Investment Management

2022 Mid-Year Market Update

Market share opportunities for the committed

We have just gone through a very unique period for the industry in North Asia. The impact of city-wide lockdowns in Hong Kong and mainland China was withstood well by the vast majority of money managers and investors.

They were already resilient due to previous cycles of working from home and Covid-19 related measures, but the outflow of expats and even local professionals from Shanghai to Hong Kong, and Hong Kong to other parts of Asia, Canada, and Europe did not go unnoticed. Some big local names shuttered their businesses in Hong Kong and industry stalwarts looked to derisk and instead expand their businesses into India.

The void left behind in this competitive landscape by these major moves are viewed as an opportunity for those more committed to the region to take additional market share, and increase headcount.

We have also witnessed hiring firms adjusting to the new normal in terms of wage inflation and incremental increases to base salaries, sign-on bonuses, and non-compete periods, driven by a very robust 12 months prior.

Remarkably, the dominance of cryptocurrency from last year has not had the legs many thought it would so far, and has resulted in a downcycle, even as more financial services add digital assets as an asset class, and more crypto-related start-ups soak up talent in the region.

Difficult economic conditions caused by inflation in the US and beyond have started to drive a new influx of talent looking to return back home to Asia and leverage their tech-heavy experience into local markets.

As Hong Kong comes completely out of lockdown, Shanghai attempts to resume its prior trajectory pre-lockdown, and Japan re-opens for tourists, we view the rest of the year as a much more robust period than the first half of 2022, so the future looks very bright.

Download the latest 2022 Mid-Year Review and Look Ahead report

Our Specialist Markets

Our Investment Management specialist talent partner team covers roles in Asset Management, Private Equity, Hedge Funds, Private Credit, Family Offices, and Fund of Funds.

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