Singapore to Create Most Bank Jobs in Next Year, Recruiter Says
May 22, 2011, 7:23 PM EDTBy Rachel Graham
May 23 (Bloomberg) -- Singapore will create more jobs in financial services during the next 12 months than any other city, beating London and New York, said recruiter Astbury Marsden, which advises companies in Europe and Asia.
A survey of investment bankers showed 37 percent expect Singapore to add the most jobs, the London-based recruitment firm said in an e-mailed statement. The survey showed 22 percent expect London to create the most jobs, just ahead of Shanghai and Hong Kong, while 1 percent said New York.
“Singapore has rapidly established itself as the destination of choice for City firms looking to expand their business in Asia,” said Mark Cameron, Chief Operating Officer of Astbury Marsden.
Singapore’s hedge-fund industry grew to S$59 billion ($48 billion) at the end of 2009, from about $10 billion in 2005, according to the Monetary Authority of Singapore, which is both the central bank and regulator of Singapore’s financial system.
Algebris Investments LLP, a London-based hedge fund, was among those to open an office in Singapore last year.
“Cities close to emerging markets are at the forefront of the global expansion in financial services,” Cameron said.
The survey showed 19 percent of respondents expected the most jobs to be created in Shanghai, 17 percent said Hong Kong and 4 percent nominated the United Arab Emirates, according to the statement.
--Editor: Stephen Voss, Randall Hackley
To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
