News

HK fund managers facing brain drain challenge

Brain drainFund managers based in Hong Kong are struggling to hire and retain staff due to Covid-19 restrictions, according to recently published research. The survey from the Hong Kong Investment Funds Association (HKIFA) questioned 36 firms based in Hong Kong. Almost half (48%) of those firms stated that it was “extremely difficult” to fill global roles based in Hong Kong, while a further 21% described it as “difficult”. The situation is even worse when hiring staff non-native to Hong Kong or the Chinese mainland. More than 40% said it was extremely difficult to hire expats even though as many as 20% of firms offer hardship allowances to prospective employees from overseas. The HKIFA states that Hong Kong’s Covid-19 quarantine requirements are exacerbating the issue, and the group has lobbied for restrictions to be eased. In June, the group’s chairman told a news conference that Hong Kong must remain open to international travel and visitors to retain its status as an international financial centre. “The ability to travel unfettered internationally is a basic prerequisite of an international financial centre,” he said. Meanwhile, HKIFA chief executive Sally Wong highlighted another survey finding that 97% of respondents stated that reconnecting with the world was the top priority for HKIFA members. © 2022 funds global asia

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