Further to yesterday's exposition of where the equities and M&A jobs are in London now according to recruiters, we'd like to draw your attention to alternative sources of employment slightly further afield.
In the first place, Abu Dhabi's wealth fund (the Abu Dhabi Investment Authority - ADIA) has declared itself in a period of, 'concerted resource expansion.' As we noted last week, ADIA already employs 1,275 people and wants to hire more, particularly for its private equity business. Unfortunately for anyone aspiring to become an expat, ADIA is also particularly interested in hiring local staff. It's board of directors is (unsurprisingly) comprised entirely of Sheikhs. However, only 32% of its employees are UAE nationals. Therefore, 867 of its staff are from elsewhere. Therefore, ADIA will have to hire expats - like it or not.
If you think you might want to work there, we suggest you read this interview from January last year with Saeed Al Hajeri, CFA, a member of the CFA Institute Board of Governors and executive director of ADIA’s emerging markets department. Saeed says ADIA is a happy fusion of Western and Middle Eastern cultures:
"The West brings a certain data-based, structured discipline and a sense of urgency to make decisions and achieve results. The Middle Eastern approach tends to be more long term and holistic, with an emphasis on relationships and an overriding sense of what is sustainable and good for the overall community."
He also gives the impression that ADIA is keen to hire CFAs and graduates of Havard Business School: it trains CFAs in-house and "dozens" of its executives have attended leadership courses at Harvard, suggesting they'll be particularly amenable to anyone's completed an MBA there.
RBS has booked 48 seats for Centre Court and Number 1 Court at Wimbledon during the first 9 days of the tournament. It has booked 24 seats on Centre Court for the last four days. Clients invited to watch the tennis will still be allowed to attend. RBS bankers won't. (The Guardian)
Singapore’s banks have the potential to hire a lot more private bankers. (Financial Times)
Goldman Sachs analysts expect JPMorgan to deliver 2nd quarter profit of $6.5bn, excluding the CIO trading loss. (MarketWatch)
The Whale doesn’t appear that close to the beach at all. (Alphaville)
Leading investment banks are no longer the place to be if you work in ECM. (William Wright)
Commerzbank’s cutting shipping finance and commercial property lending as it pulls back to its core German market. (Financial Times)
Why everyone's a macro trader now. (ZeroHedge)
Beware the altruistic crook. (BusinessTime)