Recruiting in China

China Investment Corp., the nation’s sovereign wealth fund, is starting a new round of international hiring to meet its “business development needs,” according to a statement today on its website.

The company is offering 64 positions from asset allocation to private equity investment, with jobs posted on its website.

The $300 billion fund will seek a “more flexible” investment strategy this year as global markets didn’t show a clear trend, Executive Vice President Jesse Wang told reporters in Beijing in March. The company earlier this month sold 5.1 million shares in Morgan Stanley after the stock rallied.

CIC is likely to report a return on its global portfolio “well above 10 percent” for 2009, according to Rachel Ziemba, London-based senior analyst at Roubini Global Economics, after it accelerated investments in commodity-related companies.

CIC in June, 2009, provided vacancies for 33 categories in 13 departments. The company had about 200 employees, according to its 2008 annual report released Aug. 7 last year.

HONG KONG -- Hong Kong banks and financial-services companies are leading the way as the city's employers step up hiring and say they are willing to pay more money to retain staff, according to a report by a recruitment firm.

The survey of about 500 company executives found 59 percent plan to hire for new positions in the second quarter, compared with 14 percent a year earlier, Hudson Global Resources (Hong Kong) Ltd. said. Hudson said 73 percent of employers in banking and financial services expect to hire more workers.

Hong Kong's jobless rate fell to a 15-month low in the first quarter, supporting consumption and economic growth, as the “labor market remains robust,” Matthew Cheung, secretary for labor and welfare, said last month. HSBC Holdings Plc, China Construction Bank (Asia) Corp. and BOC Hong Kong (Holdings) Ltd. have recently said they are hiring.

“Along with a recovering economy, with improvements becoming more broad-based, we expect the jobless rate will drop further this year,” Kelvin Lau, Hong Kong-based economist at Standard Chartered Plc, said Thursday in a phone interview.

Two-thirds of respondents said they are willing to offer more money to employees trying to leave for another company, Hudson said. More companies raised salaries in the first quarter than a year earlier, the Hong Kong Institute of Human Resource Management said May 10, citing the results of another survey.

Hong Kong's economy grew for nine consecutive months through December after a year-long recession. It reports first- quarter economic data tomorrow.

HSBC is joining rivals including Standard Chartered in expanding businesses that target wealthy clients in the region. HSBC aims to recruit more than 300 relationship managers and sales staff in Hong Kong in “a fairly competitive market” for hiring as competitors are also looking for talent, Francesca McDonagh, head of personal financial services for Hong Kong at HSBC, said last month.

China Construction Bank (Asia) , a unit of the country's second-largest lender, plans to hire as many as 400 people in Hong Kong this year as the bank opens about seven more branches in the city. BOC Hong Kong and its units are seeking to employ 200 people, the company said in April.

“The job market recovery remains strong,” said James Carss, a Hong Kong-based general manager at Hudson, in the report released earlier this month.

China International Capital Corporation (CICC), the leading international investment bank in China, is hiring for its asset management department and retail group in second tier cities.

Recent recruitment activity indicates that the firm is trying to fill positions such as investment consultant, channel marketing and sales, and retail customer services in order to develop and maintain relationships with local distribution-channel customers, institutional clients and high-net-worth individuals.

Headquartered in Beijing, CICC also has offices in Shanghai, Hong Kong and Shenzhen. Much of its recently posted recruitment, however, is for its expanding business in cities such as Chengdu, Guangzhou, Qingdao, Xiamen, Hangzhou, Nanjing, Wuhan and Chongqing.

Considered an elite employer within the Chinese banking sector, on a par with major international banks, CICC sets a high threshold for applicants, even in these second-tier centres.

According to the firm’s website, for an entry level position of investment consultant at its retail group in Chengdu, candidates must have “solid sales-related experience in multinational companies, preferably having been involved in securities sales,” as well as a “master degree in relevant majors, preferably an MBA from renowned universities”.

And these aren’t just paper promises. A new recruit to CICC’s asset management department in Shanghai, who asked not to be named, says most of his colleagues are graduates from leading MBA schools, such as CEIBS, and top universities like Fudan and Jiaotong.

CICC defines itself as a "meritocracy”, which means that ability and talent are rewarded above all. Hiring falls into three main categories: lateral (experienced professionals), campus (fresh graduates) and summer internships.

“For senior level positions, CICC prefers hiring those who have work experience at well-known investment banks, such as Merrill Lynch and JP Morgan. CICC is also hiring overseas returnees for specific positions such as fixed income and structured products,” says Stephen He, a banking and finance division senior consultant at Randstad China.

SHANGHAI—Industrial & Commercial Bank of China Ltd. said Monday it appointed the chairman of Deutsche Bank AG's China operations as a vice president.

ICBC, China's largest commercial bank by assets, has been expanding its footprint outside its home market since it raised $22 billion in the world's largest initial public offering in 2006, such as through acquisitions and by opening outlets.

ICBC said the appointment of Zhang Hongli, who also served as head of the Asia-Pacific region for Deutsche Bank's Global Banking division, is still subject to the approval of China's banking regulator.

"The board of directors is of the view that Mr. Zhang Hongli is familiar with international financial markets and circumstances of the country and is experienced in the management of international banks," ICBC said in a statement on the Hong Kong Stock Exchange's Web site.

Mr. Zhang, 45 years old, joined Deutsche Bank in 2001. Prior to that, he worked for Goldman Sachs Group Inc., U.K. asset management firm Schroders PLC and computer maker Hewlett-Packard Co.

Officials at Deutsche Bank in China weren't immediately available for comment.

Deutsche Bank is the largest shareholder of medium-sized Hua Xia Bank Co., with a 17% stake. The German lender also owns one-third of Zhong De Securities Co. and 30% of Harvest Fund Management Co.

In September, ICBC agreed to buy part of ACL Bank PCL in Thailand. In 2007, it bought a 20% stake in Standard Bank Group Ltd., South Africa's largest banking company by assets, for $5.4 billion. That same year, it also bought a 79.93% stake in Seng Heng Bank Ltd., Macau's third-biggest bank, and a 90% stake in Indonesia's PT Bank Halim.
—Rose Yu

By SIOW LI SEN

DBS Group Holdings will be hiring 20 per cent more people for its business in China which currently employs 1,000 staff.

'Amid the significant wealth creation that rapid growth brings, this year, DBS China will ramp up its priority banking business, which caters to customers with at least RMB 400,000 in investible assets,' the bank said Tuesday.

DBS has been expanding rapidly in China - Asia's fastest growing economy for the last decade - and is competing fiercely with other foreign banks to increase its presence.

DBS forecasts that China's economy will expand 9.5 per cent this year.

HSBC China said this month the company expects to add 19 new branches this year to its existing 99 outlets, according to a Reuters report.

DBS China currently operates out of eight branches and seven sub-branches across China, has applied to regulators to open more branches, the bank said.

'DBS China also intends to add about 200 staff to its existing headcount of close to 1,000 employees this year,' it said.

More than half of the recruits will be for client-facing roles in priority banking, with the rest slated for positions in institutional banking, treasury and markets as well as support units to keep pace with rapid business expansion, it said.

DBS Bank, Southeast Asia's largest bank will commit over $1.5 million in the upcoming World Expo 2010 to raise its brand presence, it said.

Starting in June, the six-month World Expo which has drawn participation from 200 nations is expecting an estimated 70 million visitors.

Bank of America Corp. said it’ll expand its China business and hire more staff to tap growth in the world’s most populous nation, according to its chief executive officer Brian Moynihan.

“We are committed to our business here, not just the capital, more importantly the human capital,” Moynihan said during a press event today in Beijing.