Working for a sovereign wealth fund has historically been something of a hard sell for financial professionals in Western locations – you have to head out to wherever the fund is based (often an emerging market) and pay and bonuses have lagged large financial institutions.
Now, however, many are taking the opportunity to target Western financial centres, luring those in London and New York who may have scarce options elsewhere. Should you consider a move? Here are some possibilities.
Abu Dhabi Investment Authority
Size: $627bn in AUM
Jobs location: Abu Dhabi
Hiring?: Yes. While the focus now is primarily on bringing in UAE nationals – a priority across the financial sector in the Middle East – it’s also hiring relatively extensively (around 45 positions) for its private equity arm as it expands the number of direct investments. Recruiters in the Middle East tell us that it’s actively targeting London talent in this area. You’ll have some company – 11%, or 140 people, of its staff are from Europe, while 36% hail from Asia.
Qatar Investment Authority
Jobs location: Qatar
Hiring?: Yes, but not as much as last year when it was looking to recruit around 100 people. This was expansion, when it wanted to increase headcount from 200 to 300 people, but recruiters suggest that it’s still active. Again, experience in the City is a huge advantage, with both in-house and external recruiters deployed to target this.
Kuwait Investment Authority
Jobs locations: Kuwait City and London (within the Kuwait Investment Office)
Hiring?: Not massively but still open to applications, particularly for its alternative investments divisions according to recruiters in the region. What’s more, fund manager Martin Currie has recently recruited Penny Kyle, who previously worked at the London branch of the SWF, so there may be some replacement hiring needed here.
Government of Singapore Investment Corporation
Job locations: New York, London, San Francisco, Mumbai, Beijing, Singapore, Tokyo, Seoul, Shanghai
Hiring?: Yes. The current focus is on building up headcount closer to home, with around 30 jobs across private equity, real estate and IT. Unlike many Middle Eastern sovereign wealth funds, the focus is not necessarily on recruiting expats, but they’ll certainly be considered, suggest recruiters. Of the funds 1,200 employees, 13% come from Europe, 16% from the Americas and 30% from Asia, Australasia and Africa. The remaining 41% are from Singapore.
Norwegian Government Pension Fund – Global
Job locations: Oslo, London, New York, Singapore, Shanghai
Hiring?: Maybe. At the moment, Norges Bank Investment Management (the asset management arm of the fund) is only recruiting for a handful of roles for analysts and a fixed income traders, as well as positions on its graduate scheme. However, recent indications that it was open to taking more risks, could prompt more recruitment of investment and research staff.
AUM figures from the Sovereign Wealth Fund Institute rankings