From Overseas Press
Asia's budding bankers no longer feel need to go West
(Agencies)
Updated: 2010-07-26 09:20
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Asia M&A activity now comprises one-third of global volume, up from just 7 per cent in 2006, according to Thomson Reuters.
Investment banks contacted for this article would not give actual hiring statistics, and few consultants break it down by region. But there is plenty of anecdotal evidence of Asian talent staying in the region, and banks' recruiters back this up.
HAIGUI
The promotion of Asians through the ranks sends an encouraging message to business school graduates in the region.
The top ranks at investment banks in Asia were once heavy with so-called "gweilos," a Cantonese word for foreigners.
In recent years, UBS, Citigroup, Bank of America, Credit Suisse and Goldman Sachs are among those to have promoted Asians to top, Hong Kong-based roles, coinciding with the return home of overseas educated Asian bankers.
These returnees, known as "haigui", a Mandarin term that translates as "sea turtles", are increasingly filling posts.
"The number of kids coming back, educated abroad, wanting to be back in Asia is huge," said Alexis Adamczyk, head of equity capital markets Asia at HSBC.
"The trend definitely is that more and more locals, or returnees, with language skills, with connectivity, are coming back to Asia."
Entry-level salaries are fast catching up with the developed world, adding a further incentive to staying in Asia.
In Singapore, Ivy League recruits are signing contracts of up to S$10,000 per month ($87,000 per year), according to a local consultant who did not want to be named because compensation is usually kept private at the banks.
The desire to start a financial career in Asia extends beyond investment banking and into other related fields as well.
Jiachen Song, a recent graduate from the Banking and International Finance program at the Shanghai University of Finance and Economics, said she would like to work outside China at some point, but she's content to stay for now.
"This is an emerging market that is taking off," said Song, who attended the LSE conference in Singapore.
"I'm confident there are great opportunities in Shanghai."