Dubai's flurry of fund managers
As international asset management firms flock to the Middle East, fund managers with local experience are becoming a prized commodity.
Thames River Capital, a UK based hedge fund and traditional asset manager, is the latest firm to expand into the Middle East. It follows the likes of Pictet Asset Management, Schroder Investment Management, BNY Mellon Asset Management, Pioneer Investments and MFS International.
Andrew Robbens, business development manager at Schroders in the Middle East, says: "There's a huge amount of wealth in the Middle East and with the solid regulatory regime in the Dubai International Finance Centre (DIFC), it seemed like a good place to base ourselves."
Whether international funds' interest in Dubai spells a rush of recruitment is, however, another matter. Schroders employs only three in the DIFC, suggesting opportunities are likely to be in the tens rather than the hundreds.
Regardless of how many they hire, recruiters predict international funds opening satellite offices in the GCC will have problems retaining their staff. Established local players such as Millennium Capital and Shuaa Capital are often seen as the better bet.
William Coles, managing director of recruiters the Lyle Group, says: "There are some big names coming to the Middle East. Someone might come to the region working for an international firm, but after a year or so's experience they're very susceptible to being poached by a local firm."
Both local and international players are chasing fund marketers with regional experience.
Barbara van Muir, managing director of Gulf recruiters WoodHamill Ingram, says: "In 2006 to the beginning of 2007 it was technical roles - head of asset management, senior portfolio managers - people who could construct products and lead teams. Now, most firms are looking for revenue generators."
Pay is on the up. A head of asset management role in the Middle East will pay $220k to $240k, with bonuses coming in it at 70-100%. A portfolio manager can bring in $150k to $180k, with a potential bonus of 50-80%.
Senior marketing roles command a similar base salary, but the bonus is where the money is. Some firms are rumoured to pay as much as 1% of revenues, which often equates to a lofty total package of $1m.
