HK
Daily Dispatches: Got a spare $100m? You’re now more likely to be Asian than American, says Citigroup study
The number of Asians with at least US$100m in disposable assets overtook North America’s tally for the first time as the world’s “economic center of gravity” continued moving east, according to Citigroup. (Bloomberg) As more companies are releasing their 2011 earnings, the list of companies lining up to take advantage of the strong start to [...]
Asian hedge funds are volatile, but there’s still hiring hope
The performance of Asian hedge funds has been erratic recently. Last year was particularly bad as returns from funds in the region fell below those overseas. This has in turn impacted hiring, which has been modest. In addition, more than 140 Asia-focussed funds shut down because of market volatility and a poor investment outlook. That [...]
Guest Comment: The mystique that Goldman Sachs has cultivated continues to fade, revealing an unexceptional substance that is shared by its rivals
Since Greg Smith’s resignation letter was published in The New York Times, commentators have rushed to agree with his complaint about the sad decline of the culture at Goldman Sachs. Smith’s previous employer has, during the past few years, apparently abandoned its client-supportive business model for the false god of short-term profits. It’s alleged that [...]
Daily Dispatches: Top J.P. Morgan banker quits; Tata Capital eyes Singapore for its private banking operations
J.P. Morgan’s regional head of Asia, Gaby Abdelnour, resigns after six years to enjoy life and rethink his career options. The firm is looking at internal candidates to fill his shoes. (Financial Times) Tata Capital plans on opening a private banking franchise in Singapore within the next two years. (TODAY) Singapore’s financial advisory sector is [...]
Are you sick of redundancies in investment banking? Become a private banker instead
Moving into the fairly buoyant wealth management sector in Asia could make sense for investment bankers. Take Coutts’ newly appointed Asia chairman Timothy Chia, who was formerly the vice-chairman of UBS investment bank. Another UBS alumnus, Rory Tapner, chief executive, wealth management, RBS, also hails from an i-banking background. He was at one stage the [...]
Guest Comment: Financial institutions need to boost their employer brands, and search firms can help them do this
Tough times can bring out both the best and worst in a person. All of us react differently to unfortunate events, but a typical first response is one of denial or resistance. During the last financial crisis and the more recent eurozone problems, finance professionals found anaemic growth and career stagnation hard to accept. They [...]
Daily Dispatches: There is hope after a redundancy – just look at the former employees of Samsung Securities
The retrenchments at Samsung Securities, which shut down most of its operations outside of Korea, have benefited the manpower needs of other firms. Both HSBC and Credit Suisse have hired experienced analysts from the brokerage. (FinanceAsia) UK fund house Ashmore appears to have Asian growth ambitions. It has appointed Kon Chee-Keat, formerly from Lion Global [...]
Daily Dispatches: The great muppet hunt begins at Goldman; Asian banks look to snap up assets as Western ones retreat
Goldman Sachs is combing through staff emails to see if anyone ever referred to the bank’s clients as “muppets”, as alleged by the renegade employee Greg Smith last week.The hunt was ordered by the chief executive, Lloyd Blankfein, following the dramatic resignation of Mr Smith last week, which he delivered in the form of a [...]
Jobs growth and high turnover in Chinese insurance, but expats still struggle to find work
The Chinese insurance market is expanding in first-, second- and third-tier cities, backed by local government and big SOEs, according to a report by Deloitte. For foreigners, however, getting an insurance job in the mainland is difficult. Edwin Si, partner and senior consultant, Guardian Executive Shanghai, says branch-head roles suffer from high turnover. Insurers are always [...]
Daily Dispatches: The dubious distinction of dirtiest global financial centre goes to…
Hong Kong’s poor air quality has caused more than 3,000 premature deaths a year, according to think tank Civic Exchange. Pollution is certainly a factor that some expat bankers are taking into consideration. “I am leaving Hong Kong explicitly because of the air,” says Alex Turnbull, an Australian banker at a Wall Street firm. He [...]
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