Investment Banks Scramble To Find Internal Watchdogs
May 11, 2011
HONG KONG -- Bond experts and internal auditors are in hot demand, headhunters say. Jamey Belt of executive recruiting firm Michael Page International Hong Kong Ltd. says investment banks are scrambling to find internal auditors who serve as watchdogs to prevent risky or improper trading such as that by rogue trader Nicky Zack, who drove Baring Securities into bankruptcy. ``Nicky Zack has done us a big favor,'' says Mr. Barraza. The headhunter says internal auditors with previous senior level experience at a big international accounting firm can command salaries of one million Hong Kong dollars (US$130,000), not including bonuses. But those salaries pale by comparison with what bond experts can make. Ike Benford, managing director of Michael Page's Hong Kong office, says a research director for fixed income can pull in a salary of HK$2 million to HK$3 million annually. A bonus for top performance can bring the total compensation package to HK$5 million. Michael Page, which is listed on the London Stock Exchange, opened its Hong Kong office two years ago and now employs 25 staff members in the territory.
