Hedge funds in Hong Kong
There are more than 420 hedge funds based in Hong Kong, which is around 20% more than in Singapore. Funds in Hong Kong manage assets worth almost $91 billion, equating to more than the combined total for Singapore, Japan, and Australia.
Hedge funds opening in Singapore
When pro-democracy protests swept Hong Kong last year, several companies were considering whether to open a Singapore office. This year, following the global pandemic and the new proposed security law, these companies began actively recruiting for the Singapore market. Hedge funds want to be able to trade and work from Singapore, and to transfer wealth freely. It is best to be in Singapore as soon as possible if this is the case for your firm, as MAS licences for new funds can take three to six months to be granted.
Hedge fund talent in demand
With the increased demand for hedge fund professionals in Singapore, unfortunately, there is just not enough local talent to meet the demand, particularly for quants and data scientists.
"Hong Kong hedge fund professionals have become more open-minded about moving to Singapore," says Nicholas Pas, Head of Investment Banking and Markets Recruitment at Selby Jennings. “They’re realising that Hong Kong is no longer the only power player in the Asia market,” he adds.
Still, it doesn't mean Hong Kong will face a huge drain of hedge fund talent to Singapore anytime soon. At least six hedge fund managers have opened up in Hong Kong in 2020, while three new funds started last year. Funds are not cutting back Hong Kong headcounts, but are expanding further, due to the deep nature of the Hong Kong market.
To read the original full article, please visit eFinancial Careers.
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