Astbury Marsden says Singapore beats London and New York

Astbury Marsden says Singapore beats London and New York as a favourite location for investment bankers

? Hong Kong ahead of New York

? Shanghai expected to be biggest financial centre in ten years

‘Bank bashing’ may be damaging London’s reputation

Singapore has topped a survey amongst investment banking staff on which financial centre they would most like to work in, beating London, New York and Dubai reveals Astbury Marsden, a leading financial services recruitment firm.

27% of respondents chose Singapore as their most favoured location. 22% chose London, 20% Hong Kong, 19% New York and 13% Dubai.

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “Results like this should be of real concern to more established banking centres such as London and New York.”

“Singapore and Hong Kong are thriving economies without the growing swell of anti-banker bias. The UK’s super tax and EU bonus proposals have played into the hands of these low tax jurisdictions.”

The Chairman of the FSA recently described concerns that banks will relocate to Hong Kong or Singapore in response to overregulation of the UK market as “fantasy”.

Mark Cameron says: “Whilst we obviously don’t expect any bank to relocate its entire operation out of the UK, we are constantly fielding enquiries from talented bankers in London asking us to find them jobs in the Asia Pacific region. This is partly due to the growth of those economies but the anti-bank sentiment plays a definite role.”

Shanghai predicted to be the largest financial services centre in ten years

The survey from Astbury Marsden also found that just under half of respondents expected Shanghai to be the biggest financial services centre in ten years’ time. 46% chose Shanghai, 31% Hong Kong, 8% London, 8% New York and 8% UAE.

Mark Cameron says: “With highly competitive tax rates as well as exciting career opportunities in South East Asia, many believe London is losing its allure. Some of the more nimble hedge funds and trading desks have already left.”

“Both Hong Kong and Singapore are attractive propositions due to their close ties with fast growing economies.”

Astbury Marsden explain that Hong Kong – which was cited as a more desirable location than New York – has historically been the first port of call for European and US firms to set up in Asia. Mark Cameron says that Hong Kong has a large and established capital market, as well as close trade links with China.

Astbury Marsden adds that Singapore has close trade ties with India, with India’s Nifty Fifty listed on the Singapore Stock Exchange. Singapore is also seen as a dynamic City state which has been quick to react to demand from expats and tourists for facilities such as casinos, amusement parks and sports events.