Anybody know of any?
So far I know OTPP recently set up an office there, and church pension fund and CPP investment board have offices there.
I'm Chinese-American so not entirely fluent in mandarin but I'm hoping looking at fund managers will be less stringent on language reqs, and maybe I'd get some exposure to co-investments, as well as other parts of asia aside from china. Have had some positive responses from funds of funds
The mandarin component depends on whether the firm is focused on or investing in China. If it is not, then there's less emphasis on language requirements. But generally speaking, the lion's share of roles in finance in HK require mandarin because of interest/investments/etc in China. Whenever you see a non-Asian/foreigner in a team bio for HK, it's either: 1) they are fairly senior and have been in Asia/HK for some time so their skills/relationships are more important than language, 2) they actually do speak mandarin, 3) if not 1 and/or 2, then they could have been transferred from the team's US/UK/etc offices to fill a need and they can depend on other people (like junior professionals who will be hired with native fluency) to handle the language/translation needs
If you want to get exposure to Asia ex-China, Singapore is a more likely option. Singapore is sort of the place to be for exposure to SE Asia, and the business language is still English (though some languages like bahasa are becoming fairly useful these days).
Yes but at an LP you're looking more at offshore fund managers (i.e. documents are in english) rather than chinese companies. This isn't IB/ER
What do you mean "an LP?" I think you're referring to groups that allocate to external managers (FOF, Pensions, Endowment, Family Offices etc) and not PE or HF. It's better to specify because high net worth individuals are also considered LP's. You are correct in that these roles do not need much Mandarin, but they are hard to come by because the major allocators will be in NY or London. Last I checked there are not many Asia focused FOF (relative to elsewhere) but this could've changed. Kanon is correct though about the types of people you see in Hong Kong teams, and I'd add that it even holds in roles where you don't need to have Mandarain to do the job. Instead, they prefer full Mandarin juniors for cultural reasons (working with mainland teams, you can tell mainland investors you have full Mandarin etc). I'm sure you already know this, but being an ABC makes it a tougher uphill slog, especially if you're not full Mandarin.
Yes exactly. It's funny because there are a lot of roles where Mandarin (or just reading simplified Chinese) isn't actually "needed" but firms will want it anyway - especially in junior positions. And the cultural element is huge. They want some juniors who can speak full Mandarin (or even better, have some ties to PRC) for networking or for signaling like Vagabond mentioned.
6-10 years ago, firms in HK would be all over some ABC who came from a GS/MS type background w/ US/UK-quality training who wants to try Asia. These days, they want someone who has PRC ties on top... or at least fluency. The quality of a Asia-based candidate, even from a top bank, can still vary greatly due to the nature of the Asian markets (fewer complex deals, greater emphasis on growth equity which is straightforward), but there is greater emphasis on having the full package (brand name firm + language). The exception to the rule is if the firm values the quality of one's experience and training over language.
You can try some US or international FoFs like HarbourVest or AlpInvest. But they will still prefer someone with Mandarin. And you would still have to compete against locals with top IB experience for these roles who not only speak the language, but are physically there for interviews. Another alternative is via MBA recruiting - but again language is a big barrier. One other way is to get a job with a FoF or large pension fund w/ their US office, then transfer to HK office over time.
Again - if Asia is interesting, best chance is Singapore. Though I imagine you want HK because it's a more exciting city and you have family/friends there.
Ok thanks. I'm working in shanghai in industry so it's not like I'm coming from the US with no asia experience. My mandarin is pretty good honestly - in fact I have been quizzed in mandarin during interviews and realized that my mandarin is better than that of the native HK interviewer sitting across the table. I've also pitched assets to chinese investors/SOEs but frankly most of the chinese guys I deal with speak english just fine though I realize I will never be as chinese as a mainlander
I've already had some positive feedback from FoFs in HK and endowments/pensions - FoFs because some of them also want an Amerian to build relationships with American LPs. I used to intern for a placement agent so had some relavant experience dealing with Chinese PE fund managers
Oh, that's different then. I interpreted your original post as having basic/conversational mandarin. If you're working in Shanghai then I suppose you are business fluent, or very close to it.
In that case, for you it's just whether or not your work experience stacks up to the usual IB or MBB crowd. The benchmark, aside from your top funds, is generally lower than in US, but firms in Asia prefer to see a brand name bank/consulting firm all else equal.
Agreed. Do yourself a favor and avoid FOF's though...not much of a transferable skillset if you decide you don't like it
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