The latest salary survey from search firm Napier Scott suggests Asian MDs now earn more than anyone else.
Napier Scott’s 2008 salary and bonus survey suggests managing directors working on exotic credit trading desks at tier one banks in Asia commanded average total compensation of 1.5m (US$3.0m) for 2007.
This was 45% more than their counterparts in the UK, and 117% more than the relatively impoverished senior credit derivatives traders in the US.
Shaun Springer, chief executive of Napier Scott, says the strength of Asian packages reflects competition for talent, “and the Asia region being relatively less battered by the credit crisis”.
Moody’s says the Indian market for structured finance products more than doubled in size last year, to US$14.6bn. Excluding regional derivatives transactions (and issuance in Japan and Australia), Moody’s estimated that structured credit issuance in Asia rose to US$62bn in 2007, up from US$53.4bn in 2006.
2008 Salaries and bonuses:
Exotic Credit Trading and Credit Structuring
Director – Asia based (Tier 1 bank)
Exotic credit trading: 80k (salary), 495k (bonus)
Exotic credit structuring: 80k (salary), 610k (structuring)
Director – UK (Tier 1 bank)
Exotic credit trading: 105k (salary), 460k (bonus)
Down from 105k (salary) and 780k (bonus) in 2007
Exotic credit structuring: 100k (salary), 335k (bonus)
Down from 100k (salary) and 660k (bonus) in 2007
Director – US (Tier 1 bank)
Exotic credit trading: 85k (salary), 260k (bonus)
Exotic credit structuring: 80k (salary), 190k (bonus)
Source: Napier Scott