A major new survey of salary and bonus packages awarded to stock market traders globally reveals Monday that those operating in the Middle East achieved the highest percentage increases ahead of their counterparts in London and on Wall Street.
The sixth annual Napier Scott survey, conducted among 3,000 front office traders and sales people, reveals that Middle East packages increased by 25-30% while those in the UK went up by 17-22%, and only 10-15% in the US.
Shaun Springer, CEO of Napier Scott Executive Search, of London, said: 'The hike in Middle East salaries and bonus reflects the growing appetite for more sophisticated financial products and increasing pressure for talented professionals in this market.
Hedge Funds sales continue to be the principal area of hiring within the marketing functions although less pronounced than in 2005. The survey is the first to be published post the 2007 bonus round.
While those in trading enjoyed the highest percentage increase, and in terms of people moves in asset classes, Equity Derivatives have been the most active. They have also enjoyed the highest percentage increase in salary packages for sales and trading.
"Talk of capping City bonuses can only be counter productive. If those operating in the markets are not allowed to make these profits, from which their remuneration packages are based, they will be moved elsewhere by their banks or indeed, the whole operation."
Springer said that although he was confident that London's supremacy as the global financial center would continue, he doubts bonus levels in the UK would continue to increase at the same rate as in recent years. There is the possibility of this year's bonuses exceeding those of 2008. Since 2002 when many City bonuses were virtually halved following 9/11 and a series of stock market shocks, packages have doubled.
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