Manchester United has made a big push in recent years to expand their commercial interests in Asia, and a significant proportion of their €367 million turnover is derived from this part of the world.

No surprise, given 60% of their supporters (myself included) live in Asia and also their decision to test local investor base appetite with an IPO on the Singapore stock exchange.

The IPO has been heralded as a coup for Singapore, a high profile listing for one of football’s greatest brands and one that the exchange has sought to heavily publicise, particularly the fact that Manchester United chose to list in Singapore rather than Hong Kong.

Many reasons have been muted for the Glazers’ choice to list in Singapore; their South East Asia fan base, a broader geographical investor base and that the Singapore stock exchange reduced the amount of time the listing would take.

All may be true, but the key reason for choosing Singapore over Hong Kong must surely be their allowance of a two-tier structure for the equity offering; allowing the listing of shares with differing voting rights.

The Hong Kong stock exchange (similar to the LSE) does not allow this type of listing, and the bottom line is that it allows the Glazers to keep approx 90% of the voting rights, whilst offering 25% of the share capital for the club – a hefty and timely windfall to address their reliance on debt finance, given upcoming premier league financial fair play rules.

As a supporter, I am not happy that my club is run by the Glazers, that they have saddled it with debt and that through this listing they maintain near 90% of the voting rights on the board. However, I do welcome this listing as an opportunity for them to reduce Manchester United’s debt burden, and hope they use the cash with the club’s best interests at heart.

This listing may be the first of many. With F1 deciding on Singapore as a venue for their own Asian IPO, the derby score could soon be Singapore 2 – Hong Kong 0, and surely they will not be the last sporting brands looking to raise capital in Asia.

The motives for F1 choosing Singapore over Hong Kong are less clear, however should the score-line increase to 3 – 0, 4 – 0 or even a 5 goal drubbing, surely the Hong Kong regulators will stand up and take notice – it will be interesting to see how they react.

In any event, Credit Suisse and Goldman Sachs (the lead banks on these deals) are both likely to be happy with the current score-line. No doubt, should these IPOs go well, there are likely to be no shortage of clients looking to follow suit or investment banks looking to prove their goal scoring prowess.

derby score, Formula One, Glazer, Hong Kong stock exchange, IPO, Manchester United, Singapore stock exchange

Morgan McKinley’s 2012 Salary Guide is now available. It provides market intelligence on remuneration and hiring trends across the financial services sector and commerce & industry organisations in Hong Kong.

Download the 2012 Salary Guide now

We hope you find our Hong Kong Salary Guide 2012 informative. If you have any questions, feedback or would like to discuss any of the findings, please contact us directly.

hiring market Hong Kong, hiring trends, Hong Kong Salary Guide 2012, jobs in Hong Kong, jobs market 2012, Morgan McKinley

“Change We Can Believe In” was a powerful election slogan of Barack Obama that won him support and near-adulation among many people in the run up to the last US election. Some people believed that change was important and necessary although others wondered what substance there might have been behind the slogan.

Many organisations have slogans, mission statements and corporate objectives. These are good if they have substance behind them but what if they do not? An empty slogan is like a false promise – a sign of a lack of integrity.

A significant minority of job seekers who seek my advice are looking to leave their jobs not because of compensation or promotion prospects but for ethical reasons. Perhaps it’s worth taking the time to do a career audit and ask:

• Am I a valued part of the team?
• Do I feel comfortable working here?
• Can I make a difference to this company?
• Am I listened to and are my views respected?
• Are the senior management people of integrity?

If the answers to the above questions are more negative than positive then it might be time for a change you can believe in – actively seek a better opportunity elsewhere.

Barack Obama, career, change, compensation, election, Employment, ethics, integrity, promotion, slogan, USA

A week ago, no-one had heard of Jeremy Lin. Since then he has electrified the NBA with his inspirational play and has become a media sensation and a fan favourite. The Jeremy Lin phenomenon continues to grow and has far reaching effects outside of the sports world.

Barely recruited after high school, Lin went on to Harvard and remained unnoticed by NBA teams after college. Undrafted and in his second professional season in the NBA, he was cut by two other teams before being offered a non-guaranteed contract by the New York Knicks. Due to injuries to teammates, he has recently been given the opportunity to play and has excelled.

As I write this, Lin has led the New York Knicks to an amazing and improbable six game winning streak. He has embraced and maximised his opportunity to play, going from being an afterthought on the team to becoming the starting point guard for the Knicks. He has single handedly turned their season around.

Recently, after Lin had beaten and out-scored NBA legend Kobe Bryant; Kobe had the following to say:

“It’s a great story. It’s a testament to perseverance and hard work. I am sure he has put in a great deal of work to always have that belief in himself, now he has the opportunity to show it.”

In the work place, opportunity can present itself in many forms – getting a promotion; a position opening up when a colleague leaves; an overseas assignment, or simply taking on more responsibilities and duties above and beyond your current role.

Take a long hard look around your workplace – for those in management positions, is there a Jeremy Lin in our midsts who is a star in the making?

You never know when you may get that opportunity, but when you do – it’s your chance to step up like Jeremy Lin and to embrace it. At times we feel that we are not given the opportunity to shine, however be patient; continue to work hard and you will be given a shot when you least expect it. When that opportunity does come up, grab it as you never know when it may come around again.

Until next time!

Career advice, determination, Harvard University, Jeremy Lin, job promotion, Kobe Bryant, Linsanity, NBA, New York Knicks, seizing the opportunity, talent management, 林書豪

Our colleague Anthony Truchot from the Tokyo office looks into how to survive in a tough market, providing you with tips for what you can do during this difficult time.

To read more, click here

Career advice, coping with job loss, how to handle job loss, staying positive while looking for a job, Unemployment

With financial woes in the UK, Europe and US it’s not surprising that more and more investment banking professionals are looking to move to Hong Kong.

Who can blame them? The Chinese consumer sector is booming, appetite for raw materials, and technology seems unending, and Hong Kong is one of the primary markets for Chinese firms to raise capital through equity and increasingly debt financing.

It is the gateway for Chinese firms looking to acquire resources and technology from around the world, the access point for companies looking to invest in China and as of this month, Hong Kong has been named the world’s most developed financial market.

That said, whilst business is growing, the nature of the Chinese market means if you’re talking to clients and trying to originate business there, unless you can speak Mandarin you’re at a distinct disadvantage.

China investment banking coverage teams naturally look to employ Mandarin speakers and whilst it is less important within sector and M&A teams, increasingly Mandarin is “desired”.

This means if you’re an investment banker, and don’t have a Rolodex of clients to bring with you, your choices can be limited, usually to a Hong Kong or Asian execution team.

Secondary markets are a mixed bag, and again the issue comes down to coverage. Equity research functions have grown a lot in Hong Kong in recent years; many sector heads have international backgrounds, as initially there was a glut of local talent, but things are changing fast.

Competition is fierce, and with research teams looking to differentiate themselves, they are increasingly looking for the inside track to identify trends before they happen.

Contacts and dialogue with regulators and industry specialists in China can prove decisive in creating a competitive advantage and that is far easier for a Mandarin speaker. Accordingly, for junior to mid level hires, Mandarin is a must.

However, in trading, which depends on worldwide demand, English is still the common language, and this impacts the functions which support it.

Finance, IT, operations, market risk and change management do not require Mandarin, and there is certainly a strong market for people with international experience in these fields. If you work in any of these areas, you should be ok if you only speak English.

As a front office recruiter, fairly new to Hong Kong, Mandarin lessons are very much at the top of my list of New Year’s resolutions!

Chinese Mandarin, investment banking job

As an insurance specialist focused on the Hong Kong market, we are often approached by experienced professionals from overseas who are looking to develop their exposure to the Asia market. As insurers look towards Asia as the growth hub, many prestigious insurance companies are open to considering overseas professionals with international exposure, particularly for more specialist project roles.

Working in Asia offers an experience like no other, potentially opening doors for your career worldwide! If Asia is a market that you’re interested in, consider the following:

1. Qualifications are important. Make sure you have relevant and globally recognised and up-to-date membership/accreditations for your area of specialisation, e.g.– for finance/audit CPA, ACCA, CA, CFA, CIA, for actuarial FSA, ASA, IFA, for insurance ANZII, LOMA.
2. The market is competitive. Employers pay competitively within the local market. They will benchmark your experience and qualifications so you’ll need to be flexible with your salary requirements. If you’re relocating from Europe, Australia or USA, the tax rate will be significantly lower in Hong Kong and employers will take this into consideration.
3. Employers do offer some allowances towards relocation, flights and accommodation on arrival. The majority of professionals offered employment in Hong Kong will be on a local contract regardless of the level of their position. The expat packages (including regular flights, housing and school allowances) of the 80s and 90s are very few and far between.
4. All non-residents of Hong Kong and Singapore require a visa to work. There are no qualifying requirements for this; however the immigration department will take into consideration qualifications and educational background where a graduate degree would be a minimum requirement, relevant skills/experience, ability to contribute to the local economy and whether a local/resident could fill the position. For short term contracts, we work with organisations in both Hong Kong and Singapore that are able to assist with the sponsorship process and offer workforce solutions including visa services.
5. Time frames. The process can take slightly longer, even for contracting roles. If you’ve made the decision to relocate, the process from your first discussion through to receiving the offer and then employment contract can take a minimum of two months. However, once you get here you’ll realise that it’s worth the wait!

Current hot areas where employers are considering international candidates are:

• Qualified life actuaries with Solvency II, pricing or ALM experience
• Experienced insurance auditors
• Qualified medical/health actuaries

expat package, Hong Kong market, insurance companies, insurance specialist, relocating to Asia

We have recently released our latest Hong Kong Hiring Market Update.

To prepare the report, we surveyed over 1,050 senior level operational and HR managers across Asia Pacific, asking them about their hiring plans for 2012 and the challenges they expect to face.

Highlights of the report:

• Within financial services, 75% of managers in Hong Kong are concerned that global economic uncertainty will affect Asia Pacific as a growth market.
• Almost 24% of financial services managers in Hong Kong expect to be handling redundancies over the next 12 months.
• Nearly half of employers within commerce & industry in Hong Kong plan to hire new staff over the next six months. There is particular growth in the consumer goods industry (specifically retail and luxury brands).
• Hiring is very likely to be focused on permanent roles in Hong Kong, however fixed term contracts will also be a key part of hiring strategies. These contract hires may ‘plug the gap’ created by restrictions on permanent headcount increases, particularly within the finance sector.

Click here to download the full report. We welcome your feedback.

hiring plans, Hong Kong hiring trends for 2012, Morgan McKinley Hong Kong Hiring Market Update

Our colleague Mary Lam from the Sydney office looks into unexpected interview questions, providing you with examples and pointers for dealing with these unexpected interview questions.

Do you have any unusual or unexpected questions that you have been asked?

To read more, click here.

how to handle an unexpected job interview questions, interview tips for job seekers, job interview tips, off-the-wall interview questions, Tough interview questions, unexpected interview questions, wild card interview questions

“This is the kid, calls me 59 days in a row, wants to be a player.”

“There ought to be a picture of you in the dictionary under persistence kid.”

In the classic 1994 film ‘Wall Street’, Bud Fox cold calls Gordon Gekko 59 times just to get the chance to meet with him face to face. How many people out there (myself included) would have given up after the first or second call?

Sales is a numbers game and a ‘contact’ sport – the more contacts you make the more likely it is that you will be successful.

A few years ago I attended a sales training course and something the trainer taught us has stuck with me to this day. According to him:

• 48% of sales people never follow-up their initial contact
• 25% of sales people make a second contact and then stop
• 12% of sales people only make three contacts and stop
• Only 10% of sales people make more than three contacts
• 80% of sales are made only after the seventh contact

Around three years ago, we were thinking about selling our apartment back home in Sydney. I made an initial query to a local real estate agent who was professional, responsive and gave me the impression that he understood the market. However, we were not ready to sell at the time.

The following month, I received a call from this agent to follow up to ask how everything was. Still not ready to sell yet! For the next two years, month after month without fail I would receive some form of contact (phone, email, EDM, post) from this agent. There were times were I was too busy to reply to him but he still kept me updated with market information. Needless to say, as soon as I had seven contacts with him; he had my attention and was top of my mind. When it was time for us to sell the property last year, he was my first port of call and we successfully transacted through him.

So for anyone in a sales, business development, relationship or account management position, don’t forget the ‘Rule of 7’ when following a new sales prospect and like Bud Fox – don’t give up.

account management job, Bud Fox, business development job, Gordan Gekko, sales job, sales prospect, sales strategy, sales tactics, sales training, Wall Street