Middle East bankers shouldn't view Asia as the promised land
With job opportunities seemingly plentiful in Asia, an increasing number of Middle East-based financial services professionals are seeking to move there. But, they may be sadly disappointed.
"More and more Middle East candidates are showing a keen interest (possibly desperation) to move into Singapore or Hong Kong," says Tanya Sinha, senior regional consultant - executive search at Quest on theFRONTIER, which recruits for Asian and Middle Eastern financial positions.
It's easy to see the appeal. With jobs drying up in the Gulf, a number of banks and wealth managers are actively bolstering their Asian presence.
Recent examples include Bank of America Merrill Lynch's investment banking push, Deutsche Bank's equity capital markets and M&A expansion, DBS's renewed local focus, and a whole raft of wealth management recruitment following a period of retraction in 2009.
As well as Hong Kong and Singapore, mainland China is also offering a lot of opportunities.
"It's reminiscent of when the financial crisis first hit New York," says Andrew Price, director of banking and finance at Global Search Partners in Singapore. "A lot of people are applying, but it's doubtful how many will actually move - it's not as easy as some assume."
For a start, banks are being very demanding about the types of people they're hiring. Price says that an understanding of local clients, languages and markets is essential, which is why some banks are sceptical of applicants from outside the region.
"Increasingly, it's become a trend to look at people with some on-the-ground Asian market experience," adds Sinha. "South East Asia and North East Asia experience seem interchangeable, but Middle East experience still seems out of the fold."
"A lot of Asians were wooed by the opportunities in the Middle East," adds Price. "Now, an increasing number are not getting contracts renewed and are expressing an interest in coming home. These candidates have the greatest chance of success."
