FINANCIAL SERVICES INDUSTRY

Year In Review & 2022 Outlook with Salary Guide

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RT H AS IA O UT LO O K 202 2
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Contents
INTRODUCTION 3

PRIVATE BANKING & WEALTH MANAGEMENT 4

INVESTMENT MANAGEMENT 5

CORPORATE & INVESTMENT BANKING 6

GLOBAL MARKETS, SALES & TRADING 8

MIDDLE OFFICE 9

TECHNOLOGY 13

QUANT 15

SUMMARY 17

ABOUT US 18

CONTACT 19

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 SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Introduction
2021 has been a welcomed respite from the upheaval caused by social
unrest followed closely by the global pandemic.

The regulatory measures over the last few years to improve capital
strength, strength of balance sheets and liquidity has mitigated the
impact of the global pandemic on the financial services industry in
Hong Kong and Greater China.

This year across the region we have seen banks reach record trading
revenues, we are expected HKEX, Star and ChiNext boards to reach
record high IPO’s, record in-flows in AUM for Private Banks and
though Investment Management went through a transitory market –
Quantitative Strategies and Private Markets have created a plethora of
opportunities.

Selby Jennings North Asia offers talent advisory across Sell-Side, Buy-
Side and Private Wealth Management which allows us to have a wide
lens view when looking at the financial services sector across Greater
China.

2021 showed the resilience and importance of the financial services

industry across North Asia and we have incredibly positive sentiments
when looking at ahead for 2022.

Abimanu Jeyakumar
Head of Selby Jennings, North Asia
Abimanu.Jeyakumar@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Private Banking & Wealth Management

The Private Banking and Wealth Management industry broke new grounds
and experienced rapid growth across North Asia in 2021. It’s no surprise that
Salary Guide 2022
the talent market was characterised by buoyancy and the most active we
witnessed in the last 5 years. This demand has created a crunch for highly TITLE YEARS OF YEARLY SALARY*
skilled banking professionals, perhaps a result of the global pandemic, EXPERIENCE
which subsequently paused hiring activity back in 2020. In particular, Assistant RM / Associate Client 2-6 HKD 420K – HKD 780K
private banks throughout Hong Kong continued to hire relationship Advisor
managers in abundance.
Associate Director /AVP 6-9 HKD 710K – HKD 1,150K
Traditionally we experience fewer hiring activities around the Christmas Director / VP 9-13 HKD 1,180K – HKD 1,810K
period and lead-up to the Lunar New Year. However, the Selby Jennings
Executive Director / SVP 13-17 HKD 1,740K – HKD 2,450K
team on ground have observed a number of banks already shortlisting a
pipeline of talent, with many increasing hiring endeavours well into the year Managing Director 17+ HKD 2,355K+
as we approach bonus period. We thus expect the hiring market this year to (*Does not include bonuses, benefits and other forms of remuneration)
be even busier than 2021.

The Private Banking and Wealth Management sector is laser focused to

service Chinese customers. This trend could continue under the new Wealth
Connect program, which allows Hong Kong’s private bankers to serve
customers throughout the Greater Bay Area in Southern China.

On the heels of this recent momentum, we are expecting more

opportunities within the Greater China market and once the travel borders
have opened, an influx of business will be readily available. Some bankers
have been able to overcome the quarantine constraints of regular travel
between Hong Kong and the People’s Republic of China by spending
multiple months stationed in mainland China at one time. To combat this
pressing issue, other firms have hired talent onshore.

With this talent bubble, candidates can expect to receive a lucrative pay
increment when moving into a new role. The adjacent table maps out the
salaries of C-Suite professionals through years of experience in comparison
to yearly salaries.

Jack Metters
Vice President, Private Wealth Management
Jack.Metters@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Investment Management
2021 marked a transitional period for the industry, traditional pillars were
shaken up and new movers came into an extremely busy market. Hiring Salary Guide 2022
was hallmarked by a dramatic acceleration in hedge funds, family offices,
and sector-specific categories with high value add hires seen as the norm. PUBLIC M ARKET
Traditional players in long only asset management took a backseat to ETFs, TYPE OF COMPANY YEARLY BASED YEARLY COMPENSATION
cryptocurrency dominance, and tightly run book ‘vet’ money. However, we SALARIES*
predict this year to be a fair playing ground for all, the notable growth in
Investment Analyst
alternatives and quantitative businesses cannot be ignored.
Long – Only HKD 700K – HKD 1.5M HKD 1M – HKD 3M
Businesses are adapting at a rapid pace in terms of infrastructure and
Mid-Sized Hedge Fund HKD 500K – HKD 1.1M HKD 750K – HKD 2.5M
technology, perhaps driven by the ever-evolving demands of a virtual and
remote setting. The remote workplace created ample opportunities for Top Hedge Fund HKD 1M – HKD 1.5M HKD 1.5M – 2-3% of P&L
candidates to interview and successfully land a job compared to earlier Portfolio Manager
years.
Long – Only HKD 1M – HKD 3M HKD 1.5M – HKD 6M
What will set the cornerstone for this year? We forecast 2022 to be busy Mid-Sized Hedge Fund HKD 1M – HKD 2M HKD 1.75M – HKD 4.25M
and intensely competitive. The industry will make changes and perhaps be
changed in turn, especially amidst a resettling of major macro-economic Top Hedge Fund HKD 1.5M – HKD 2.5M HKD 2.5M – 5-10% of P&L
and political disruptions that occurred in China, a factor that might drive (*Does not include bonuses, benefits and other forms of remuneration)

foreign capital to divest and de-risk into other emerging Asian markets.

Overall, salaries trended incrementally upwards last year – a confluence of PRIVATE M ARKE T
factors, including counter offers and inflation, fuelling this increase. Selby
TYPE OF COMPANY YEARLY BASED YEARLY COMPENSATION
Jennings sees 2022 as a tapered year, with global economics looking to
SALARIES*
rein in inflation. However, for the top quintile in the talent community, we
predict that the top tier professionals will negotiate their salaries in line with Associate / Senior Associate
what supply-demand dynamics favour, even as market unpredictability VC/Small Fund < $500m HKD 500K – HKD 1M HKD 750K – HKD 1.5M
increases across North Asia.
Mid-Sized Fund HKD 900K – HKD 2M HKD 1.4M – HKD 3.5M
Megafund HKD 1.3M – HKD 2.5M HKD 2M – HKD 5M
Principal / Director
Jack Zhang
Vice President, Investment Management VC/Small Fund < $500m HKD 1M – HKD 2M HKD 1.25M - 20% of portfolio exit
Jack.Zhang@selbyjennings.com
+ bonus
Mid-Sized Fund HKD 2M – HKD 4M HKD 3M - 10% of carry profit +
bonus
Megafund HKD 4M – HKD 6M HKD 5M - 10% of carry profit +
bonus
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Corporate & Investment Banking

Emerging from the upending grips of 2020, a year that was hit hard
by the global pandemic, 2021 had a lot of catching up to do. Vaccine
rollouts, travel restrictions lifting and US-China trade tariffs have
created an environment that many would argue is the best time to be
an investment banker. Investment banking professionals were widely
sought after - banks ramped up their hiring efforts and made great
strides to incentivise talent to stay put by offering attractive bonuses and/
or compensation packages, and activity hasn’t slowed down just yet.
Fees were generally up, none more so than in M&A, which saw the push
on hiring early last year as banks looked to capitalise quickly. Hong
Kong ranked third globally in 2021 for IPOs, Chinese firms that would
otherwise have listed in the US were perhaps slightly perturbed in
light of escalating tensions between China and the US. Fortunately for
banks, and bankers, fees here were also on an upwards trajectory.
Welfare and working conditions for junior bankers has become a
flashpoint at banks globally. Many firms have responded by easing
working hours and accelerating salaries, with JP Morgan recently
announcing that they will reimburse employees for their quarantine
stays. The increase in pay for junior bankers is yet to have a knock-on
effect to those more senior – some senior bankers have had no pay
increase for several years. This year might play out as a balancing act
between salaries increases and paying bonuses closer to what is expected,
because those that are left disappointed won’t hang around for long.
Joe Parker
Lead Consultant, Corporate & Investment Banking
Joe.Parker@selbyjennings.com

While talent acquisition activity in the ECM space slowed in H2, debt
market hiring picked up on the back of global debt steadily growing, yet
the increase in China was steeper than others. Candidates exploring the
market often had multiple offers on the table and were selective with the
firm offering the best package. This is despite fees being down, although
we observed a notable climb in hiring in the loan market, with some
banks turning their attention towards this to strike the right balance.

Not just in the debt space, but for hiring in general, banks were more
willing to pay sign-on bonuses, buy out notice periods, or offer verbal
guarantees on bonuses being paid out. For many this number looks high
in 2022 – retention will be key and so bonuses for highly skilled bankers
are likely to increase up to 50% compared to last year. Hiring will inevitably
slow in the run-up to bonus season, but bankers will remain as busy as
ever and momentum will certainly build back up again. Regional banks
will continue expanding their footprint to compete with global players – a
specific focus recently is evident in the China TMT space. European and
Asian banks may strive to capitalise on the US-China disruptions and tap
into the market of mainland issuers looking to avoid US underwriters.

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Corporate & Investment Banking

Salary Guide 2022
TITLE YEARLY SALARIES*
Tier-one Banks
Analyst HKD 720K – HKD 1,100K
Associate HKD 1,100K – HKD 1,700K
Vice President HKD 1,600K – HKD 2,200K
Director HKD 2,200K – HKD 2,900K
Managing Director HKD 2,800K – HKD 3,500K+
Tier-two Banks
Analyst HKD 660K – HKD 930K
Associate HKD 900K – HKD 1,100K
Vice President HKD 1,200K – HKD 1,700K
Director HKD 1,700K – HKD 2,500K
Managing Director HKD 2,600K – HKD 3,000K+
Tier-three Banks
Analyst HKD 540K – HKD 720K
Associate HKD 720K – HKD 900K
Vice President HKD 900K – HKD 1,400K
Director HKD 1,200K – HKD 2,200K
Managing Director HKD 2,100K – HKD 2,700K+

(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Global Markets,
Sales & Trading
2021 REVIEW
Many banks across North Asia experienced record revenues in sales and
trading last year due to the volatility caused by the global pandemic, with
most growth coming from equities. Comparatively speaking, macro was
quieter as interest rates remained low, FX liquidity was bleak, and credit
defaults weren’t required.
This record performance, combined with a range of additional catalysts,
led to a heightened version of musical chairs we typically see, especially
at the Director/MD level. These include, but are not limited to, the world
health crisis, an exodus of trader talent to the Buyside, diversity/ESG,
Cryptocurrencies, and the continued growth of Chinese banks.
Whilst Chinese/local banks typically pay lower base salaries than Western
banks, total compensation is much more competitive. Where a Western
bank will pay a bonus somewhere between 4-8 months, Chinese firms can,
and do, pay anywhere from 6-24 months – compensating for the lower base
salary.
Driven by some concerns of poor work-life balance in the US, junior
talent base salaries have increased to around 10-15% and, in order to stay
competitive, the number of month’s bonus hasn’t changed, so overall
packages are up around the same amount.

All of the aforementioned led to one major issue for hiring in North Asia - Alasdair Moody
namely a shortage of talent. With travel restrictions, and continued political Lead Consultant, Global Markets
pressures, it was a significant challenge to attract talent from the West, Alasdair.Moody@selbyjennings.com
whether that be looking to replace, upgrade, or expand.

LOOKING FORWARD
Looking forward, 2022 is projected to be a golden year for senior talent,
particularly at the Associate-VP talent, to capitalise on the stagnant hiring Salary Guide 2022
market. Once seniors are settled in their new seats, they will want to make
a mark on the business, and we are already seeing this happen, which
naturally translates into replacements and/or upgrade hires. But, given the TITLE YEARLY SALARY*
current candidate scarcity, banks are going to have to open their pockets to
secure the right talent. Analyst USD 70K – USD 130K
Associate USD 130K – USD 180K
SALARY TREND
Vice President USD 160K – USD 220K
The compensation trends that emerged in the market have a twofold Director USD 200K – USD 330K
significance, firstly Chinese banks have become more competitive with their
Western counterparts and secondly, Analyst/Associate packages climbed to Managing Director USD 350K – USD 600K
around 15-20%.
(*Does not include bonuses, benefits and other forms of remuneration)

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 SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Middle Office
Few could have predicted what a whirlwind 2021 turned out to be. Inching
towards 2022, with the market still easing itself to the next phase of the
global pandemic, the credit sector continues to be an area of heated
discussion.

Debt levels were at record highs globally, with systemic risk rising due to
China’s property market and distressed developers like China Evergrande.
Inflationary pressures also emerged with the global supply-chain still at
a bottleneck until late 2022. A shift in China’s socioeconomic policy to
promote ‘common prosperity’ introduced uncertainty to the credit outlook
of regional issuers. And of course, after the debacle of Archegos Capital and
Greensill Capital, every bank is reviewing their financing teams in ways to
strengthen its credit risk framework and avoid similar fallouts like Credit
Suisse, Nomura, and Morgan Stanley. Continuing forward into this year,
credit risk individuals with coverages across FI/NBFI are highly sought after
across North Asia.

Simultaneously, with the uptick of capital flowing into Hong Kong from
China, the amount of Hedge Funds, Private Equites, and Venture Capitals
will continue to expand across the region and simultaneously allocate
resources within their legal and compliance functions due to increasing
regulations.

On the other end of the spectrum, financial technology will remain a very
hot topic. After years of being loosely regulated, many of the top players on
the global stage understand the need for governance professionals that
have competency with regulations in the traditional banking space to help
push them to the next frontier.

Ian Yeung
Vice President, Middle Office
Ian.Yeung@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Middle Office
Salary Guide 2022
TITLE YEARLY BASED SALARIES* YEARLY COMPENSATION
Risk (Western firms)
Analyst HKD 480K – HKD 600K HKD 540K – HKD 700K
Associate HKD 650K – HKD 840K HKD 760K – HKD 1M
Vice President HKD 1M – HKD 1.5M HKD 1.3M – HKD 1.75M
Director / Executive Director HKD 1.6M – HKD 2.1M HKD 1.93M – HKD 2.7M
Managing Director HKD 2.4M – HKD 3.6M HKD 3.2M – HKD 4.8M
Risk (Chinese firms)
Analyst HKD 360K – HKD 480K HKD 450K – HKD 680K
Associate HKD 600K – HKD 720K HKD 750K – HKD 1.02M
Vice President HKD 780K – HKD 960K HKD 975K – HKD 1.5M
Director HKD 1.08M – HKD 1.6M HKD 1.35M - HKD 2M
Executive Director HKD 1.4M – HKD 1.9M HKD 1.8M – HKD 2.7M
Managing Director HKD 1.8M – HKD 3M HKD 2.7M – HKD 4M

TITLE YEARLY BASED SALARIES* YEARLY COMPENSATION

Small - Mid size firm HKD 2M – HKD 2.4M
Head of Compliance/ Chief Compliance Officer
Tier-One firm HKD 2.5M – HKD 3.2M

(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Middle Office
Salary Guide 2022
TITLE YEARS OF EXPERIENCE YEARLY BASED SALARIES*
FCC-AML/CFT, Sanctions
Associate / Analyst 1–3 HKD 330K – HKD 420K
Assistant Vice President 4–6 HKD 450K - HKD 540K
Vice President / Senior Vice President 7–11 HKD 660K – HKD 840K
Associate Director 12+ HKD 1.08M – HKD 1.4M
Managing Director 15+ HKD 1.56M – HKD 1.8M
Investment Compliance
Associate / Analyst 1–3 HKD 360K – HKD 480K
Assistant Vice President 4–5 HKD 540K – HKD 720M
Vice President / Senior Vice President 6–9 HKD 900K – HKD 1.05M
Associate Director 10+ HKD 1.2M - HKD 1.44M
Managing Director 15+ HKD 1.56M – HKD 1.86M
Regulatory & General Compliance
Associate / Analyst 1–3 HKD 360K – HKD 420K
Assistant Vice President 4–5 HKD 456K – HKD 600K
Vice President / Senior Vice President 7–11 HKD 720K – HKD 840K
Associate Director 12+ HKD 1.08M - HKD 1.32M
Managing Director 15+ HKD 1.56M – HKD 1.68M

(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Middle Office
Salary Guide 2022
PQE YEARLY BASED SALARIES* YEARLY COMPENSATION
Legal (Western firms)
1–4 HKD 1.2M – HKD 1.6M HKD 1.4M – HKD 1.9M
4–8 HKD 1.5M – HKD 1.8M HKD 1.8M – HKD 2.5M
8–12 HKD 1.8M – HKD 2.2M HKD 2.3M – HKD 2.8M
12+ HKD 2.4M – HKD 3.6M HKD 3.2M – HKD 4.8M
Legal (Chinese firms)
1–4 HKD 1M – HKD 1.4M HKD 1.3M – HKD 1.8M
4–8 HKD 1.4M – HKD 1.7M HKD 1.7M – HKD 2.4M
8–12 HKD 1.7M – HKD 2M HKD 1.9M – HKD 2.6M
12+ HKD 1.8M – HKD 2.8M HKD 2.6M – HKD 4.5M
(*Does not include bonuses, benefits and other forms of remuneration)

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 SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Technology
The vibrant FinTech scene in North Asia, especially Hong Kong, proved to be
a resilient economic oasis and the overall demand for technology talent was
insatiable last year. On the infrastructure side, DevOps and SRE functions
continued to scale, as well as Production Engineers, which were heavily
utilized to create a more fluid and optimized technology environment.

We witnessed a number of traditional Software engineering candidates

make a move into these functions, which would have previously been a less
desirable space. These disciplines gained traction as they allow professionals
to be more impactful, whilst also continuing to leverage their programming
skills and make their roles more dynamic in a hybrid function.

Data engineering remained a growth area for several of our clients. As

global markets have continued to shift aggressively and in a volatile manor
throughout 2021, the increased need for better, cleaner, and accessible data
was paramount, one that will form better market predictions. Proficiency
in Cloud based technologies was also in high demand, with several
organisations proactively seeking this business-nuanced skillset. Candidates
jumped at the chance to further enhance and deepen their capabilities.

Moving into the start of this year, we predict niche skillsets to supercharge
in importance. We have already witnessed an increased appetite for
employees with competency in blockchain technologies and experience
in blockchain tools for development. These include Solidity, Solc, Rust and
GoLang. The main driver of blockchain technology demand is evident in the
digital asset industry, as they already laid out HC plans for 2022.

Bethan Howell
Vice President, Head of Quantitative Research & Trading Technology
Bethan.Howell@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Technology
Salary Guide 2022

TITLE YEARS OF EXPERIENCE YEARLY SALARIES*

Hong Kong Banking
Junior 0–3 USD 120K – USD 160K
Mid 4-7 USD 160K – USD 200K
Senior 7+ USD 180K - USD 250K
New York Buy Side Firms
Developer 0–3 USD 130K – USD 300K
4-7 USD 200K – USD 310K
7+ USD 335K – USD 450K
Developer 0–3 USD 140K – USD 225K
4-7 USD 190K – USD 275K
7+ USD 235K – USD 430K
Developer 0–3 USD 140K – USD 225K
4-7 USD 250K – USD 400K

(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022
Quant
2021 REVIEW
The battle for quant talent in Asia has never been higher. With the
resurgence in hiring from the sell-side, continued success amongst quant
hedge funds and proprietary trading firms alike, and the unprecedented
growth of crypto, we are witnessing a real race for talent. This has been
compounded by a number of US and European headquartered funds
expanding their Asia presence, with Hong Kong and Singapore remaining
as the chosen Asia hubs. A large proportion of our international clients
have also looked to increase their exposure in China. Most quantitative
hedge funds and proprietary trading firms are looking to hire fast and hire
in abundance, looking for candidates that have experience trading China
markets. Since China relaxed curbs on foreign financial firms in 2020, we
are seeing clients flock to hire talent, particularly in Shanghai.
The pool for highly skilled quantitative talent has become increasingly
scarce in Asia. It is commonplace for sought after candidates to now hold
multiple offers at a time. Perhaps unsurprisingly, we are also seeing firms go
to extremes to retain their staff. It has become the norm for counter-offers
to match or exceed competing offers, and we are seeing firms harden their
stance around non-competes. An article from eFinancial Careers stated that
“30% of Singaporeans take counter-offers”, a testament to the heightened
emphasis on retention. Despite these optimal market conditions for
candidates, we have continued to see barriers in mobility. Visa restrictions
and tightened border controls have limited the number of global returnees
to Asia, and have subsequently played a role in this scarcity of readily
available talent.
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LOOKING FORWARD
Multi-strat platforms, together with IB’s, will look to bulk hire in the near
future. With a surplus of capital available for some of the top-tier funds to
deploy, there will no doubt be fierce competition to scale their respective
business lines. Their accelerated hiring of revenue generating quants will
likely stimulate the sell-side to continue its own push, notably in areas such
as execution consultancy and quantitative algorithm customisation.
From large scale institutional businesses to boutique set-ups, one can also
anticipate a greater shift into the crypto space. A number of notable hedge
funds and prop trading shops are now integrating crypto strategies in their
portfolios, for larger upside and diversification. This will inevitably result in
additional demand for talent in an already candidate starved environment.
With China’s increased regulation in crypto, some believe there will be an
emphasis in trading headcount in Singapore. The caveat to this, however, is
that strict border controls and restriction of employment passes are likely to
persist; subsequently, placing a strain on such hires or ensuring that Hong
Kong remains the mainstay.
Jonathan Billow
Lead Consultant, Quantitative Research & Trading
Jonathan.Billow@selbyjennings.com
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

Quant
Salary Guide 2022

TITLE YEARS OF EXPERIENCE YEARLY SALARIES* YEARLY COMPENSATION

Tier-one Investment Bank
PhD Graduates / USD 90K – US 100K USD 140K – USD 170K
Tier-one Hedge Fund / Trading Firm
PhD Graduates / USD 120K – USD 150K USD 200K – USD 240K
Boutique Hedge Fund
PhD Graduates / USD 90K – USD 110K USD 180K – USD 220K
Buy Side
Quantitative Researcher 2-5 years USD 90K – USD 110K USD 160K – USD 180K
Quantitative Researcher 5-10 years USD 150K – USD 180K USD 250K – USD 300K
Senior Quantitative Researcher 10 years+ USD 180K – USD 250K USD 400K – USD 500K (5-20% of P&L)
Quant Trader (Prop) / USD 150K – USD 170K 10-40% of P&L
Side Side
Associate / USD 85K – USD 100K USD 120K – USD 140K
Vice President / USD 150K – USD 170K USD 220K – USD 250K
Director / Executive Director / USD 220K – USD 250K USD 325K – USD 375K
Managing Director / USD 300K – USD 350K USD 550K – USD 700K

(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022
Summary
As we look ahead at the financial services industry across North Asia in
2022, we expect exponential growth as well as a continued focus on
transformation.
The growth and pivot that we expect in the industry creates one of
the biggest ‘talent bubbles’ in recent times, with Hong Kong S.A.R and
Mainland China taking a strict stance on inbound travel for expats to plug
the talent demand.
We anticipate that candidates will be more active than they have ever been
as there will be an increase in hiring across the industry which will lead to a
‘talent war’
We also see transformation playing a large part in how the financial
sector changes throughout next year with all 8 virtual banks acquiring the
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HKMA licence, a increase in digitalization across banking, emergence of
Crypto and ESG now in the forefront; we foresee many ‘bankers’ pivot from
traditional career routes and looking for opportunities in the changing
landscape.
One thing remains a constant, and it was reaffirmed by the Hong Kong
China Wealth connect; that Hong Kong remains an important connector
and we see continued entrants both international and Chinese banks
setting up entities in the City.
Hong Kong remains premium APAC jurisdiction due to it’s depth in talent,
diverse business community investors and its robust regulatory regime.
We are gearing up to assist our clients for record headcount growth in 2022
across both our Hong Kong and Shanghai offices.
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | NORTH ASIA | OUTLOOK 2022

About Us
Selby Jennings is a leading specialist recruitment agency for banking and
financial services. For more than 15 years, we have given professionals peace
of mind that the recruitment journey is in expert hands. Our continual
investment in best-in-class technologies and consultant training enables us
to match candidates and world-leading companies with speed, precision
and accuracy. Today, Selby Jennings operates all over the world to help
professionals reimagine their careers, globally.

We pride ourselves in keeping our professional network up-to-date with any www.selbyjennings.hk
changes that will shape the future of work or employment. Visit our website
to discover more invaluable insights, including exclusive research, salary A Phaidon International brand

guides and market trends.

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Contact us

Abimanu Jeyakumar Alasdair Moody

Head of Selby Jennings, North Asia Lead Consultant, Global Markets
Abimanu.Jeyakumar@selbyjennings.com Alasdair.Moody@selbyjennings.com

Jack Metters Ian Yeung

Vice President, Private Wealth Management Vice President, Middle Office
Jack.Metters@selbyjennings.com Ian.Yeung@selbyjennings.com

Jack Zhang Bethan Howell

Vice President, Investment Management Vice President, Head of Quantitative Research & Trading Technology
Jack.Zhang@selbyjennings.com Bethan.Howell@selbyjennings.com

Joe Parker Jonathan Billow

Lead Consultant, Corporate & Investment Banking Lead Consultant, Quantitative Research & Trading
Joe.Parker@selbyjennings.com Jonathan.Billow@selbyjennings.com

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