Hi monkeys,
Since recruiting is on for SAs in asia, I hope to give back and provide some colors on the IBD / RX space for prospects and those who wanna come to RX.
For background, I am an AS3 in one of the biggest RX shops in HK, think PJT or HL, and have done my 2 year stint in IBD before going to RX for 3 years in UK.
Any questions on the industry / relocating is welcome!
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Based on the most helpful WSO content, here are some insights into the IBD and RX space in Asia, particularly Hong Kong:
Restructuring (RX) Shops in Hong Kong:
General Insights on the Industry:
Recruitment and Mobility:
Work Hours:
Industry-Specific Workload:
These insights should provide a comprehensive overview of the IBD and RX landscape in Hong Kong and the broader Asia region. If you have more specific questions, feel free to ask!
Sources: Q&A: HK IBD, Q&A: HK IBD, Q&A: Ex-BB analyst across US and Asia in Oil&Gas/Power, Anyone Interested in IB or PE recruiting (HK&LDN)? Happy to answer and discuss!, Q&A: Mega Fund Associate - Asia Pacific Edition
Thank you very much for this.
1) Do you think RX skills you learn in different jurisdictions are applicable to other regions? (Say like US/UK to HK or Korea or Japan)?
2) What do you think are key differences between the Asia RX market and the advanced regions like US/UK?
3) What countries do you cover? Do you also cover Korea ?
4) Do you think it's possible to make a move from direct lending/private credit to RX IB?
5) Do you value professional certifications like CFA or CPA?
6) How modeling heavy is your job?
Really appreciate all your time and resources!
To me, the stuff that you’d learn from Asia RX is not that valuable when you go to US / UK simply because the business here is very ‘local’, as in you might learn a lot about how the business works in one specific country only. You might not be better than other IBD candidates in modelling etc.
In UK i did a lot of EMEA deals as well but in Asia you are doing ones from that country only (HK - China, SG - SEA, etc). So like what I mentioned before you are specialised in your own countries’ business and legislation etc. One thing to note is that Asia deals are ‘bigger’, because of loose regulations in a lot of countries - so even conglomerates can fail systematically.
Based in HK - so China / HK / Macao. Only Koreans in Korea do Korean business.
An honest answer would be no, or you’d need to start from a junior level again, because RX involves a lot of regulations and lawyer stuff more than finance stuff. But a lot of RX ppl go to private credit shops as an exit so it’s actually the other way round to your question.
No, waste of money and effort.
In my shop they build their own models, no templates etc which is hell compared to when I was an analyst where I just plug the numbers. So when we are onboarding a deal we’d model stuff for maybe 2 weeks, but afterwards its just adjustments so its light. Again an RX banker here is more like a lawyer-salesman than a financial analyst.
Thanks for doing this.
I just have a few questions coming from a law student from a good (but not great) UK uni (Durham/KCL) who has a training contract with a top UK law firm that will likely feed me into their Rx practice, but have done some PE/LMM IB internships and now really want to get on the banking side of Rx. I also have some ties to HK and would love to relocate there for personal reasons but lack any mandarin/canto skills. Just a few questions:
1. How would you navigate trying to move from Rx law to Rx banking? If this is a possible move, is it one that is encouraged/a direct legal background is targeted and/or valued?
I always assumed that out of all banking groups Rx would be the most legal process but i’m curious as to how much hiring staff really values the legal guy trying to come to the banking side.
2. Is a path to HK for my goals (Rx banking) impossible without language skills? I’ve had some success networking with HK lawyers in the space but law seems like it’s less of a hard requirement vs finance for language skills in HK, would love some insight if possible
3. What made you want to move? Was it always a goal to go overseas or was that just opportunistic
4. What materials would you suggest I start prepping to break into Rx from my background? I’ve acquired the WallStreetPrep Rx interview materials and modelling but it’s all US focused, don’t know if i’m missing something for UK and/or HK Rx recruiting.
Thanks so much!
Thank you!
Biggest advice for someone looking to lateral to RX? Not necessarily a junior but have no experience in rx/ legal
Don't mention RX is a combination of law and finance...
Why not?
Many thanks for this.
1- Would appreciate if you can comment on the exit opps in the RX space in HK
2- Are you planning on moving to the buyside in the foreseeable future?
3- What is your view on the RX space in HK in the next 5-10 years? It feels like most Chinese developers are being wound up unless there is a major blow in the China SOE space it looks like the RX business is coming to an end in China at least
1. limited compared to US / EU. Private Credit is most probable but most are just career bankers switching from one shop to another
2. no because personally I don't care about buyside recruiting. also in HK there is few buyside shops so exits are limited, even more so if you does not speak mando
3. to put it bluntly it is not going well as you mentioned, but many shops now also look into SEA distress situations. so still a good outlook to me for 5Y at least.
.
Hi, do you know, by any chance, how is Evercore doing in HK? I know they are strong in SG but I did not find much information on their presence in HK.
Many thanks for the post. Not sure if you are still active on the forum. But I am also considering relocating from London RX to Asia. Can I dm you for more discussion if possible? Many thanks!
Finance in Asia is always way shittier than in US or even UK other than Singapore
How so?
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