eFinancialCareers

The US sub-prime mortgage crisis will have only a minor impact on the i-banking sector in Australia, says a leading analyst. Troy Angus, a portfolio manager/analyst at Paradice Investment Management, says local banks with exposure are significantly less than one per cent. "The big five domestic retail banks should be largely unaffected," he notes. That's not to say there won't be some bumps and bruises. "There might be problems with some... Read more

Who'll benefit and who won't from the chaos in the markets? Here's our considered verdict… The winners Derivatives documentation specialists Know how to settle a derivatives trade? This could be your lucky day. According to Financial News last week's trading volumes for credit derivative products were so high credit derivatives operations teams were overwhelmed. Banks may yet turn to temps to help out. Risk managers Our US site reports that hedge funds... Read more

Does chaos in the credit markets spell doomsday for jobs? "It's too soon to tell,'' says James Nicholson, director of recruiter Robert Walters. "Macquarie and BNP Paribas are two of our big clients and there have been no directives changing their hiring strategy. But, if this tumult gets worse, I would expect it to have a big effect.' Edmund Gill at recruiter Hays also says it's too soon to call, but if... Read more

Thinking of finding a new job? Have a little something to take your mind off it. Australia's financial services skills shortage is encouraging banks to offer tasty 'buyback' packages to keep stellar performers who threaten to defect. Anthony Ayers, principal consultant at Sydney-based Chandler, says the most common buybacks (AKA 'counter-offer') involve matching money – but adds they may also encompass anything from offering additional education, an offshore secondment, a promotion... Read more

Is it a bird? Is it a plane? No, it's a superannuation hiring boom. Allen Tingey, principal at financial services recruitment firm Porterallen Hendren in Sydney, says business developers are feeling the full force of the thrust – with salaries more than doubling in the past five years and the introduction of bonuses. "Business development brings in the money so it is the highest-paid component. If you haven't got market share,... Read more

They're nothing new in the northern hemisphere, but guaranteed bonuses are now available here too. 'Guaranteed bonuses' are when banks commit to paying a specified level of end-of-year bonus, rather than leaving it to your performance or the foibles of the market. From banks' perspective, they're a way of enticing scarce talent to come and work for them. Throwing in a guarantee can also prevent existing staff from leaving to work... Read more

What's the chance of Sydney becoming a global financial hub and location of choice for the ultra-mobile international banker? Not much, according to one headhunter in the city. Anthony Ayers, principal consultant at Chandler Heath Executive Search, says Australia is unlikely to rival the likes of Hong Kong in the foreseeable future: "Australia's GDP, geography, and remuneration will all hold it back," he predicts. "The country will always be constrained by... Read more

Foreign jobs sound delicious but plush salaries don't count for quite so much when the cost of living's taken into account. London is 26.3% dearer than New York; Sydney is 5% cheaper than NY and 31% cheaper than London. Dr Peter Rogers of Mercer, the consultancy behind the figures, says employers adjust salaries to fit the cost of living and tax rates in host countries, creating a benchmark for positions anywhere.... Read more

What should you do if your boss sails off to another bank? Do you follow – or stay and maybe aim for his old position? Banks often try to poach whole teams from rivals (take Credit Suisse Asset Management for example, which poached ING's entire small-cap equity team). Lee Humphrey at recruiter Derwent Consulting says there has been more movement of people in the past six months than he's seen in... Read more

Where do you go to earn most in Australian finance? Not Sydney, not Melbourne, but Perth. The latest Hays recruitment salary survey shows there has been a significant salary spike in Perth, reflecting the local mining boom and buoyant economy of Western Australia. According to the survey, the average salary for a senior manager in treasury operations in Perth is AU$130k, equal to Sydney and ahead of Brisbane (AU$125k) and Melbourne (AU$110k).... Read more

Expats are pouring into senior financial services roles in Singapore. Is local talent being overlooked? First things first – overseas workers are in the minority in the Singaporean financial services industry. But they're in the majority when it comes to jobs above a certain rank. James Rushworth, managing director of search firm Profile Search and Selection, says around 90% of staff working at VP (vice president) level and above in roles... Read more

An outbreak of team moves is causing sweaty palms in Australia's asset management market. "Team moves have happened occasionally over the years on the sell-side, but it's becoming a little bit more commonplace on the buy-side," says Lee Humphrey, principal consultant in the funds management practice at Derwent Group in Sydney. In May, for example, ING Australia's entire small-caps team made a swift exit to Credit Suisse. Humphrey says the move could... Read more

There's a new species of beast about to prowl the Australian financial scene and no one really knows how to recognise them. They are called corporate brokers, and like Australia's first coin-carrying migrants, they come from England. "I think they're like relationship managers,'' says a slightly bewildered banker. "All I know is they're nothing like relationship managers,'' says a recruiter, running out the door. But Oliver Darkes at recruiter Carmichael Fisher is a travelled... Read more

Australia's superannuation funds and banks, collectively managing hundreds of billions of dollars, are bulking up their fund management teams with emerging markets specialists. The Victorian Funds Management Corporation (VFMC) alone is said to be looking for up to 40 fund managers to look at different asset allocation strategies and investment schemes. Macquarie Bank also has just launched its MQ Gateway Trust investment program, with its primary focus on emerging Asian markets. Oliver... Read more

Is Tokyo losing out to Hong Kong and Singapore? Maybe. There are certainly signs that Tokyo isn't the financial centre it was. Earlier this month, a Japanese government panel led by Prime Minister Shinzo Abe called for financial regulations in the country to be relaxed – a sign that Japanese authorities are becoming concerned about Tokyo's position as an Asian financial centre. In other moves, Fidelity Investments is shifting its Japanese... Read more