GUEST COMMENT: On reflection, I now intend to work in Hong Kong

1 February 2010

2 minute read

GUEST COMMENT: On reflection, I now intend to work in Hong Kong

I am a continental European by birth, but I'm currently working for a major investment fund in the UAE. Until a couple of years ago, I was working in an investment bank in London, but I got the chance to move into private equity when the market was in a bad shape and moved here. It was a good choice, but now I'm looking to move on again.

I feel like I've got two options: London, or Hong Kong.

London is like my second home. I've got friends there and family there. I did my MBA in London. I've lived there and worked there, and it was the perfect place to develop my skills and make some money. It's always been one of the few places in Europe where you have a chance, despite your nationality and background.

In a way, I'd like to go back to London. The roles there are challenging. It's very developed in terms of private equity - the transactions and deals are top notch and the legal framework is well developed. By comparison, the UAE is like an emerging economy - the legal framework is less strong; the deals are less challenging. I want to be back in a leading financial centre.

Equally, however, the UK tax regime is a big challenge for people like me. If I go back to London, I'll probably get a promotion. That will mean more money and more responsibility, but when I do the maths I'll end up with less than I'm earning now. That's annoying.

By comparison, Hong Kong is like the UK in terms of mentality. It was a British colony for years, the legal framework is pretty similar, and the tax rate is 15%. I also have a lot of friends there and I'll get the chance to work in emerging markets like Indonesia.

Then there's the attitude towards financial services. I go to Hong Kong every month and I've never seen anything adverse written about banking. It's a commercial place: people are there to make money and work hard; no one really cares about anything else. In the UK and the US, by comparison, politicians are stoking popular resentment against bankers because they want to blame someone for what happened.

Much as I like the UK, it's clear to me where I should be going next.

AUTHORAnonymous

Insider Comment

ku
kurt123
10 January 2011
it's not the colonial or modernisation days any more where banking was a western mystery, i see more and more asian VPs and MDs, as asians clearly tend to prefer working with other asians (just like how white clients prefer working with white bankers in britain or america), however clients, regulators etc do respect mandarin speaking westerners, which are increasingly rapidly
westerners really only dominate at the very very top nowadays
trading is an exception ofcourse
i think what's interesting is the different mentality between older generation western expats, where they feel no need to learn the language and go there expecting to be a superior race, and the younger generation, where they take the time to learn the language, culture and are much more open minded about viewing locals as equals and the possibility of asia overtaking the west
Reply
qu
quinn08
3 February 2010
My question is: How do you make it happen?
I think it's a smart idea, and have been thinking the same for the past 6m. US citizen, worked in London for half my career, 10y in credit trading. I hear experience is key b/c the talent pool is not that big, and I'd think not too many people like me can just pull up stakes and go. But the business IS different, and western banks have struggled to make a goldmine out of it. How to find headhunters who can really deliver? I'm flexible, done a zillion different things, good track record - but does it mean anything to anybody in the HK market?
Reply
Fa
FatCat
2 February 2010
Hey, as usual a lot of answers are meaningless, i guess the standard IB banker who believes to be a star and actually is a monkey (btw: go and fetch my comps)
Lived in Dubai, HK, London: every place has its opportunities. I would go whenever i can make money. Cultures are good in all those places, you will belong to the elite, so only 6 stars hotels, hot chicks, penthouses and Krug to swallow your beluga.
HK service is crap? come on...Dubai is the worst, and London follows.This is a fact. period. London food is the worst in the world, period. in HK you will find the brightest hard workers well educated financiers in the world (chinese i mean), it is always a pleasure to work with them. Always learnt a lot from those tigers. Looking forward to expand there soon.
People in this blog, in particular young bankers, have the bad attitude to talk without knowing what they are talking about. Again: go to work monkeys, tomorrow a master of the universe (like me) will kick you
Reply
ds
ds
2 February 2010
HK competition is hard and working hours also. You don't make a chance without speaking the local language.
Reply
St
Stocky
2 February 2010
Hi, I moved to HK last year and was lucky enough to be hired amongst the downturn. I must say that you are mistaken if you think HK's culture is similar to that of the UK. It is not at all. I would agree with one of the last comments that if you are VP and above there is no real need for Canto speakers. I have actually found many clients on the long and hedgie sides like to speak to people with Western backgrounds. Regarding the culture, things are different here, business is not conducted in the same manner, customer service in all respects is at a low standard, anything western has a premium linked to it... etc etc. On the upside, I do tend to agree you should move to HK rather than London on a tax regime basis, but also that there are a wealth of opportunities here rather than in Euroland! Good Luck
Reply