Friday, 23 December 2011
Financial companies in Hong Kong are offering ever more lucrative pay packages to staff, as part of efforts to draw more people to the banking jobs available in the territory.
Recent figures have shown that the average base pay of hedgefund and banking recruits in the Chinese territory have risen by 15 per cent in the last year - overtaking the average pay packages being offered in London.
The figures, which were put together by finance personnel analysts, Astbury Marsden, showed that people at managing director level working in Hong Kong have seen their salaries rise by around 25 per cent this year. The average pay across Hong Kong's financial sector now stands at HK$890,000 (approximately £74,000).
Astbury Marsden's Mark O’Reilly said the figures were indicative of how Asia has been powering ahead over the last year, while Europe and the US have still be struggling to avoid recession.
"Investment banking teams operating in Hong Kong have performed more strongly than their counterparts in London and New York in 2011," O'Reilly said. "Generally banks are keener to invest in their teams in Asia than in Europe and the US and that has meant a bigger boost for Hong Kong bankers' base pay."
He added, however, that the situation is likely to change next year, when the Western banks that have been embroiled in the eurozone debt crisis plan to take a more cautious approach to Asian growth.