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Asset managers need staff to sell their wares

Singaporean asset management jobs are on the rise.

According to the latest available data from the Monetary Authority of Singapore (MAS), asset management jobs in the country rose 14% over 2005. And headhunters tell us they are increasing still.

"The general trend is that there is a scramble for more sales specialists in order to grab market share of assets under management in order to build scale," says Chia Tek-Yew, financial services industry partner at Heidrick & Struggles in Singapore. "Recruitment for portfolio and product managers is at more normal levels."

At the last count, MAS says there were 829 portfolio managers, 434 investment analysts and 36 asset allocators and economists working in Singapore.

Rising employment reflects vigorous industry growth. MAS says Singapore's asset management industry grew 26% over the year to December 2005, to US$460 billion. 80 new asset management companies were established in the country during the year, bringing the total to 384.

Dennis Koh Managing Partner of Goshen Staines Singapore, an executive search firm tells us portfolio managers with five years industry experience are earning US$63,000 - US$115,000, depending on the firm's amount of assets under management.

"The profit-sharing can easily amount to six months bonus. In short, it's all about performance related or OTE (on target earnings)," he says.

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