eFinancialCareers

National Australia Bank is building up its institutional markets and services division. The bank will spend an extra $10 million this financial year on diversifying resources and adding staff, the Australian Financial Review reports. National Australia Bank's restructuring of its institutional banking division will provide the next leg of growth. The bank is turning its attention to growth and the marketing of new products, and expects the restructuring of its globally focused... Read more

Australian investment bank Macquarie is moving into the big league by paying its senior staff London-style salaries and recruiting homegrown graduates for its UK business. “We are…competing for high quality staff in all of the world’s major financial centres,” the bank’s chairman, David Clarke is reported as saying on Moneymanagement.com.au. “In order to succeed, the bank’s remuneration needs to be broadly in line with that of other investment banks based in... Read more

The Australian job market is crying out for financial planners and paraplanners, with demand up nearly 100% according to some reports. Recruitment specialist eJobs noted 460 advertised roles for Sydney, Regional NSW and ACT in May, an 80% rise on last year, MoneyManagement.com reports. According to eJobs’ report, Australia is also short on candidates. This is bad news for employers, but good news for candidates, who can command higher salaries for their... 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.

Australian IT recruiters report a rush of hiring as investment banks seek to enhance their technology systems. “We’ve seen a marked increase in demand for technologists,” says Sam Vargas, a consultant in the technology division of recruitment firm Robert Walters. “Banks are trying to become a lot more competitive in terms of their trading platforms and are looking to integrate trading and wealth management platforms. Most are adding staff.” Steve Hutchinson,... Read more

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

A dearth of mid-level professionals amid a general candidate crunch has made Australia even more attractive for northern hemisphere finance professionals seeking more sun, surf and sports. But recruiters say there are some critical factors to consider before you move Down Under. A global candidate shortage has driven the growth of cross-border traffic, with Australia’s talent pool being drained by opportunities offshore in Asia, London and New York. This, combined with... 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

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

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

Some market participants anticipate that client demand for multi-manager offerings could double to A$170 billion over the next five years. Consequently, this expected demand has resulted in a rise in job opportunities within the multi-manager arena. Working in a fund of funds research team as an analyst or portfolio manger differs to working in a traditional equities research team. In general, a portfolio manager in a traditional business would have worked... Read more

Last week South Australian-based Funds SA appointed Hong Kong-based Lloyd George Management to manage an Asia ex-Japan equities mandate worth A$66 million. Launched last December, the Myer Family Office is also a seed investor in Lloyd George’s Asia-ex Japan fund. Moving with the times Not only are mandates leaving our shores - international banks are looking overseas to hire high-quality candidates. “In the past, the UK and the US have been... Read more

A new survey suggests that finance and human resources staff in the UK, Australia and Ireland move overseas for the pure joy of travelling. By comparison, their counterparts in France and Germany tend to move abroad for career reasons. The survey, of 1,800 international finance and HR professionals by Robert Half International, found that 68% and 63% respectively of those surveyed in France and Germany cited a career move as the... Read more

Solicitors say UK government plans to introduce a new points-based immigration system will make it easier for non-EU financial services employees to work in the country. Julia Onslow Cole, a partner at law firm CMS Cameron McKenna, says in future most banking employees will be able to enter the UK without lining up a job in advance. Under the new system, migrants who amass more than 75 points after meeting a... Read more

Last year it was the turn of Europe, before that it was the US. This year, it looks like Asia will be the focus of banks seeking to build a global presence in prime brokerage. Sydney could be left watching the game, however. “Prime brokerage is growing in Asia, with all firms expanding,” says Andrew Britton at search firm Options Group in Hong Kong. “A lot of talent is moving in... Read more

Bankers are sitting on a profit of more than $25bn (€21bn) on their share options on the back of the meteoric rise in financial stock prices on both sides of the Atlantic over the past 12 months. The recovery in banking stocks has left staff at the biggest US and European banks with share options worth a total of almost $100bn at the start of this year. Figures compiled by Financial... Read more

Soaring issuance of corporate debt and twitchiness about potential bankruptcies are driving recruitment in the Australian credit risk market. Foreign talent is welcome to apply. “The market is currently strong for credit risk professionals, especially those with UK and European experience,” says Patrick Everest at Sydney-based Jon Michel Executive Search. “Most firms have an appetite for quality hires and will create roles for strong candidates.” Janet X Tam, a recruiter at... Read more

The hedge fund sector in Australia and New Zealand is set to expand. For job seekers keen to move into the sector, now could be the time to get in. A recent survey by Russell Investment Group found Australia’s institutional investors are the most optimistic globally about hedge fund returns and plan to increase their exposure to the asset class in the next few years. The survey, which covered 327 tax-exempt investors... Read more