Hong Kong and Singapore, along with New York City, were in the top three destinations for London financial services professionals looking to further their careers abroad.
Professionals working in London’s financial services sector who have not had an opportunity to work abroad in the past two years were asked where they would choose to go. New York City was the most popular location (23%) and a slightly higher number (24%) keen to further their careers in Asia Pacific with 13% citing Hong Kong as their preferred destination whilst Singapore was the destination of choice for 12%.
Morgan McKinley surveyed 560 professionals of different nationalities currently working across the entire financial services sector in London. The findings also showed that 84% of those who haven’t yet chosen to move abroad for work nor had the opportunity to do so would move given the chance. Of these, one third would go in the next six months.
The main reason for those who had already taken up the opportunity to move was cited as career progression (43%) followed by an equal split between lifestyle choice and travel opportunities (both 25%) presented by living in a different country. The main reason given for not being willing or able to move was a family/partner (43%).
The popularity of Singapore and Hong Kong as destinations for ambitious professionals is also highlighted by the 2011 Global Cities Survey by Knight Frank and Citi Private Bank which predicts that Hong Kong and Singapore will be fifth and sixth out of the top twenty leading cities in ten years’ time.
Nick Lambe, Managing Director, Morgan McKinley Hong Kong commented:
“This is good news for the financial centres of Hong Kong and Singapore – both have a lot of very attractive qualities despite being different in many ways. Within the global financial services market, Hong Kong has a strong tradition in front office operations. Along with Singapore, it has a very open and competitive market, a developing economy and low interest rates. This makes it a hugely appealing location for businesses and also enables the growth of domestic companies. In turn, this is attracting more and more highly talented people to take up roles in Hong Kong.”
Chris Jay, Managing Director, Morgan McKinley Singapore added:
“Asia has definitely caught up with London and New York in global talent attraction. For ambitious professionals who are taking a long term view of their careers and for those with families looking for a high quality of life in a city with a large expatriate community, Singapore is a particularly popular destination. Asia is very much seen as a growth market and is where a lot of people want to be at the moment. We work with a number of international organisations both in financial services and across the commercial sector to source talented professionals for expanding businesses in Singapore.”
The survey also found that the next most popular destinations for relocation was Sydney (9%).
Further press information:
Notes to editors:
London Financial Services Moving Abroad Survey – June 2011
Morgan McKinley carried out telephone and written surveys with 560 financial services professionals in London between 13 June and 1 July 2011 to investigate how many had sought or been offered the opportunity to move abroad for their careers.
About Morgan McKinley
Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.
With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across banking & financial services, commerce & industry and professional services. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.
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