Hong Kong Finance Jobs Jump to Record on Wealth Push

Heavy hiring in wealth, asset management as private banking headcount sees modest growth

Hong Kong's financial sector is experiencing a surge in hiring, with the number of finance jobs hitting a record high in the first half of 2023. This growth is largely driven by the city's thriving wealth management industry, which is seeing heavy hiring in both wealth and asset management roles.

According to a report by recruitment firm Robert Walters, the number of finance jobs in Hong Kong increased by 10% year-on-year in the first half of 2023. This growth was led by the wealth management sector, which saw a 15% increase in hiring. Asset management also saw strong growth, with a 12% increase in hiring.

The hiring spree is being driven by the growing number of wealthy individuals in Hong Kong. The city is home to a large number of high-net-worth individuals and family offices, who are increasingly seeking wealth management services.

In addition to wealth management, other areas of the financial sector are also seeing growth. Private banking is seeing modest growth, with a 5% increase in hiring in the first half of 2023. Investment banking and capital markets are also seeing some growth, but at a slower pace.

Demand for experienced professionals

The strong demand for finance professionals in Hong Kong is putting upward pressure on salaries. According to Robert Walters, salaries for experienced finance professionals have increased by 5-10% in the past year.

The demand for experienced professionals is particularly strong in wealth management. Firms are looking for individuals with expertise in areas such as investment advisory, portfolio management, and trust and estate planning.

In addition to experience, firms are also looking for professionals with strong technical skills. This includes experience with financial modeling, data analysis, and risk management.

Outlook for the future

The outlook for the finance sector in Hong Kong remains positive. The city is expected to continue to attract wealthy individuals and family offices, which will drive demand for wealth management services.

In addition, the Hong Kong government is taking steps to support the development of the financial sector. This includes initiatives to attract talent and promote innovation.

As a result, the finance sector in Hong Kong is expected to continue to grow in the coming years. This will create a wealth of opportunities for finance professionals in the city.