Macquarie is breathing some life into a generally dormant Japanese financial recruitment market. The Aussie bank, which took on 100 new hires in the second half of last year, is continuing its recruitment drive.
Andrew Low, Asia head of Macquarie Capital Advisers, comments: “Japan is becoming an increasing focus and we are pleased to be able to attract senior people to match the quality of the opportunities we are seeing in the market.”
Macquarie – a relative newcomer to the Japanese market – may not be the number one hirer in volume terms, but it’s currently in “growth mode” and is expanding at a faster rate than most rivals, says Kevin Gibson, managing director of recruiters Robert Walters.
Jonathan Paine, a recruiter from Talent2, adds: “They’re building up a very strong base here. Japan is important to their growth plans.”
The bank has been ramping up recruitment since acquiring the Asian equity division of ING Group in 2004. It is currently looking for junior and senior analysts to join its 20-strong equity research team in Tokyo.
Yukihiro Koshiishi, a manager at Russell Reynolds, says Macquarie has also been building in M&A. And the Aussie upstart hasn’t been afraid to take on the big i-banks. Recent senior recruits include Nobuo Funabashi from Morgan Stanley and Arthur Ozeki from UBS.
Macquarie ideally wants bilingual Japanese nationals and is being particularly picky about who it hires. One headhunter, who asked not to be named, describes the recruitment process as more lengthy than the Japanese average, involving psychometric testing. “Macquarie is concerned about getting people who are the right fit for its banking model.”