SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLONDONFRONTOFFICELONDONFRONTOFFICETheRobertWaltersfrontofficedivisionrecruitsforinvestmentbanks,assetmanagers,hedgefunds,familyoffices,privateequityandrealestatefunds.Wecoveravarietyofroleswithafocusonportfoliomanagementandresearchanalyticsacrossavarietyofassetclasses.MarketOverviewWithcontinueduncertaintywithintheCityandincreasedlevelsofregulatoryoversight,frontofficejoblevelsremainedrelativelystaticthroughout2012.However,wesawincreasedscrutinyonmiddleofficeandcontrol-focusedroles.Basesalariesacrossthemarketsimilarlyremainedconsistent,althoughwesawslightincreasesforresearchanalystsatthejuniorend,particularlyforindividualswithemergingmarketsandcreditexperience.Acrossthebuysidewesawincreaseddemandforcreditresearchprofessionals,particularlyEuropeanhighyield.Thiswasduetofirmstakingadvantageofanunder-representationofinstitutionalinvestorsacrosstheEuropeanmarket(comparedtotheUS)andanincreaseindistresseddebtinvestingopportunitiesasbusinessesrestructure.Whileportfoliomanagementopportunitieswerelimited,wesawsomedemandwithinfixedincome.Wealsosawanoticeableincreaseinexchange-tradedfundsportfoliomanagersduetothepopularityofthesefundsinEurope.Whenhiringtheseprofessionals,firmsdemandedproventrackrecords,sectorandmarketspecialisation.However,competitionforkeytalentremainedintenseandskillsshortagescontinued.Overalljobvolumesinhedgefundswerelowerin2012comparedto2011.Start-upfundswerefindingithardertoattractnewinvestorsandfewernewfrontofficeroleswerethereforereleased.Thiswasparticularlythecasewithinlong/shortequityfundsduetotheincreasedompetitioncreatedbynewstart-upsin2011aftertheimplementationoftheVolkerrule.However,hedgefundsthatwerehiringweretypicallyseekingportfoliomanagerswithproventrackrecordsofperformanceorresearchanalysiswithbroadmarket/sectorknowledge.Outlookfor2013Predictingtherecruitmentmarketfor2013remainsdifficultgiventheconstantchallengesfacingtheCity.Traditionalassetmanagersandhedgefundsarenowcompetingforthesameinvestmentcapitalandtheintegrationofalternativestrategiesintothelong-onlybusinessescouldresultinincreasedhiringactivitywithinthefrontoffice.Assetmanagersarenowconstantlylookingtodevelopproductsthatprovideimprovedmarginssoexperiencedinvestmentstrategistswillremainindemand.WeexpectcreditresearchanalystswithspecificEuropeandistresseddebtexposureandproductmanagerswithfixedincomeexpertisetobesought-after.FRONTOFFICEROLEPERMANENTSALARYPERANNUM£UK2012 2013Fund/PortfolioManager10+yrs'exp £150k £130k+5-8yrs'exp £80-130k £80-130k1-4yrs'exp £60-80k £60-80kInvestmentAnalysts/Research10+yrs'exp £100k+ £110k+5-8yrs'exp £70-100k £70-110k1-4yrs'exp £40-70k £50-70kPrivateClientInvestmentAdvisors/PortfolioManagers10+yrs'exp £100k+ £90k+5-8yrs'exp £60-90k £60-80k1-4yrs'exp £40-60k £40-60kNB:Figuresarebasicsalariesexclusiveofbenefits/bonusesunlessotherwisespecified.17RobertWaltersGlobalSalarySurvey2013