move to Asia."
Those looking to head east can expect a pay cut - packages are typically 10% less in Tokyo, 15% to 20% less in Hong Kong and as much as 50% down in Singapore. But better tax rates and lower cost of living (with the exception of Tokyo) can balance this out.
