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Asset-backed experience becoming an asset

Australia offers a growing number of roles for securitization specialists as banks seek to expand their product offerings in the country.

“There are a couple of firms looking to enter or re-enter the securitization market,” says Patrick Everest, a Partner with Jon Michel Executive Search.

“There is definitely a shortage of good quality people in the local market, with those returning or coming in from overseas being well received,” he adds.

The Australian securitized asset market is dominated by residential mortgage back securities, which account for more than 80 per cent of the AU$217bn securitized assets on issue. Australian securitizations jumped six per cent in the three months to June.

The main players are Deutsche Bank, Westpac, Macquarie Bank and Société Générale. But ABN Amro, Credit Suisse, Barclays and National Australia Bank are treading on their tails.

Recruiters say remuneration packages are increasing, with banks obliged to pay a premium, particularly if they want to lure good talent away from an existing and highly rated team. “Alternatively, some firms are now considering more lateral backgrounds and open to experience in debt capital markets and funding teams,” says Everest.

Dianne Eiser, a director at Horton International, agrees the market for executives specializing in this asset class is “hot”.

“Most major banks are shoring up their teams,” she says.

Recruiters say many of the vacancies are at vice-president level, with banks looking for candidates with a minimum five years’ experience. Base salary packages range from AU$150,000 to AU$225,000 before bonuses.

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