Morning Coffee: Another big bank joins equities hiring boom in Hong Kong
China Renaissance has announced an expansion of its equities business for institutional clients in Hong Kong, reports the South China Morning Post – a clear indication that the sudden revival in equities hiring in the city has some legs.
“Hong Kong is an integral part to the success of China's capital markets, and we expect to see more and more companies choose to list on the Hong Kong stock exchange rather than in the United States in the future,” Gloria Lu, the head of equities research at China Renaissance, told the SCMP.
Although it has not revealed the extent of its growth plans, China Renaissance is one of the leading independent mainland investment banks and its announcement is bound to heap further pressure on an equities job market which is already suffering from talent shortages. Banks in Hong Kong want to hire young Western-educated equities analysts who speak Mandarin and English, for example, but competition is so intense that some candidates have been able to negotiate three-fold pay rises, the Financial Times reported last week.
Morgan Stanley kick started the scramble to hire China analysts in Hong Kong back in March and HSBC is among those now following suit. China-focused equities traders are also in demand in Hong Kong, as we noted last week, although they aren’t enjoying quite the same salary hikes as their analyst counterparts.
Meanwhile:
Deutsche Bank reportedly puts co-heads of corporate finance in Asia, Douglas Morton and Venky Vishwanathan, on leave. (Bloomberg)
More hedging options needed to smooth volatility in Shanghai-Hong Kong Stock Connect. (South China Morning Post)
Founding members of China-led Asian infrastructure bank to meet in Singapore this week. (Straits Times)
UOB modifies office environment to give autistic employees more opportunities. (Straits Times)
UOB reports regional business growth as Asean trade booms. (Straits Times)
Chinese banks trump Apple on Forbes' list of the world's most powerful companies. (Sydney Morning Herald)
China disappoints hedge funds Winton and Oak Tree. (Financial Times)
The expat guide to Shanghai. (Financial Times)
