City workers expect job opportunities to grow faster in Singapore than London
London has been beaten by Singapore in a survey amongst banking and hedge fund staff on where they expect financial services recruitment to expand the fastest over the next year reveals Astbury Marsden, a leading financial services recruitment firm.
37% of respondents to the survey expect Singapore to create the most financial services jobs over the next 12 months. Just 22% chose London, 19% Shanghai, 17% Hong Kong, 4% UAE, while 1% chose New York.
Mark Cameron, Chief Operating Officer of Astbury Marsden, says: “Singapore has rapidly established itself as the destination of choice for City firms looking to expand their business in Asia. It is clear that Singapore is winning business that used to be done in London. Day by day the number of UK politicians willing to voice wholehearted support for investment banks and hedge funds is shrinking”
Recent research amongst investment banking staff by Astbury Marsden also showed that – when asked which financial centre they would most like to work in – Singapore beat London and New York as a favoured location.
Mark Cameron says: “Cities close to emerging markets are at the forefront of the global expansion in financial services.”
Research by Hedge Fund Intelligence suggests that Singapore and Hong Kong are now home to eighteen Hedge Funds managing more than $1 billion. Last year there were just ten funds operating in both cities. London is also losing its market share in hedge fund business, accounting for 14.5% of Hedge Fund assets, down from 16% last year.
Mark Cameron comments: “Ten years ago there was still a lot of Asia Pacific investment banking and fund management work taking place out of London. Now nobody is saying that is a sensible way of doing business.”
Mark Cameron says: “London has acquired a reputation as the global capital of bank-bashing. The increase to the Bank Levy announced at the Budget will put the UK at a distinct long term disadvantage to its less heavily taxed competitors in the Asia Pacific region.”
Astbury Marsden points out that the FSA has also promised that it will impose tougher capital requirements on UK banks than required under Basel III.
Mark Cameron concludes: “We are getting more and more calls from City staff in London who are increasingly disheartened with the UK’s regulatory and tax stance and until the political cloud over banks and hedge funds is lifted they will continue to look at options elsewhere. Some believe that politicians don’t actually want more investment bankers to work in the UK.”
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