Singapore has become the new destination of choice for British investment bankers, eclipsing the likes of New York and their home- London.
A new study has revealed that the Asian expat hotspot now pulls in more investment bankers from the UK than ever before, and experts fear that a brain-drain in the UK could soon be on the horizon.
The study was conducted by the financial recruitment agency Astbury Marsden in an effort to find out more about the attitudes of bankers with regards to the UK. A number of British investment bankers were interviewed and 27 percent named Singapore as their ideal destination to work, compared with just 22 percent naming London. New York and Hong Kong both had 19 percent of the votes, and only 13 percent saw Dubai as their preferred choice.
Furthermore, the bankers also saw Singapore as the ultimate destination in future years too, 46 percent claimed that within 10 years Singapore would be the biggest financial centre in the world, London and New York both could only amass eight percent worth of votes.
Such figures highlight fears that financial heavyweights could soon leave the UK en masse, leaving the UK's financial centre with a big hole to fill. Increased regulations and negative press for financiers are thought to be the main factor in driving the bankers away.
The CEO of Astbury Marsden, Mark Cameron, said: “Results like this should be of real concern to more established banking centres such as London and New York. We are constantly fielding enquiries from talented bankers in London asking us to find them jobs in the Asia Pacific region. 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.”
With lower taxes and greater prospects it comes as no surprise that the Asian job market is becoming increasingly attractive, Cameron added: “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.”