In part II of a two-part series, we continue our look at the jobs in Asia where workers from Wall Street or London might be lucky enough to land a job.

FSA regulatory reporting

Are experts in UK Financial Services Authority regulation really in demand in Singapore? Well, yes. With British banks such as Barclays Capital and RBS off shoring their production work to Singapore, there is a need for professionals with knowledge of UK reporting regulations.

“The local market generally has a good understanding of the MAS, but when it comes to reporting back to the Bank of England and FSA, there is definitely a skill shortage. We have been asked to source candidates from London who have an in depth knowledge of the FSA requirements and who can bring that knowledge to Singapore and train/transfer it to the new teams that are being built here,” says Kyle Blockley, director of KS Consulting.

Change management

Asia is no stranger to the upheaval caused by deals like Nomura/Lehman Brothers and Bank of America/Merrill Lynch. But while banking-sector consolidation led to layoffs in Singapore and Hong Kong in 2008 and earlier this year, it is now starting to open up opportunities for senior change-management specialists.

“For Western banks currently undergoing negotiations or already been acquired by Asian banks, a significant level of integration is needed and hiring Western bankers in Asia helps them to bridge the distance and understanding of the markets here,” says John Koh, managing partner of search firm WMRC.

Change managers are needed across the middle and back office at banks that are merging, cost cutting and/or looking to position themselves for a market upswing, says Richie Holliday, managing director of Morgan McKinley’s Hong Kong office.

London candidates with excellent product knowledge and project management experience will be considered for these roles, which are often offered on a contract or temporary basis. “In fact, it can help if someone comes from outside and gives a fresh pair of eyes to the project,” adds Holliday.

Product control

The cutting edge banking products developed in the City make London’s product controllers hot property in Singapore. There is still demand for qualified (ACA) accountants with a minimum of three years’ product control/accounting experience. Singapore is an established global hub where banks continue to hire and where London-learnt skills are in demand, says James Rushworth, a director at search firm Profile.

There are product control opportunities in Hong Kong too, says James Carss, director, banking & financial services at Hudson. “Although definitely not buoyant, these areas are always short of talent in Hong Kong and there is a larger volume of candidates available in London for these roles,” he adds.

Andrea Williams, managing director of Ambition, says within the product control sector, banks in Hong Kong primarily want equity-derivatives product knowledge, while fixed-income experience tops their wish list in Singapore.

Internal audit

“Product specialists within capital markets and asset management are in demand, particularly the former. On one recent senior-level banking-audit role, the shortlist included candidates from London, US and Tokyo,” says Robert Conway, head of banking & finance at Talent2 in Hong Kong.

Although there are audit candidates available locally, finding the right person at the right price, who is happy to move jobs in the current climate is difficult, adds Conway. Banks in Asia are also increasingly favouring auditors with finance-sector backgrounds, which is opening up opportunities for expats, sometimes at the expense of candidates straight from local offices of the Big Four accountancy firms.

Operations

One for the night owls. “At management level – VP and above – there are roles supporting Europe from Singapore and the hours tend to be UK-shift, so anyone happy to relocate to work nights is sought after,” explains Profile's Rushworth.

Demand exists for senior candidates within prime brokerage, synthetic middle-office and stocklending experience, says Conway. “These functions are more complex and developed in the US/UK and candidates with 10 years’ plus experience with a solid track record in top tier banks will be considered in Hong Kong.”

Back-office private banking

Recruiting relationship managers without Asian experience is rare because most private banks are only hiring RMs with local client networks. The only hope for expats in this sector is on the product/back-office side, says Jack Bennett, director, Lion Rock International.

“Unless it’s a highly technical role and the expertise doesn’t exist here, they would go for someone on a local package in the first instance,” adds Nick Hughes, a senior consultant at recruiters WH Marks Sattin.

Global markets

There might be some hope in front office i-banking, if you’re focus is global, not regional. “It depends on the bank, but I would say global markets is still looking toward London and the US primarily for its talent, while areas like private banking really only look at local talent,” says a senior HR manager at leading UK bank in Asia.