I'll be starting as an analyst at a BB in HK, and am growing increasingly concern over the type of exit opportunities I would have. Would anyone pls. share some opinions on the possibilities of joining PEs or hedge funds in the U.S. after completing the analyst program in Asia? I was just talking to someone who's working in HK, and he told me that it is very difficult unless there's possiblity of internal transfer from your bank.
My origial plan is just to get a taste of the exciting Asian market, but didn't really mean to be there forever whereas most people who decide to start in Asia want to stay in Asia for the long term. Besides business school, could anyone pls. offer some suggestions on how I may find my way back to the U.S.?
Finding your way back to the US is relatively easy (from what I know). Firms do lateral hiring all the time.
I believe you'll find (correct me if i'm wrong), many more people interested in transferring TO Hong Kong than FROM Hong Kong. The opportunities are definitely there although people rarely take advantage of it.
To get into a North American BASED PE/HF is definitely harder because you lack North American experience. Again, laterally transferring to a North American office will make it much easier. Keep in mind that many of these PE/HFs are looking explicitly for Asia work-experience because they are looking to invest into Asia.
I hope that answers your question.
I disagree. I've spoken with people on both sides of the fence (those who did HK->NY and NY->HK). The general consensus is that it's much harder to do HK->NY as the NY (and London) skillset is more valued and NY also acts as a signaling mechanism to potential employers of one's aptitude.
The market conditions in Asia at the moment (regulatory and otherwise) are not condusive for major PE deals, thus, you won't see the same PE activity in the region as that in the pre-crisis States. Many of the banking deals are centric around IPOs and equity offerings, which doesn't develop the best skillset for a PE jump.
I agree that this may change in the near future, but, as of yet, it hasn't.
Unless NY and HK do markedly different types of work (which I dont have the experience to speak on), I don't think its too hard.
Company's generally allow (and facilitate) analysts to transfer to other offices.
From what I hear:
It's possible to transfer after, say, 2 years and you're kept onboard for a 3rd year, you can probably ask for an international transfer (but they are expecting you to stay in banking).
It's difficult (if not impossible) to jump from HK IBD after 2 years to US PE.
These firms aren't hiring for their Asian offices so that you can use it as a stepping stone to US. They are looking to fulfill hiring needs for those specific offices.
thank you all for the response. Putting PE aside, what about lateral transferring to banking in the U.S.? I presume the chances should be better? How are laterals usually done anyway? Should I just try to apply through company websites or speak to friends/contacts? Thanks so much and I really appreciate your inputs.
If you are kept onboad with your current company for the 3rd year extension (which is pretty common in HK) you can ask for an international transfer to NY. I think it would be extremely difficult (even moreso if you weren't offered a 3rd year with your firm in HK) to lateral into a different BB bank from HK to NY.
B, I am aware of that option but the thing about my firm is that the transfer is only for 1 year. So it's like I spend 1 yr as an associate in NYC then i have to go back to HK.. it's like the program is designed so that I'll be stuck in HK forever..
Do these arguments hold for someone interested in Equities Sales/ Sales-trading?
Yea, that was my impression also. The exchange program is just to give native HK employees an international taste. As I'm also debating between offers from Asia and US, I've spoken with many people who have made similar geographic switches. The vast majority of people have told me that it's very difficult to make the switch. The couple that were able to do so were really exceptional cases.
What about the exit ops from London to US PE? Is it as easy as from NYC? Thanks guys, didn't wanna start an entirely new thread for this question...
estalol, I remember you are at Lehman? Do know William Fung? You can probably contact him for more info (he's a HK 3rd year in NY for the exchange program).
This is what a person in banking told me. If you are in banking and like ECM and DCM, then go to Hong Kong, because hedge funds in the US apparently love people with experience from Hong Kong because of all the deal flow and Hedge funds looking to internationalize their portfolios. If you are doing M&A, then New York is probably a better option, because you have better exit opportunities in to PE. So to sum it up;
ECM, DCM -> Hong Kong -> Hedge Fund M&A/Lev. Fin/Private placements -> New York -> Private equity
Of course, I expect people on this board to disagree but I am only voicing what a senior banker at a BB told me.
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