Landmark regulatory announcements in China don’t always trigger immediate hiring sprees – financial services employers tend to watch how the market reacts to financial reform before committing to new headcount.
Not in this case. Aberdeen Asset Management has become the first international fund manager to obtain a licence allowing it to operate fully as a private domestic securities firm onshore in China. The licence was issued to a newly-created Aberdeen subsidiary and will enable it to set up an office in China under a pilot free-trade scheme, reports Reuters.
Aberdeen is now trying to hire a new team of “business development staff and analysts” in Shanghai to help foreign investors gain access to Chinese opportunities and to help local institutions diversify their portfolios to include foreign assets, according to the newswire.
Don’t expect an easy ride into a job at Aberdeen in China, however. You are unlikely to be hired without some cross-border experience. “While the asset management industry there is young and the potential huge, our vow is to avoid short-termism and focus on quality,” says Hugh Young, managing director of Aberdeen’s Asian business.
Meanwhile:
Paul Skelton named HSBC Asia Pacific commercial banking chief. (GTR)
Singapore is the best place to live as an expat, says HSBC survey. (Straits Times)
UBS chief says it is OK to make honest mistakes. (Financial Times)
RBS said to eliminate 100 jobs at investment bank in revamp. (Bloomberg)
Noble Group chairman Elman steps down from audit committee. (Reuters)
Standard Chartered to sell landmark 19th century office in Kolkata. (Economic Times)
Why Macau casino stocks aren’t a good bet. (South China Morning Post)
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