Hong Kong Investment Management Salary Survey 2018
Hong Kong Investment Management Salary Survey 2018
www.aquissearch.com
Introduction The Aquis Search Hong Kong Investment Management Salary Survey 2018 details salary information and recruiting trends in APAC Investment Management and Alternative Investment industries. Our information has been researched and collated from our clients, candidates and our working knowledge of the marketplace. Aquis Search consultants have extensive expertise in their practice area and the information reported is based on telephone interviews with hiring managers, HR professionals and in-house recruiters, as well as data extracted from our own extensive database and internal research resources. As with all reports that detail salary information and trends, we represent the mainstream view and recognise there will be anomalous situations divergent from the published data. This survey is therefore a guide to the general movement in the sector. Please contact us for further information or for clarification on any of the compensation trends detailed in this report.
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
2
Market Overview 2017 saw a number of international economic and political
equities and credit. Many mentioned that they will expand their
factors affect the investment management industry. The human
in-house investment teams by hiring bulge-bracket investment
capital market in investment management as a result was volatile as hiring activities normally tend to strongly correlate with
Sales Intermediary Years of Experience
Title
Annual Salary (HKD)
end of the year.
6-8
Assistant Vice President
600,000 - 800,000
During the first half of 2017, hiring was more reserved as we
8 - 10
Vice President
800,000 - 1,000,000
10 - 15
Director
1,200,000 - 1,500,000
15+
Managing Director
1,800,000 - 2,200,000
the industry’s investment appetite. The market sentiment was cautious at first but became increasingly optimistic towards the
continued to see the knock-on effect of tightening regulations and a passive investment trend. There was an emphasis on employee retention to stabilise salary levels and avoid costly hiring processes. The traditional post-bonus season spike in hiring was not as pronounced, as most firms were prudent about their hiring plans. Movement in the market was largely due to regular
Portfolio Manager
investment firms with strong budgets. However, hiring activity
Years of Experience
Title
Annual Salary (HKD)
among boutique asset management firms, small hedge funds and
6-8
Assistant Vice President
700,000 - 900,000
8 - 10
Vice President
900,000 - 1,300,000
10 - 15
Director
1,600,000 - 1,800,000
15+
Managing Director
2,200,000+
employee turnover rate and there was some expansion in large
private equity funds was appreciably limited. This changed dramatically during the second half of 2017. The equity market performed well and many firms began actively recruiting again. Chinese fund houses, especially, sought to aggressively expand their international operations using Hong Kong as a regional hub. This resulted in a flurry of activity on both distribution and investment sides, contributing to fierce
Research
on experience and strong communication skills. Many hedge
Years of Experience
Title
Annual Salary (HKD)
funds expanded their portfolio manager headcounts to cover
6-8
Assistant Vice President
700,000 - 900,000
8 - 10
Vice President
900,000 - 1,300,000
10 - 15
Director
1,600,000 - 1,800,000
15+
Managing Director
2,200,000+
competition between firms seeking individuals with hands-
Greater China and analysts with a focus on telecoms, media and technology (TMT) were in demand as well. Indeed, Mandarin has become almost a mandatory requirement even for international firms.
Outlook In 2018, we expect continued high demand for talent from Chinese firms. Through our conversations with Chinese fund houses and listed companies, we understand many of these corporations are increasingly interested in investments in private Sales Institutional Years of Experience
Title
Annual Salary (HKD)
6-8
Assistant Vice President
700,000 - 900,000
8 - 10
Vice President
1,000,000 - 1,200,000
10 - 15
Director
1,500,000 - 1,800,000
15+
Managing Director
2,000,000 - 2,500,000
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
3
bankers and/or candidates from top tier private equity firms.
number of foreign investment firms acquired their WOFE licenses
Moreover, new private equity funds will be launched by SOE-
in China and we foresee the trend to be accelerated, with more
backed firms to invest both into China and globally. Infrastructure,
China-oriented hiring being conducted.
TMT and healthcare industries remain a key focus of investments hence candidates with related skillsets and prior exposure will be in demand.
Salary and bonus levels will likely remain at similar levels to 2017, as there are sufficient candidates in the market to fill most replacement roles and firms will be unwilling to enter bidding
We have also seen significant capital flow to hedge funds that run
wars to secure talent. Bonuses in this sector vary from company to
quantitative strategies, thus demand for quant-savvy candidates
company and are dependent on the performance of individuals,
in both strategy and development will also be evident. The
teams and firms, however, as the performance of the overall
asset class of ETFs should become further popularised among
industry remains stable we expect bonus levels to remain the
traditional fund houses, especially for Hong Kong institutional
same as 2017.
clients, and we expect a greater need for the recruitment of ETF sales and portfolio managers as a result. Many international firms are growing their business in other Asian countries so the need for candidates with additional languages such as Korean and Japanese is likely to rise. We have also noted that an increasing
Private Equity
Years of Experience
Annual Salary (HKD)
Management Reporting
Hedge Funds
Years of Experience
Title
Title
Annual Salary (HKD)
Portfolio Manager
2-6
Analyst
350,000 - 700,000
6-8
Associate
800,000 - 1,000,000
8 - 10
Vice President
1,000,000 - 1,500,000
6 - 10
Vice President
900,000 - 1,400,000
10 - 12
Director
1,500,000 - 2,000,000
10+
Director
1,600,000+
12+
Managing Director
2,200,000+
Investor Relations
Investor Relations
6 - 10
Vice President
800,000 - 1,200,000
6 - 10
Vice President
800,000 - 1,200,000
10+
Director
1,500,000+
10+
Director
1,500,000+
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
4
CONTACTS Crystal Shum Senior Consultant Investment Management Hong Kong, Asia Pacific +852 2537 0333 [email protected] Crystal is a Senior Consultant at Aquis Search based in Hong Kong. She recruits professionals within financial services with a primary focus on asset management, hedge fund and private equity clients across the Asia Pacific region. Crystal is experienced in executing front office mandates for asset management, hedge fund and private equity in roles such as supporting sales/business development, client servicing, marketing, product development, portfolio management and research, and for her clients. Prior to joining Aquis Search, Crystal worked for a human resources outsourcing firm where she worked with asset management, hedge fund, private equity and custody firms and executing searches in operations, finance, risk and compliance. Before relocating to Hong Kong, Crystal worked at a leading global bank in Canada as a Relationship Manager where she had coverage of operations, sales & marketing functions. Crystal holds a Bachelor’s Degree in Economics from Simon Fraser University, Canada and is fluent in English, Cantonese and Mandarin.
Anthony Liu Consultant Investment Management Hong Kong, Asia Pacific +852 2537 0333 [email protected] Anthony is a Consultant at Aquis Search working in the Investment Management team specialising in recruitment on the buy side. He works closely with large and boutique investment firms including hedge fund and private equity funds and he covers all investment related and client facing roles such as Portfolio Manager, Analyst, Sales & Marketing and Investor Relations. Prior to joining Aquis Search he has worked with various financial institutions as well as a multi-family office and has extensive market knowledge and experience recruiting senior roles across Asia. His expertise lies in talent acquisition, fund manager selection and due diligence. Anthony has a Master’s degree in Investment Management from the Hong Kong University of Science and Technology (HKUST) in Hong Kong and a Bachelor’s degree in International Business from Seattle University, United States. He speaks Cantonese, English and Mandarin.
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
5
Jason Yuen Consultant Investment Management Hong Kong, Asia Pacific +852 2537 0333 [email protected] Jason is a Consultant in the Front Office Investment Management team based in Hong Kong. He recruits portfolio managers, product managers, sales, marketing, relationship managers and analysts for asset management firms, hedge funds and private equity clients across the Asia Pacific region. Prior to joining Aquis Search, Jason worked in a marketing role for a tech start-up company. He has a Bachelor’s degree in Experimental Psychology from the University of Oxford. Jason speaks fluent English and Cantonese.
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
6
About Aquis Search Aquis Search is a leading regional executive search firm specialising in the corporate affairs, compliance, finance & accounting, human resources & corporate services, investment management, legal, risk management and technology sectors across Asia. We offer clients executive search, research & advisory, search & selection and contract & payroll services. Our clients are members of a global network of prestigious financial institutions, leading UK and US law firms, regional market leaders and Fortune 500 organisations. Clients’ recruitment briefs are successfully met by our team of experienced, multilingual consultants. Professional integrity is the key value on which our client relationships are built and the majority of our business is from personal referral. This is a testament to the high level of professionalism for which we are known. Aquis Search was established in Hong Kong in 2009. Today we operate offices in Beijing, Delhi, Hong Kong, London, Mumbai, Shanghai, Singapore and Taipei.
For further information please contact Aquis Search below or email [email protected] Beijing Level 15, Yintai Office Tower, 2 Jianguomenwai Avenue, Chaoyang District, Beijing, 100022 China +86 185 1323 9737 Delhi Suite 422, Level 4, Rectangle 1, Commercial Complex D-4, Saket, New Delhi-110017, India +91 11 4986 8545 Hong Kong 19/F, Kailey Tower, 16 Stanley Street, Central, Hong Kong +852 2537 0333 London 80-83 Long Lane, London, UK, EC1A 9ET +44 203 375 8028 Mumbai 315, 3rd Floor, C-Wing, 215 Atrium, Andheri-Kurla Road, Andheri (East), Mumbai 400059 +91 22 6786 6700 Shanghai Room 5, 42/F, No.1717 Wheelock Square, Nanjing West Road, Shanghai 200040, China +86 21 8025 1528 Singapore 11 Collyer Quay, #09-05/06, The Arcade, Singapore 049317 +65 3157 9393 Taipei 37F Taipei 101 Tower, No.7, Sec. 5 Xinyi Road, Taipei 11049, Taiwan +886 2 7732 5778
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
7
www.aquissearch.com
Introduction The Aquis Search Hong Kong Investment Management Salary Survey 2018 details salary information and recruiting trends in APAC Investment Management and Alternative Investment industries. Our information has been researched and collated from our clients, candidates and our working knowledge of the marketplace. Aquis Search consultants have extensive expertise in their practice area and the information reported is based on telephone interviews with hiring managers, HR professionals and in-house recruiters, as well as data extracted from our own extensive database and internal research resources. As with all reports that detail salary information and trends, we represent the mainstream view and recognise there will be anomalous situations divergent from the published data. This survey is therefore a guide to the general movement in the sector. Please contact us for further information or for clarification on any of the compensation trends detailed in this report.
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
2
Market Overview 2017 saw a number of international economic and political
equities and credit. Many mentioned that they will expand their
factors affect the investment management industry. The human
in-house investment teams by hiring bulge-bracket investment
capital market in investment management as a result was volatile as hiring activities normally tend to strongly correlate with
Sales Intermediary Years of Experience
Title
Annual Salary (HKD)
end of the year.
6-8
Assistant Vice President
600,000 - 800,000
During the first half of 2017, hiring was more reserved as we
8 - 10
Vice President
800,000 - 1,000,000
10 - 15
Director
1,200,000 - 1,500,000
15+
Managing Director
1,800,000 - 2,200,000
the industry’s investment appetite. The market sentiment was cautious at first but became increasingly optimistic towards the
continued to see the knock-on effect of tightening regulations and a passive investment trend. There was an emphasis on employee retention to stabilise salary levels and avoid costly hiring processes. The traditional post-bonus season spike in hiring was not as pronounced, as most firms were prudent about their hiring plans. Movement in the market was largely due to regular
Portfolio Manager
investment firms with strong budgets. However, hiring activity
Years of Experience
Title
Annual Salary (HKD)
among boutique asset management firms, small hedge funds and
6-8
Assistant Vice President
700,000 - 900,000
8 - 10
Vice President
900,000 - 1,300,000
10 - 15
Director
1,600,000 - 1,800,000
15+
Managing Director
2,200,000+
employee turnover rate and there was some expansion in large
private equity funds was appreciably limited. This changed dramatically during the second half of 2017. The equity market performed well and many firms began actively recruiting again. Chinese fund houses, especially, sought to aggressively expand their international operations using Hong Kong as a regional hub. This resulted in a flurry of activity on both distribution and investment sides, contributing to fierce
Research
on experience and strong communication skills. Many hedge
Years of Experience
Title
Annual Salary (HKD)
funds expanded their portfolio manager headcounts to cover
6-8
Assistant Vice President
700,000 - 900,000
8 - 10
Vice President
900,000 - 1,300,000
10 - 15
Director
1,600,000 - 1,800,000
15+
Managing Director
2,200,000+
competition between firms seeking individuals with hands-
Greater China and analysts with a focus on telecoms, media and technology (TMT) were in demand as well. Indeed, Mandarin has become almost a mandatory requirement even for international firms.
Outlook In 2018, we expect continued high demand for talent from Chinese firms. Through our conversations with Chinese fund houses and listed companies, we understand many of these corporations are increasingly interested in investments in private Sales Institutional Years of Experience
Title
Annual Salary (HKD)
6-8
Assistant Vice President
700,000 - 900,000
8 - 10
Vice President
1,000,000 - 1,200,000
10 - 15
Director
1,500,000 - 1,800,000
15+
Managing Director
2,000,000 - 2,500,000
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
3
bankers and/or candidates from top tier private equity firms.
number of foreign investment firms acquired their WOFE licenses
Moreover, new private equity funds will be launched by SOE-
in China and we foresee the trend to be accelerated, with more
backed firms to invest both into China and globally. Infrastructure,
China-oriented hiring being conducted.
TMT and healthcare industries remain a key focus of investments hence candidates with related skillsets and prior exposure will be in demand.
Salary and bonus levels will likely remain at similar levels to 2017, as there are sufficient candidates in the market to fill most replacement roles and firms will be unwilling to enter bidding
We have also seen significant capital flow to hedge funds that run
wars to secure talent. Bonuses in this sector vary from company to
quantitative strategies, thus demand for quant-savvy candidates
company and are dependent on the performance of individuals,
in both strategy and development will also be evident. The
teams and firms, however, as the performance of the overall
asset class of ETFs should become further popularised among
industry remains stable we expect bonus levels to remain the
traditional fund houses, especially for Hong Kong institutional
same as 2017.
clients, and we expect a greater need for the recruitment of ETF sales and portfolio managers as a result. Many international firms are growing their business in other Asian countries so the need for candidates with additional languages such as Korean and Japanese is likely to rise. We have also noted that an increasing
Private Equity
Years of Experience
Annual Salary (HKD)
Management Reporting
Hedge Funds
Years of Experience
Title
Title
Annual Salary (HKD)
Portfolio Manager
2-6
Analyst
350,000 - 700,000
6-8
Associate
800,000 - 1,000,000
8 - 10
Vice President
1,000,000 - 1,500,000
6 - 10
Vice President
900,000 - 1,400,000
10 - 12
Director
1,500,000 - 2,000,000
10+
Director
1,600,000+
12+
Managing Director
2,200,000+
Investor Relations
Investor Relations
6 - 10
Vice President
800,000 - 1,200,000
6 - 10
Vice President
800,000 - 1,200,000
10+
Director
1,500,000+
10+
Director
1,500,000+
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
4
CONTACTS Crystal Shum Senior Consultant Investment Management Hong Kong, Asia Pacific +852 2537 0333 [email protected] Crystal is a Senior Consultant at Aquis Search based in Hong Kong. She recruits professionals within financial services with a primary focus on asset management, hedge fund and private equity clients across the Asia Pacific region. Crystal is experienced in executing front office mandates for asset management, hedge fund and private equity in roles such as supporting sales/business development, client servicing, marketing, product development, portfolio management and research, and for her clients. Prior to joining Aquis Search, Crystal worked for a human resources outsourcing firm where she worked with asset management, hedge fund, private equity and custody firms and executing searches in operations, finance, risk and compliance. Before relocating to Hong Kong, Crystal worked at a leading global bank in Canada as a Relationship Manager where she had coverage of operations, sales & marketing functions. Crystal holds a Bachelor’s Degree in Economics from Simon Fraser University, Canada and is fluent in English, Cantonese and Mandarin.
Anthony Liu Consultant Investment Management Hong Kong, Asia Pacific +852 2537 0333 [email protected] Anthony is a Consultant at Aquis Search working in the Investment Management team specialising in recruitment on the buy side. He works closely with large and boutique investment firms including hedge fund and private equity funds and he covers all investment related and client facing roles such as Portfolio Manager, Analyst, Sales & Marketing and Investor Relations. Prior to joining Aquis Search he has worked with various financial institutions as well as a multi-family office and has extensive market knowledge and experience recruiting senior roles across Asia. His expertise lies in talent acquisition, fund manager selection and due diligence. Anthony has a Master’s degree in Investment Management from the Hong Kong University of Science and Technology (HKUST) in Hong Kong and a Bachelor’s degree in International Business from Seattle University, United States. He speaks Cantonese, English and Mandarin.
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
5
Jason Yuen Consultant Investment Management Hong Kong, Asia Pacific +852 2537 0333 [email protected] Jason is a Consultant in the Front Office Investment Management team based in Hong Kong. He recruits portfolio managers, product managers, sales, marketing, relationship managers and analysts for asset management firms, hedge funds and private equity clients across the Asia Pacific region. Prior to joining Aquis Search, Jason worked in a marketing role for a tech start-up company. He has a Bachelor’s degree in Experimental Psychology from the University of Oxford. Jason speaks fluent English and Cantonese.
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
6
About Aquis Search Aquis Search is a leading regional executive search firm specialising in the corporate affairs, compliance, finance & accounting, human resources & corporate services, investment management, legal, risk management and technology sectors across Asia. We offer clients executive search, research & advisory, search & selection and contract & payroll services. Our clients are members of a global network of prestigious financial institutions, leading UK and US law firms, regional market leaders and Fortune 500 organisations. Clients’ recruitment briefs are successfully met by our team of experienced, multilingual consultants. Professional integrity is the key value on which our client relationships are built and the majority of our business is from personal referral. This is a testament to the high level of professionalism for which we are known. Aquis Search was established in Hong Kong in 2009. Today we operate offices in Beijing, Delhi, Hong Kong, London, Mumbai, Shanghai, Singapore and Taipei.
For further information please contact Aquis Search below or email [email protected] Beijing Level 15, Yintai Office Tower, 2 Jianguomenwai Avenue, Chaoyang District, Beijing, 100022 China +86 185 1323 9737 Delhi Suite 422, Level 4, Rectangle 1, Commercial Complex D-4, Saket, New Delhi-110017, India +91 11 4986 8545 Hong Kong 19/F, Kailey Tower, 16 Stanley Street, Central, Hong Kong +852 2537 0333 London 80-83 Long Lane, London, UK, EC1A 9ET +44 203 375 8028 Mumbai 315, 3rd Floor, C-Wing, 215 Atrium, Andheri-Kurla Road, Andheri (East), Mumbai 400059 +91 22 6786 6700 Shanghai Room 5, 42/F, No.1717 Wheelock Square, Nanjing West Road, Shanghai 200040, China +86 21 8025 1528 Singapore 11 Collyer Quay, #09-05/06, The Arcade, Singapore 049317 +65 3157 9393 Taipei 37F Taipei 101 Tower, No.7, Sec. 5 Xinyi Road, Taipei 11049, Taiwan +886 2 7732 5778
www.aquissearch.com
Hong Kong Investment Management Salary Survey & Guide 2018
7
