Sun, Jun 18, 2017 - Page 15 News List

Sun sets on British FILTH in Hong Kong as China deals beckon

By Darren Boey and Keri Geiger  /  Bloomberg

Commercial and residential buildings are pictured in Hong Kong on Thursday.

Photo: EPA

Andrew Sullivan remembers the days when a young Brit could hustle his way into a job in Hong Kong finance.

He ought to know: He did it.

It was 1996, the twilight of British Hong Kong, when Sullivan arrived with a resume that could not get him into a bank in the City of London. The former fighter pilot and chartered surveyor was soon hired as a stock analyst.

“You didn’t need a CV that was perfect,” said Sullivan, now 55.

What you needed, he said, was gumption — and the will to chase business.

However, like the Union Jack and other trappings of empire, those days are long gone. Two decades after Britain returned its last major colony, the balance of power in the territory, and its financial industry, has tilted decidedly toward all things China.

More and more, even experienced bankers are struggling to find and keep jobs if they do not speak Mandarin.

Granted, the shift was under way long before the fireworks popped over Victoria Harbor on July 1, 1997, marking the end of more than 150 years of British rule

China’s economic rise, and the world’s rush to capitalize on it, only speeded the change, and so it is that another British tradition is going the way of God Save the Queen in Hong Kong.

For years, the territory’s Chinese, and even its China-savvy expatriates, derisively called indulged Brits FILTH, which stands for “failed in London, try Hong Kong.”

Expats who might have never worked in London, Europe’s financial hub, could walk into good jobs and cut deals in the soft-carpeted confines of the Hong Kong Club or over a pint at the Captain’s Bar in the Mandarin Oriental.

Now FILTH is in terminal decline, its fate seemingly sealed by cost-cutting throughout the financial industry.

John Mullally, an executive recruiter, said that as recently as 2010, expatriates from Britain and the rest of Europe, as well as those from the US and Australia, landed 40 percent of his finance job placements.

Today, that figure is 15 percent.

“On a weekly basis I get quite a few senior bankers that 15 years ago would have picked up a job straightaway, but today they’re really struggling,” said Mullally, who runs Robert Walters PLC’s banking practice in Hong Kong.

At Citigroup Inc, Chinese students will account for the majority of university graduates the firm intends to hire full time in Hong Kong next year, said James Mendes, the US bank’s Asia-Pacific head of recruitment.

For the past two years, JPMorgan Chase & Co has hired more than 40 percent of its full-time graduates and interns for Hong Kong from local universities, a number the bank expects to increase as it ramps up business in the region.

Private banks are also looking for China-skilled staff to help them capture a slice of the country’s burgeoning wealth.

For example, Bank of Singapore Ltd, a unit of Oversea-Chinese Banking Corp, hired 20 Mandarin-speaking relationship managers in Hong Kong this year.

Scarce, too, for expats are perks like generous housing allowances and memberships to such elite clubs as the Royal Hong Kong Yacht Club.

Ben Quinlan hardly qualifies as FILTH. However, he has felt the walls close in. Born in Hong Kong and educated in Australia, he does not speak Mandarin.

When he returned to Hong Kong in 2007, he hoped to land a job in investment banking. Instead, he had to settle for one in internal strategy at UBS Group AG, where speaking Mandarin was not a requirement.

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