Singapore is streets ahead of London and New York as the financial centre of choice where investment bankers from Britain, according to a new recruitment survey.
More than a third of London’s investment bankers would prefer to live and work in Singapore, the Preferred Location Survey by recruitment firm Astbury Marsden revealed.
New York was the second choice with 20% of the vote, just 1% ahead of London – then came Hong Kong (16%) and Dubai (15%).
High taxes and frozen wages and bonus payments in the more established financial centres are making the Asia Pacific rim more attractive for more mobile financial services executives.
Mark Cameron, Chief Operating Officer at Astbury Marsden, said: “A fast growing, low tax and bank friendly environment like Singapore stands as a perfect antidote to the comparatively high tax and anti-banker sentiment of London and New York”
Bankers relocating to Asia Pacific
“While some commentators have turned a blind eye to it, the increasing mobility of the workforce means that far more London based bankers are now more willing and able to relocate the 6,700 miles to Singapore.”
“Young investment bankers, without commitments of a family, now see a move to the Asia-Pacific region as a crucial step up the corporate ladder, rather than a hardship posting. We are increasingly being asked by talented candidates to find them roles in the Asia-Pacific region.”
The survey also found 60% of bankers expect the Asia-Pacific region to take over as the biggest global financial services centre within a decade, while just 20% reckon London will retain its crown as the world’s leading financial centre during that time
Hong Kong (22%) and Shanghai (22%) were the most popular predictions amongst investment bankers to be the largest financial services centre, while a further 16% predicted that Singapore would be the biggest.
London and New York losing favour
“Financial centres in the West have taken a real battering since the start of the financial crisis,” said Cameron.
“Cities like Singapore and Hong Kong have been quick to capitalise on setbacks in London and New York, courting investment banks and reacting to demand from expats and tourists for facilities such as sporting, music and other international events. This has made them popular destinations for expat investment bankers and hedge fund staff.”
“Singapore is fast becoming the first port of call for European and US banks and hedge-funds to set up in Asia, with its large and established capital market, and close trade links with growth markets like India.
“Banks and hedge-funds continue to shift their focus eastwards and we expect this trend to continue.”
