Singapore set to overtake Switzerland as world’s largest wealth management hub: report

Bankers are in very great demand.

Singapore is set to go further than just being Asia’s financial services hub. According to a report by Morgan McKinley, the country’s buoyant banking industry could lead Singapore to become the world’s biggest wealth management center.

This brings good news to financial services professionals, as Morgan McKinley’s Q2 2014 Asia Pacific Employment Monitor recorded a 7% increase in financial services jobs vacancies – up from 12660 vacancies in Q1 2014 to 13576 in Q2 2014.

“The recent conclusion of an agreement between the USA and Singapore on FATCA compliance has further consolidated Singapore’s reputation as a “clean” hub for wealth management. Bankers now predict that Singapore could eventually overtake Switzerland as the world’s largest wealth management hub,” noted the report.

Here’s more:

In Singapore the outlook is more positive than a year ago, with the Ministry of Trade and Industry maintaining its growth forecast for 2014 of between 2 to 4%.

Financial services professionals are well placed to benefit from the positive outlook with Singapore maintaining its position as the regional hub for the sector, and also with local banking businesses gaining confidence. The Fair Consideration Framework (FCF) has created a very favourable environment for local candidates at all levels, especially in core banking functions which will come into effect next month.

We have also observed an increase in the demand for contractors across Financial Services. Middle and back office positions are becoming more reliant on contracting for replacement hires, though sometimes as an interim measure before offshoring, as banks seek greater flexibility in staffing. 

This year has also seen the strongest front office banking recruitment market since the global financial crisis and we expect a resurgent banking recruitment market in Singapore with greater gains expected in the next quarter and beyond. This improvement is driven primarily by the positive economic situation in the two of the largest financial hubs: the US and the UK. 

There is a war on talent across existing and new entrants to the market, particularly at the analyst and associate level. Investment bankers with broad product coverage experience (M&A, ECM, DCM and structured debt) are highly sought after, as are junior to mid-level bankers with specialist industry skills, in particular covering the Oil & Gas and FIG sectors.