Tuesday, 24 May 2011
Singapore is set to lead the way when it comes to creating financial jobs this year, with recruitment for finance workers in the Far East expanding faster than anywhere else in the world.
A survey carried out by headhunters, Astbury Marsden, showed that nearly three quarters of all hedge fund staff polled named cities in the Far East as the leaders of the pack in terms of job opportunities for financial services.
Some 37 per cent put Singapore at the top of their lists, with 19 per cent citing the opportunities being created in Shanghai and 17 per cent saying Hong Kong would be the boom city for financial recruitment.
Leading economist, Jens Tholstrup, said there would be a clear pattern of migration established by these financial trends.
"I foresee a lot of people in the west moving to places like China, where they’ll be very welcome," he said. "Whereas in wealthy countries, we put the shutters down on migration."
The results of the survey are particularly timely, coinciding with HSBC's announcement that it is to expand its headcount in Singapore and China by more than 2,000 during the next five years. They also come at a time when increasing numbers of Londoners are expressing an interest in relocating to the Far East to find career progression.