Prime brokerages hiring down under

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Prime brokerages are hiring in Australia as the local hedge funds industry booms and brokers jostle for business.

Rick Jansz, managing consultant and head of the financial markets practice at BSI People in Sydney tells, "Competition to attract the brightest talent is fierce. Candidates with investment banking, hedge fund, fund or financial services backgrounds, coupled with experience with securities instruments including derivatives, equities, bonds, FX, financing, and swaps are in high demand."

According to LCA Publications, a Sydney based hedge funds research house, the top three prime brokerages servicing the Australian market are Morgan Stanley, UBS and Goldman Sachs. Other prime brokerages targeting the Australian market include Citigroup, Fimat, ABN Amro, Macquarie Bank and Tricom, amongst others, according to the Hedge Funds Industry in Australia data file from AXISS Australia, the federal government's financial markets promotion agency.

In the past five months, Deutsche Bank, Credit Suisse, Merrill Lynch and Morgan Stanley have announced hires and expansion plans. The development has come as the Australian hedge fund industry tripled between June 2004 and June 2006 to reach $30.52 bn, according to the hedge fund publication AsiaHedge.

Australia's hedge funds industry is the largest in Asia, beating Japan's $22.31 bn, Hong Kong's $19.93 bn, and Singapore's $6.03 bn, according to the publication.

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