Banks Seek Talent with Expertise in Emerging Markets
Emerging markets, led by China and India, are on track to remain hot destinations for investors this year, according to a recent survey by KPMG Corporate Finance LLC. ”There is a clear indication that growth investors have become more global, spreading their capital worldwide. Not surprisingly, they continue to be bullish on emerging markets and industry sectors that project the most growth in the near future,” says Packy Kelly, Co-Leader of KPMG Corporate Finance’s Venture Capital Practice in Silicon Valley.
Demand for talent is picking up as well. A recent Dow Jones Financial News report states that banks are adding jobs for managing directors in emerging markets as investors are drawn to these high-growth developing regions. Executive recruiting firm, A.E. Feldman, says that emerging markets remain important in the money management business. Firms want people who can understand companies in these developing regions on a ground level basis. The firm sees rising demand for investment banking and venture capital professionals with interest and expertise in emerging markets. The increase in overseas investment is also driving demand for attorneys with structured finance and capital markets experience.
A poll of 350 venture capitalists, entrepreneurs, corporate buyers, investment bankers and research analysts conducted by KPMG Corporate Finance LLC found that outside of the US, China and India were the overwhelming favorite destinations for investment. Additionally, 64% of those surveyed indicated the two countries are also the most attractive locations for entrepreneurs to find funding and 61% expect China and India to have increased IPO activity over the next two years.
Now, to cope with this trend, banks are creating more senior level positions in emerging markets, according to a Dow Jones Financial News report. The report states that the percentage of Morgan Stanley staff promoted to managing directors in emerging markets rose to 18%, up from 8% for the same period last year. The U.S. group has also promoted 426 staff to managing director level, 43 of whom were in Brazil, Russia, China, Hong Kong, India, South Korea, Singapore and the United Arab Emirates. Dow Jones Financial News also reports that Citigroup and Lehman Brothers indicated that they wanted to increase their emerging markets staff and U.K. bank HSBC plans to increase its investment banking staff in Saudi Arabia before the end of the year.
