Hedge Funds in Hong Kong
There are more than 420 hedge funds based in Hong Kong, which is about 20% more than in Singapore. Funds in Hong Kong manage assets worth almost $91 billion. These assets are more than the combined total for Singapore, Japan and Australia.
Hedge Funds Opening in Singapore
When pro-democracy protests swept Hong Kong last year, several companies have been considering whether to open a Singapore office. This year, following the global pandemic and the new proposed security law, these companies began actively recruiting for the Singapore market. Hedge funds want to be able to trade and work from Singapore, and to transfer wealth freely. It is best to be in Singapore soon as MAS licences for new funds can take three to six months to be granted.
Hedge Funds Talent in Demand
With the increase demand for hedge fund professionals for Singapore, unfortunately, there is just not enough local talent to meet the demand. Particularly for quants and data scientist. "Hong Kong hedge funds professionals have become “more open-minded” about moving to Singapore," says Nicholas Pas, a buy-side recruitment consultant at Selby Jennings. “They’re realising that Hong Kong is no longer the only power player in the Asia market,” he adds. Still, it doesn't mean Hong Kong will face a huge brain drain of hedge fund talent to Singapore anytime soon. There are at least six hedge fund managers have opened up in Hong Kong in 2020, while 3 new funds started last year. Funds are not cutting back Hong Kong headcounts but to expand further. Hong Kong market is just a lot deeper and it's hard to be replaced.
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