NY to APAC Pivot
Incoming SA at an EB (QAT/LAZ/CVP). Long-term want to end up on the buyside (L/S, activist, or credit) and have been going back and forth on whether to stay in the States or eventually move to Asia. Main thing I can't find much on: how hard is it to get a buyside seat in Asia coming from IBD in NY? Does it make more sense to break into buyside in NY first and then try to relocate, or can you go straight from banking to an Asia-based fund?
Also curious which strategies actually have a decent opportunity set over there right now. And more broadly, given how much capital is expected to flow into Asia over the next decade, does that actually translate to more fund seats or is it still pretty thin? Would appreciate any color from people who've done this or know the market well. Thanks!
Based on the most helpful WSO content, here's what you need to know about pivoting from NY to APAC for a buyside career:
Challenges of Breaking into Buyside in Asia from NY:
Strategy: NY Buyside First vs. Direct Move:
Opportunities and Strategies in Asia:
Future Outlook:
Key Takeaways:
Hope this helps you chart your path!
Sources: Q&A: Megafund Asia Private Equity, PE Scene in Asia, What you need to know about IBD in Asia, Non US/Europe IB/PE Overview
best bet is probably the MMs in asia. SM would be harder and might focus more on experienced hires
In my experience working in APAC, the guys are extremely homogenous. IMO, the top university in Hong Kong, China, Korea, or Japan may even have more merit than a Harvard Grad. Deal flow is slim, so teams put in a ton of grunt work on pitches to win mandates, and that culture flows into recruiting. The interview processes have more interview rounds and in cases like Korea and Europe kids just can't get SAs right away and have to do multiple cycles of internships for almost a year just to get their foot in the door. Sort of a contrast in the US where the recruiting timeline is just ridiculously so early that undergrad experiences don't matter as much as in APAC.
Guys do tend to have more pride (or ego) that they can get the job done as the recruiting processes and work itself is more shit.
gotcha, thanks for that. sounds like you're talking about PE (since you mentioned deal flow). does the same culture extend to hedge funds as well?
"given how much capital is expected to flow into Asia over the next decade".
According to whom? More than to the US?
Always perplexing how people state their opening premise like it's plainly obvious.
Another insightful comment from mmpm
Happy to clarify. Feel free to poke any holes if you think I'm missing something.
my underlying premise hinges off my core assumption that with current geopolitical fragmentation + current administration, investors would likely seek to hedge risk/diversify from U.S. assets. On top of that, booming middle class in India/China + Asian countries finally experiencing robust growth in shareholder protections and slashing red tape (JPY/KOR finally welcoming activists to streamline homegrown companies, Vietnamese economic miracle, etc.) were all macro tailwinds that I believe substantiated this view. If there's anything I'm missing, or if I've jumped the gun on smth pls let me know lol I just want to learn as much as I can
"This administration" in the US has 2 years to go, it won't be around forever. And by the way, capital is pouring into the US under this admin.
I would make life decisions like this based on personal preference or cultural attachment. Basing them on a macro call.. no one has a clue.
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