Home

Our Q1 market update reported a record increase in the number of roles that the Danos Associates EMEA Compliance and Financial Crime team had worked on compared to the previous year.  Q2 has gotten off to similar start, with the team already working on double the number of roles in July, compared to that of the whole of July 2020 – the amount of activity in the market is the highest it has been for at least a decade.

We are seeing a real “war for talent” emerging, with candidates at all levels (but particularly at the junior and mid-levels) starting to receive multiple offers, and an increase in salaries.  We have been advising clients on the importance of shortening their time to hire to the minimum, to enable offers to be made quickly and ahead of any competition.

At the senior end of the market there is a significant amount of movement taking place. Our retained search team has already pitched and won more retained assignments in the first four months of this financial year than in all of 2020.  Our clients are understanding the importance of utilising a dedicated search team to look at the entire candidate market, as opposed to relying solely on advertising or social media.  The use of retained search is a trend set to continue throughout 2021 and into 2022 as firms look to speed up their time to hire for key senior regulatory positions.

The busiest sectors within financial services currently are Brokers, Asset Management, Private Equity, Cryptocurrency and Payments.  From a candidate perspective demand is very high for AML, Surveillance, Regulatory Change, and Generalist Asset Management candidates.

Please do get in touch with Denis Spearman or any of the dedicated Compliance and Financial Crime team to discuss your hiring needs, or your career and how we can help you find a new role.

Recently the Financial Times (FT) reported that almost half of the Asset Management sector globally in terms of total funds managed, are committed to a net zero emissions target – this reflects a significant boost in tackling climate change. 

Read The Full Article Here:
Investment industry at ‘tipping point’ as $43tn in funds commit to net zero | Financial Times (ft.com)

The focus on climate from Asset Managers coincide with growing demand from asset owners for investments that consider Environmental, Social and Governance (ESG) issues. 

Investors are expected to report their exposure based on Task Force for Climate-related Financial Disclosures (TCFD) recommendations. As greater scrutiny is placed on Asset Managers and their ESG policies, what impact will this have on hiring within their Compliance departments? 

We have seen a significant rise in the demand for Compliance professionals, hiring demands have increased by 56% in Europe and 48% in UK compared to the same period last year. With such an active market clients are using Danos Associates to conduct searches, to ensure they secure to best talent that will drive their business forward. 

Ed Wacher is a leading head-hunter for Compliance professionals within Asset and Wealth Management focusing on mid to senior level appointments. Having worked in the industry for over 12 years his network is extensive and has a proven track record of delivering assignments in a thorough but time sensitive manner. 

If you are looking to hire, please reach out to Ed Wacher, who can share his market knowledge and identify the best talent for your firm. 

Ed Wacher, Associate Partner 
Tel: +44 (0) 20 3889 5756 
Email: ewacher@danosassociates.com

Chinese backed firms in Hong Kong remain attractive to many candidates, even with the recent increase in hiring by international firms. With the ongoing covid situation many candidates are becoming more interested in companies with financial stability and long-term planning in Asia.

Sector Update

Securities Firms continue to benefit from the active Hong Kong market and have not been hugely affected by the pandemic. However, a few companies have been facing a greater challenge to find talent for niche roles, such as Equities Advisory Compliance, and roles that require specific skills and in-depth industry knowledge – this area remains a candidate-driven market in 2021.

Asset Management Firms – there are many new Chinese backed Asset Management firms in Hong Kong who intend to hire experienced Managers-In-Charge (MICs). Whist the more established larger Asset Management firms are continuing to hire replacement focused roles, mostly mid-level business compliance positions.

Cryptocurrency Firms – since the Securities and Futures Commission (SFC) granted their first Virtual Asset Trading Platform License (VATL) this year, more firms are confident and interested in setting up their own cryptocurrency platforms, and as a result they are keen to expand their compliance teams. They are seeking candidates with licensing and Anti-Money Laundering (AML) experience to safeguard against money laundering and terrorist financing.

Virtual Banks remain cautious on hiring and expanding their teams, most of the openings are replacements, as they continue to focus on investing and expanding their offerings to gain market share. The profitability of most of the Virtual Banks remain under pressure in 2021, but they are likely to have increased hiring needs in the second half of the year, especially if adding additional products like Wealth Management Solutions.

Trends

Bonuses have always been a large part of candidate remuneration for Chinese backed firms in Hong Kong, with many firms consistently paying four to six months of base salary. Recently we have seen some firms delaying bonus pay-outs which has caused anxiety to candidates who have started to explore new opportunities.

Technology Skills – there is an increase in the number of companies who seek talent who are experienced in IT Compliance and data analytics skillset.

If you require any further information on the Hong Kong hiring market, or would like to discuss your firms hiring strategy, please contact Michelle for a confidential discussion:

Michelle Yau | Senior Associate | Danos Associates | Hong Kong
Tel: +852 2870 3117 | Email: michelleyau@danosassociates.com