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Middle East state investment funds are flexing their financial muscles globally. What are the chances of getting a job for one?
In recent weeks, the Abu Dhabi government has bought into US private equity group Carlyle, and the Qatar Investment Authority has bought into Swedish exchange OMX. Last year Dubai bought control of ports company P&O (including its Australian operations) as well as hotel company Travelodge.
As regional sovereign funds expand their geographical spread, recruiters say their requirements for skills are evolving. “Until recently, the region has looked only within [for staff],” says Peter Greaves, director of financial markets at recruitment firm McArthur Murray. “However, with volatility and a (nearly) real market, candidates who have experienced international and bear markets are now in demand.”
Greaves says candidates are now sought with experience of investing in emerging markets including Eastern Europe, SE Asia/India, Malaysia and Turkey. Islamic investment skills are also popular.
Funds run by the Abu Dhabi Investment Authority (ADIA) are said to be hiring top asset management talent from mature global markets.
Karla Dorsch, founder of London-based recruiter The Piedmont Group, says, “They are trying to get the best people, those who understand the risk parameters in areas of classical investment management like real estate and equities.”
She adds that despite the market for sovereign staff being “on fire”, with funds becoming more competitive, they won’t throw money at someone simply to fill a vacancy.
Sovereigns are notoriously discreet. However a senior recruiter tells us basic annual packages range from US$300k to US$350k for an MD or head of asset allocation, US$250k to US$300k for a director or fund manager, US$175k to US$200k for a senior analyst, and US$125k to US$150k for an analyst.
working in the middle easy is a one way ticket to mediocrity. you will never find a job back in the west once your cv has been tained by gulf experience
ONE WAY TICKET, what planet are you on……there will be many City firms that want to expand their emerging markets presence (Gulf etc and have someone with that kind of experience.
To One Way Ticket, Private Equity, LOL Don’t be so funny mate, please. Your comment makes no sense at all, who on earth would be thinking in going back to West when you make su much more money here, plus one can enjoy a much better weather and nightlife for at least 9 months a year.
Regarding mediocrity, I think that might be somenthing inherent in your personality itself rather than an acquisition from the Middle East.
to ME : It isn’t in my personality, it’s inherent to the region. Dubai’s traffic problems and rising cost of living is a real issue and the falling value of the dollar. It is a one way ticket to mediocrity and everyone knows that gulf investment bankers have no work at all to do
The latest article is very cynical, I think this guy should be crucified especially if he is in his 20s.
Yes, those funds are investing the cash on their hands very wisely, especially that they have efficient internal control systems and an outstanding sense of ethics. Period.