Top India dealmakers earn 37% more than Singapore peers

Heads and directors at investment banks in the South Asian nation’s major financial hubs, such as Mumbai and free trade zone GIFT city, are paid 24% more than their peers in Hong Kong and 37% higher than in Singapore.

By Gabrielle Ng

Senior dealmakers in India are earning more than their counterparts in Singapore and Hong Kong, according to Bloomberg Intelligence, as global firms boost pay to attract top talent in the world’s fastest-growing major economy.

Heads and directors at investment banks in the South Asian nation’s major financial hubs, such as Mumbai and free trade zone GIFT city, are paid 24 per cent more than their peers in Hong Kong and 37 per cent higher than in Singapore, according to Bloomberg Intelligence’s analysis of a survey by recruiter Michael Page.

For the year, India’s bankers are set for pay rises of more than 9 per cent, compared to 4-5 per cent in the two Asian cities, Bloomberg Intelligence senior analyst Sarah Jane Mahmud wrote in a note Tuesday. The report cited survey data from consulting firm Aon.

India is seeing a boost from a rebound in investments even as global trade uncertainties weigh on the country’s broader outlook. Foreign lenders such as Japan’s Mitsubishi UFJ Financial Group Inc. are continuing to expand in the South Asian nation, while Julius Baer Group Ltd. is seeking to triple the wealth assets it manages, the Bloomberg Intelligence report said.

Investors have refocused on India’s lower relative exposure to the US during the recent turbulence in global trade policy. M&A volumes have picked up and dealmakers say the country is well positioned to lure more overseas capital from private equity and sovereign wealth funds.

While India has higher income tax rates than Singapore and Hong Kong, its lower cost of living may be a draw, according to the report.

Pay for wealth managers in India, however, continued to lag behind that of Hong Kong and Singapore by 47-58 per cent, only a slight improvement from last year, the report showed.