UK investment bankers: Singapore is the place to be
British investment bankers and traders consider moving to Singapore a savvy career decision, according to new research.
The recruitment firm Astbury Marsden found that almost a third of such individuals, who are currently based in London, would relocate to the Asian city-state because of its growing influence in the financial sector.
There is a sincere belief among the 462 respondents to the survey that significant changes are afoot in the industry, with many speculating that over the next ten years, Asia will become the new centre of the finance world.
“A fast growing, low-tax and bank-friendly environment like Singapore stands as a perfect antidote to the comparatively high-tax and anti-banker sentiment of London and New York,” commented Mark Cameron, chief operating officer at Astbury Marsden.
“Far more London-based bankers are now more willing and able to relocate the 6,700 miles to Singapore.”
While 31 per cent chose Singapore as their ideal destination, 20 per cent considered moving to New York, while 19 per cent remained committed to life in London.
16 per cent said Hong Kong was on top of their list, while 15 per cent had their eyes on a move to Dubai.
Financial centres in western countries have taken a real “battering”, Mr Cameron observed, with greater regulation, sensitivity and clampdowns on excessive bonuses dampening the mood in London.
Working abroad, especially in Asia, therefore offers a perfect antidote to this current milieu, with real opportunities available for British expats working in the finance sector to make a success in emerging economies.
“Cities like Singapore and Hong Kong have been quick to capitalise on setbacks in London and New York, courting investment banks and reacting to demand from expats,” Mr Cameron added.
The international removals company Cadogan Tate can help investment bankers relocate their precious belongings and furniture overseas.