Property fund management is emerging as an attractive buy-side employment option in Asia. Hiring is hot in the Lion City as firms expand their property investments across Asia, says Jeremy Canning, head of Morgan McKinley’s Singapore office.

Cordea Savills is the latest specialist property fund to set up in Singapore. Starting with only two staff – including office head and former i-banker Michael Flynn – the firm plans to boost its headcount to 10 within a year.

Pacific Star is another real estate investor on the hunt for staff in both Singapore and Hong Kong, according to one recruiter who asked not to be named. The property wings of Macquarie and Standard Chartered are also boosting their Asian headcounts.

Alice Liu, a director at search firm Pelham in Hong Kong, say property fund management has been comparatively unaffected by subprime. “But while there hasn’t been much of a drop in hiring over the last year, the packages aren’t as attractive now. At the junior to mid level, there are more jobs that come without guaranteed bonuses as firms prefer to wait a year and assess performance,” she adds.

Liu says in emerging markets, such as China and Vietnam, there is demand for senior people who can set up the business and take it through the initial stages.

Canning says firms will consider candidates with real estate industry experience for roles such as relationship management of existing investments. They often poach from banks for more financially-focused jobs, such as risk specialists and heads of departments. “Property fund management firms appeal to those who want to leave the hierarchical structure of the banks and move to a role where you have a larger peer group and can contribute more,” he adds.

A head of property fund management in Asia can expect a salary in the region of US$500k to $1m, according to Liu.