Prime brokerage jobs are increasing along with Australia’ s booming hedge fund industry.
Rick Jansz, managing consultant at BSI People, says prime brokerage is one of the hot spots of the Australian market, along with M&A and private equity.
“There has been a lot of hiring over the last six months, and we’re about to go through the last phase of that as firms bulk up their operations to meet demand,” Jansz tells us. “I think we’ll see more positions in the New Year.”
UBS and Credit Suisse have been among those hiring. Jansz says both firms have looked overseas to fill key positions.
According to the Reserve Bank of Australia (RBA), the amount of money managed by Australian-based hedge fund operators has trebled in the past three years to more than AU$60bn, propelling Australia past Japan, Tokyo and Hong Kong as the biggest hedge fund base in Asia.
The RBA data shows that the number of funds also doubled in the past two years to more than 140, with more than 200 different strategies being employed.
Jonathan Harris, a consultant at Talent2 International, agrees that the jobs market in prime brokerage is still buoyant. “If you step back two years – there was a lot of demand as people set up and established operations. But it’s still a gun market and I think there will be at least another 12 months of that. Salaries are moving northwards.”