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Morning Coffee: Will staying an MD too long stop you moving to the buy-side in China and Hong Kong?

Will staying an MD too long stop you moving to the buy-side in China and Hong Kong?

Time to move?

Is there a limit on how long you can linger in the upper ranks of banking before moving to the buy-side? It appears not, at least in Hong Kong and China.

The Wall Street Journal is reporting that Carlos OyarbideI, managing director (MD) and chief operating officer for Morgan Stanley in China, “is in the early stages” of establishing a private equity firm focused on the Chinese technology sector.

Oyarbide’s LinkedIn profile shows that he’s been at MD level for all of his last four jobs – at both Morgan Stanley and Credit Suisse – dating back 22 years. It seems moving to the buy-side in Asia is still possible even at a fairly late stage in a financial career, a time when many are either contemplating early retirement or are content to see out their careers as an MD.

His move also encapsulates two key trends in the senior job market in Asia right now. First, as the WSJ points out, the booming Chinese tech sector is increasingly appealing to bankers. Credit Suisse’s head of China technology, J.P. Morgan’s head of China health care, and BAML’s Asia head of technology, media and telecommunications have all recently joined mainland tech firms.

Second, as global investment banks lose out to Chinese firms on mainland deals, several other senior bankers have left for the buy-side this year. Last month, for example, former Citi and UBS banker Jeff Emmanuel set up Hong Kong hedge fund EFM Asset Management. Former Societe Generale traders led by Jong Beum Kim have also started a new fund, Three Stones Capital. “With banks cutting costs in Hong Kong recently and some MDs being let go, more and more senior bankers are looking to the buy-side as their next move,” a headhunter in Hong Kong told us last week.

Meanwhile:

Big European and US banks have announced almost 100,000 job cuts this year. (Financial Times)

Ex-Ping An Securities chief is latest banker arrested in China’s crackdown on the finance sector. (South China Morning Post)

Singapore trader fired over currency probe sues Citigroup. (Bloomberg)

This is how Singaporean banks should expand in Asia. (Straits Times)

The biggest people moves in Asian asset management. (Asian Investor)

Good time to join a peer-to-peer lender in Asia? (Finance Asia)

Ngee Ann Polytechnic offers alternate pathway to becoming a chartered accountant. (Channel News Asia)

This is what you need to know to become an investment banker. (Cosmopolitan)

Expect lower job growth in next five years, says Singapore Minister. (Today)

Westpac suffers big protest vote against executive pay. (Sydney Morning Herald)

If Deutsche Bank wasn’t a bank, it would be an art gallery. (Business Insider)



Image credit: Alexey Klementiev, Hemera, Thinkstock

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