With the fee pot shrinking, many investment bankers in London will have come to the conclusion that moving to the Middle East isn't a great career move. However, if you still have aspirations to move to the region, you might want to look towards the Qatar Investment Authority (QIA).
According to various financial headhunters in the Gulf, the QIA has embarked on a relatively aggressive recruitment spree for 2011, and is looking to haul in around 100 people this year.
This is part of a global expansion drive at the QIA and it's looking to developed Western markets, such as London and New York, as well as Asia for new recruits as it aims to build out its investment portfolio.
"They're looking for analysts, associates and directors and are looking globally for these new recruits," suggests one financial services headhunter. "They're a serious recruiter, are willing to pay for the right people, and are hoping to persuade ex-Goldman Sachs and Morgan Stanley types to make the move."
The $85bn sovereign wealth fund is an increasingly important international investor and is largely staffed by a cadre of international investment bankers and a small pool of local talent.
Currently, it has around 200 staff, with 23 different nationalities among its employees, and is hoping to increase this to 300 by the end of this year.
If you’re looking investment banking work elsewhere in the Middle East you may find it's slim pickings. Fees in the region have slumped to $48.8m for the first quarter of 2011, which is less than half of the $116.3m at the same point last year, according to Thomson Reuters.
Some local players have been scaling back – Shuaa Capital has cut 11% of its headcount, while EFG Hermes has cut bonuses in an attempt to slash costs by 20% this year.
Some recent hires at Bank of America Merrill Lynch and Credit Suisse suggest that some international banks are still willing to recruit in the region, however. But headhunters suggest that any live roles have been put on ice because of the ongoing unrest in the region.
"Deal activity is down, but Qatar is where most of it is taking place," adds Peter Greaves, director of financial markets at headhunters McArthur Murray. "So some people are being relocated, simply because there's little for them to do in the UAE."
Source: http://news.efinancialcareers.co.uk
According to various financial headhunters in the Gulf, the QIA has embarked on a relatively aggressive recruitment spree for 2011, and is looking to haul in around 100 people this year.
This is part of a global expansion drive at the QIA and it's looking to developed Western markets, such as London and New York, as well as Asia for new recruits as it aims to build out its investment portfolio.
"They're looking for analysts, associates and directors and are looking globally for these new recruits," suggests one financial services headhunter. "They're a serious recruiter, are willing to pay for the right people, and are hoping to persuade ex-Goldman Sachs and Morgan Stanley types to make the move."
The $85bn sovereign wealth fund is an increasingly important international investor and is largely staffed by a cadre of international investment bankers and a small pool of local talent.
Currently, it has around 200 staff, with 23 different nationalities among its employees, and is hoping to increase this to 300 by the end of this year.
If you’re looking investment banking work elsewhere in the Middle East you may find it's slim pickings. Fees in the region have slumped to $48.8m for the first quarter of 2011, which is less than half of the $116.3m at the same point last year, according to Thomson Reuters.
Some local players have been scaling back – Shuaa Capital has cut 11% of its headcount, while EFG Hermes has cut bonuses in an attempt to slash costs by 20% this year.
Some recent hires at Bank of America Merrill Lynch and Credit Suisse suggest that some international banks are still willing to recruit in the region, however. But headhunters suggest that any live roles have been put on ice because of the ongoing unrest in the region.
"Deal activity is down, but Qatar is where most of it is taking place," adds Peter Greaves, director of financial markets at headhunters McArthur Murray. "So some people are being relocated, simply because there's little for them to do in the UAE."
Source: http://news.efinancialcareers.co.uk
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