eFinancialCareers

Following their global counterparts, Australian investment banks are beginning to implement software development life-cycle (SDLC) systems. So, if you happen to be a business analyst with treasury market experience and SDLC knowledge, then you’re likely to be in very high demand. “More job opportunities have definitely arisen due to more software solutions creeping over to Australia,” says Steve Hutchinson, principal consultant at headhunting firm Price Barnett. When looking for candidates in... Read more

If Australians are becoming richer, are private bankers becoming more popular? The Australian Treasury recently reported that the country’s private wealth sector had soared to A$6,200 billion, which represents around A$300,000 per Australian. These figures are significantly higher versus twenty years ago when private wealth accounted for A$905 billion on a national level and $56,500 per person. If we assume that the country continues to get richer, then it is likely that... Read more

While the domestic shares market continues to bubble away, there are signs that those who analyse the stocks within the market have evaporated. But with guaranteed bonuses and higher salaries back in fashion, Fiona Weeks, a consultant with Jon Michel Executive Search, says this candidate-tight market – from junior through to senior roles – has seen applicants being lured across from areas outside pure research. “If we’re looking for an infrastructure... Read more

These days, algorithmic trading development is a ‘hot area’ within the banking sector. So, when algorithmic trading development roles come up, corporations access the best and brightest candidates - no matter where they reside - to ensure they hire the best person. Jim Cook from search firm Derwent Executive is currently looking to place an algorithmic trading developer in Hong Kong and is searching for candidates both locally and offshore. “My... Read more

Morgan Stanley has extended its global prime brokerage business, which finances hedge funds, by opening an office in Sydney, Australia. The bank will etablish the operation with initially four staff, according to a spokeswoman in Hong Kong. The office will complement its existing Asian operations in Tokyo and Hong Kong, from which it has served the Australian market since 1997. It plans to take advantage of anticipated growth in the Australian... Read more

The current shortage of candidates with product control skills has led to increased salaries as well as investment banks looking offshore for applicants. To be suitable, applicants will already have equity product accounting experience – and it doesn’t matter if firms have to search overseas for this skill set. In terms of entry level positions, appropriate candidates have sound accounting skills or come from a chartered accounting background. Moving up the... Read more

Inalytics, a provider of performance measurement products to fund managers, is building up in Australia and London. CEO Rick Di Mascio says the company plans to add staff numbers in London by 50% this year. The expansion won’t exactly be monumental however – it currently employs just eight people in the City. Longer term, additional staff may be required in the firm’s new Melbourne office, which is looking to service fund managers... Read more

M&A bankers at Macquarie will soon learn what their bonuses are for the past financial year. Recruiters say the news should be good. And if it isn’t, they should have no problem finding alternative roles elsewhere. “Profits at Macquarie are up, so bonuses are also likely to be up,” says one search consultant. “Most people are fairly confident.” Earlier this month, Macquarie reported a 30% year on year increase in profitability in... Read more

When it comes to having a few ‘mistruths’ on your resume, or ‘inflating’ your salary to a prospective employer, don’t even let it cross your mind. These days, it is common practice for a company to run a detailed background check on an applicant. In fact, gone are the days when all a company does is contact the referees that the candidate has nominated. Angus Price, a partner from search firm... Read more

As with other sectors within financial services, there’s a definite shortage of accounting and commerce candidates in the Australian market. This tightness in turn has raised pay and affected the sourcing of candidates. Katrina Bunting of Chandler Heath Recruitment says the shortage of domestic accounting professionals is not a new phenomenon - in fact, it’s been an issue for quite some time. When recruiting for positions, Bunting says it is not... Read more

Credit Suisse has confirmed that it will be opening a private banking office in Australia later this year to complement its existing local investment banking and asset management operations. WealthBriefing.com reports that Cedric Davis, Credit Suisse’s current deputy market leader for Australia, will lead the expansion of the private banking business in the Asia Pacific region and enable it to capitalise on growth opportunities in the "sizeable and fast-growing" Australian market. Didier... Read more

With a historically low unemployment rate of about 5% in Australia, the financial services sector continues to boom ahead at a great speed. That’s good news for candidates but a tougher market for employers out recruiting as the talent pool is thinner on the ground. According to Angus Price, a partner from search firm Derwent Executive, it’s not just investment banks and fund managers that are actively hiring but also corporates growing... Read more

With the end of financial year fast approaching in Australia, the candidate crunch has spawned a re-think from employers looking for individuals with international accounting standards knowledge. Accountants can take heart from knowing the tight labour market has forced employers to adopt a more liberal attitude toward securing regulatory specialists in time for year-end reporting, says Lyndsay Steadman, manager at Michael Page Banking & Finance. “Two years ago they would have... Read more

The Australian corporate finance market remains very ‘candidate poor’, partly fuelled by the resources sector boom. So says Jon Michel, principal of Jon Michel Executive Search. “Certainly, the resources sector is very buoyant in terms of corporate advisors and we’re struggling to find people with that experience.” New front-office investment banking recruits can expect to earn a base of up to A$100k for the new financial year, plus bonus. Associates with... Read more

JP Morgan has followed Citigroup and Deutsche Bank in setting up a credit trading desk in Australia to place traders closer to the marketing and credit structuring staff already in place. The investment bank has transferred David Hawkins, a credit trader in Tokyo where the Australian credit-default swaps were previously traded, to Sydney to spearhead the effort, Derivatives Week reports. It is not known whether additional hires will result.

An international shortage of financial services talent is creating a brain drain from smaller markets according to one recruiter. “Whenever conditions are strong in Asia, London, or New York, analyst and associate level bankers who are seeking a more international career make the most of the opportunity to move on,” says Victoria Biggs, a consultant at Sydney-based Jon Michel Executive Search. “We are seeing a real exodus at the junior level,”... Read more

It is a year this Friday since Deutsche Bank sold its £46bn (€67bn) UK investment management business to Aberdeen Asset Management, which led to a drastic restructure in which 20% of Deutsche Asset Management’s staff left. Kevin Parker, global head of asset management, is pushing for his group to expand again worldwide but will limit investment management offices to New York and Frankfurt. He wants to roll out Deutsche’s retail brand... Read more

Australia’s shortage of accounting staff could yet turn into a glut, according to one academic. Kevin McKenna, vice chancellor of Curtin University, told an audience at a Perth-based conference earlier this month that changes to Australia’s skilled migration system are in danger of encouraging a deluge of accountants to enter the country from overseas. McKenna predicted that recent changes to the immigration system, which have made it easier for foreign accountants to... Read more

Private equity firms playing in Australia’s M&A markets may make up a smaller percentage of the whole compared to their UK and US counterparts, but the private equity scene is on a tear and shows no signs of slowing down. Many of the players have raised additional funds recently, with Ironbridge currently set to close a fund with approximately $800m. Pacific Equity Partners (PEP) raised $1.2bn in funds in February of... Read more

Credit Suisse is gearing up in Asian prime services. The Swiss bank has appointed Jupiter Asset Management’s Kevin Meehan as director and head of Asian prime services coverage in Hong Kong, according to Finance Asia. The bank’s Hong Kong prime services team now numbers 10 and further hires are forecast as the bank seeks to grow the business in Hong Kong, as well as in Australia, Singapore and Tokyo.