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Banking & Financial Services Salary Guide 2014

Banking & Financial Services Salary Guide

03-12-2013
Submitted by global_admin on Tue, 12/03/2013 - 09:35
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Salaries for asset management, banking operations, hedge fund, private equity, investment banking, capital markets, private banking in Hong Kong.

Asset Management SalariesBanking Operations Salaries | Hedge Fund & Private Equity SalariesInvestment Banking & Capital Markets SalariesPrivate Banking Salaries

Asset Management Salaries

 

Basic Salaries (HK$ per month)

Role Analyst Associate/AVP VP/Sr.Manager SVP/Director MD
Fund Manager $45k - $55k $55k - $70k $70k - $95k $120k - $200k $250k+
Research Analyst $30k - $45k $45k - $60k $63k - $83k $92k - $150k $180k+
Retail / Institutional Marketing $15k - $25k $25k - $45k $45k - $65k $65k - $90k $150k+
RFP Writer / Investment Writer $20k - $30k $30k - $45k $50k - $70k $70k - $100k $100k+
Performance Analyst $12k - $20k $20k - $35k $35k - $45k $45k - $70k -
Retail/ Intermediary Sales $20k - $35k $35k - $50k $50k - $83k $80k - $120k $150k+
Institutional Sales $25k - $35k $35k - $50k $50k - $92k $92k - $170k $200k+
Client Relationship / Acc. Management $17k - $25k $25k - $45k $45k - $70k $70k - $100k $100k+
Execution Trader / Dealer $20k - $30k $30k - $50k $50k - $70k $70k - $120k $150k+
Product Development / Management $20k - $30k $30k - $50k $50k - $70k $70k - $100k $100k+
Product Specialist $30k - $45k $45k - $65k $65k - $92k $95k - $150 $200k+

The hiring market has been relatively slow in the first half of 2013.  The majority of the openings have been headcount replacements within sales and marketing. However, we see a steady growth in other areas like buy-side fundamental, macro research and fixed income fund management.

Regarding salaries, employers seem to be more constringent in terms of total compensation for new hires compared to the previous years. However the market is still competitive in terms of retention due to the limited pool of top-tier talents within the industry.

A dramatic increase in hiring activity is not predicted for 2014. Professionals continue to be cautious to make a move due to the overall uncertainty in the global financial landscape and for those who are interested; they tend to expect a larger salary increment to justify the move.

Banking Operations Salaries

 

Basic Salaries (HK$ per month)

Role Analyst Associate/AVP VP/Sr.Manager SVP Sr. Director
Trade Support $22K - $35K $35K - $60K $80K - $100K $100K - $115K $125K - $150K
Client Services $22K - $35K $35K - $60K $70K - $90K $100K - $115K $120K - $140K
Settlements $18K - $28K $30K - $45K $55K - $65K $70K - $80K $90K - $120K
Documentation $18K - $28K $30K - $45K $55K - $65K $70K - $80K $90K - $120K
Business Analyst / Projects $30K - $40K $45K - $65K $70K - $100K $110K - $125K $125K - $150K
EQUITY FINANCE (PRIME BROKERAGE)
Prime Brokerage / Client Services $22K - $35K $35K - $60K $70K - $90K $100K - $115K $120K - $140K
Prime Brokerage / Settlements $18K - $28K $30K - $45K $55K - $65K $70K - $80K $90K - $120K
OTHER
Loans Administration $15K - $22K $22K - $35K $40K - $60K $60K - $75K $75K- $90K
Static Data Analyst $15K - $22K $22K - $35K $40K - $60K $60K - $80K $80K - $100K
Control / Reconciliations $22K - $35K $35K - $60K $70K - $90K $100K - $115K $125K - $150K
Asset Servicing $18K - $28K $30K - $45K $55K - $65K $70K - $80K $90K - $120K
Cash Management $20K - $30K $30K - $50K $55K - $70K $70K - $90K $90K - $120K

The banking operations sector has seen a positive turn around in 2013 compared with 2012.  Last year we saw that the market was reducing headcounts and not making replacement hires.  Whereas this year we had a much more buoyant market with not only replacement hires being made but also some expansion headcounts, within particular areas of Operations.

We have found that the regulatory linked positions have been in high demand this year.  Positions in both project management and BAU covering Dodd Frank, Basel III or FATCA have been in high demand.  In addition to that, general project management roles have been in a continuous demand over the course of the year.  Replacement roles in trade support and middle office functions have also happened on an ad hoc basis dependant on attrition within these teams.  Most back office roles have been replaced in off shore locations.

We are expecting 2014 to follow a similar level of positivity with an air of caution. We suspect that hiring managers may have requirements to hire although there could be restrictions from senior management on pushing headcounts through, particularly in Q1 of 2014.  

We have noticed that salary rises are quite positive compared to previous years with 10-15% increases being very good in terms of market average.  We have also noticed that candidates who are not currently in work are struggling to get much increment at all, with many of them having to take the same salary or cuts in salary. 

Overall 2013 has been a good year and we are expecting something similar in the coming 12 months. 

Hedge Fund & Private Equity Salaries

 

Basic Salaries (HK$ per month)

Role Analyst AVP VP/Sr. Manager SVP/Director Sr.Director
Fund / Portfolio Manager $45k - $60k $55k - $70k $70k - $100k $120k - $200k $250k+
Investment Analyst $30k - $40k $40k - $55k $65k - $80k $80k - $100k $115k - $135k
Economist / Invest. Strategist $30k - $40k $40k - $65k $55k - $90k $110k - $170k $200k+
Portfolio Construction $35k - $45k $40k - $55k $60k - $65k $70k - $85k $90k - $115k
Trader $20k - $45k $40k - $65k $70k - $90k $90k - $165k $180k+
Product Development $35k - $40k $40k - $50k $55k - $70k $80k - $100k $90k - $110k
Sales / Business Develop. $25k - $35k $35k - $50k $65k - $100k $92k - $170k $200k+
Private Equity $35k - $50k $50k - $80k $65k - $100k $90k - $115k $110k - $210k

With the Hong Kong Government proposition on tax exemption for private equity funds and the permission for fund products to be structured more flexibly in early 2013, we are expecting more funds to domicile their products in HK. Hence, under the reformation plan and internationalization of Yuan, HK has the edge to attract more hedge funds in the near future.

At the moment, there are approximately 1,700 funds in HK, in which, 300 of them are domiciled here, while most of them are still domiciled in Dublin or Luxembourg due to the advantage of tax and structural issues. The proposed tax exemption also includes offshore private equity funds that invest directly as companies, and also allow funds domiciled in HK to be registered as company instead of trusts.

Although, the reformation plan seems attractive, yet without any structural reform, growth will be limited. HK Government should take note that this opportunity allows the city to act as the offshore centre for China funds as well as being the Asian regional platform for multinational private equity firms that are not yet establish in Asia.
 
Overall, many funds remain “positive” in 2013 while the total hedge fund AUM in HK are expanding according to SFC (an increase of 37.8% between 2010 and late 2012). Both, salary level and job opportunities for 2014 are expected to increase if the government reform plan actually takes place.

Investment Banking & Capital Markets Salaries

Basic Salaries (HK$ per month)

CORPORATE FINANCE SALES AND TRADING
Analyst 1 $40k - $60k Sales - Institutional - Analyst $40k- $60k
Analyst 2 $50k - $65k Sales - Institutional - Associate $50k- $70k
Analyst 3 $60k - $75k Sales - Institutional - VP $100k - $125k
Associate 1 $70k - $80k Sales - Corporates - Analyst $40k - $60k
Associate 2 $80k - $95k Sales - Corporates - Associate $50k - $70k
Associate 3 $100k - $120k Sales - Corporates - VP $100k - $125k
VP $130k - $160k Trader - Analyst $40k - $60k
Director $160k - $180k Trader - Associate $80k - $120k
Managing Director $200k+ Trader - VP $130k- $160k
EQUITY RESEARCH
Research Associate $60k- $80k    
Senior Research Associate $80k - $100k    
Writing Analyst $160k- $180k    
Sector Head $160k+    

There has been a significant improvement in deal flow over 2013 in Asia and headcounts have remained largely in-tact. For the most part, hiring has been either strategic, or replacement hires, with few large banks growing headcount aggressively.

In this environment, there have been little if any increases in salaries for bankers across organisations, and competition for fees for capital markets transactions in Asia will continue to put pressure on revenues, particularly given the continued softness of the Hong Kong equities markets.

This may in turn have an impact on bonus season next spring.

That said, the amount of junior bankers out of work and looking for new positions has decreased rapidly since 2012/13, and candidates with bulge bracket training remain in high demand.

Private Banking Salaries

 

Basic Salaries (HK$ per month)

Role Analyst Associate/AVP VP/Sr. Manager SVP/Sr.Director MD
Private Banker $50k - $60k $60k - $80k $80k - $120k $120k - $150k $150k +
Fund / Portfolio Manager $30k - $50k $50k - $70k $70k - $120k $120k - $150k $150k +
Invest. Advisor/Consultant $35k - $50k $50k - $70k $70k - $120k $120k - $150k $150k +
Product Specialist $35k - $45k $45k - $55k $55k - $80k $80k - $120k $150k +
Trade / Dealer $25k - $35k $35k - $45k $45k - $60k $60k - $80k n/a
Business Management $30k - 40k $40k - 55k $55k - 80k $80k - 120k $150k +
Assistant Relationship Mgr. $30k - 40k $40k - 50k $50k - 55k n/a n/a
Product Dev. / Mgmt. $30k - $40k $40k - $50k $50k - $70k $70k - $100k $100k+

Salaries in private banking have been on a moderate rising trend in the past two years.

Going forward, Private Banks are being more cost cautious and are less willing to pay as much as they did in the past few years because of the continued challenging economy and increased competition in the industry. One other explanation for this trend could be that Asian bankers are not generating as high revenues as in some other regions.

As a result, hiring activities in 2014 especially in Sales is predicted to decrease by at least 10%+ compared to 2013.

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