37 % of bankers and box capital managers surveyed via collection firm pronounced Singapore wish assemble the near economic services jobs into 2011, observed via London over 22% then Hong Kong on simply 17 %.
According after Astbury Marsden, Singapore has topped a land survey amongst banking or fence possessing mace concerning the place those count on financial applications gathering according to extend the fastest over the subsequent year, licking London then New York.
37% regarding respondents in imitation of the survey expect Singapore after create the near monetary capabilities jobs upstairs the next 12 months while only 22% chose London, 19% Shanghai, 17% Hong Kong, 4% UAE or 1% selected New York.
Mark O’Reilly, Managing Director on Astbury Marsden Asia Pacific, says: “Singapore has unexpectedly set up itself as much the destination of preference because international banks searching after enlarge their business of Asia. It is evident that Singapore is winning enterprise so much chronic according to be committed within London. Day by using season the wide variety on UK politicians inclined according to voice wholehearted guide because of investment banks and hedge fund is shrinking. “
Recent research amongst investment banking mace by using Astbury Marsden also showed so much – when requested as pecuniary centre he would near as in conformity with action between – Singapore strike London yet New York as much a favoured location.
Mark O’Reilly says: “Cities close to emerging markets are at the forefront of the global expansion in financial services.”
Research by Hedge Fund Intelligence suggests that Singapore and Hong Kong are now home to eighteen Hedge Funds managing more than $1 billion. Last year there were just ten funds operating in both cities. London is also losing its market share in hedge fund business, accounting for 14.5% of Hedge Fund assets, down from 16% last year.
Mark O’Reilly comments: “Ten years ago there was still a lot of Asia Pacific investment banking and fund management work taking place out of London. Now nobody is saying that is a sensible way of doing business.”