Bridging Markets and Talent: Amethyst Partners' Role in Shaping Asia's Financial Recruitment Landscape

About Loretta Chan

Loretta Chan is the Managing Director of Amethyst Partners, specializing in talent management and recruitment within the banking and financial sectors across the Asia-Pacific region. With over two decades of experience, she has developed a deep understanding of the industry, enabling her to connect top-tier candidates with leading firms.

Loretta’s meticulous approach to recruitment emphasizes building relationships and ensuring the perfect fit between candidates and organizations. She is dedicated to empowering professionals by guiding them toward growth opportunities that align with their values. Through her leadership, Loretta continues to shape the future of recruitment, driving success for both businesses and candidates alike.

About Amethyst Partners

Amethyst Partners is a leading recruitment and executive search firm dedicated to connecting top talent with opportunities in the banking and financial sectors across the Asia-Pacific region. With a commitment to excellence, the firm specializes in talent management solutions tailored to the unique hiring needs of its clients.

Leveraging years of industry experience, Amethyst Partners employs a meticulous approach that combines an extensive network, technology, and comprehensive screening processes to identify candidates who not only possess the right skills and qualifications but also fit the cultural dynamics of the organizations they join.

The firm prides itself on being more than just a recruitment agency; it serves as a trusted partner to businesses and candidates alike, focusing on fostering long-term relationships that drive growth and success. By aligning the objectives of businesses with the aspirations of individuals, Amethyst Partners plays a vital role in shaping futures and unlocking potential within the dynamic landscape of the financial services industry.

Amethyst Partners and COPFA

Mike Sim: How does Amethyst Partners differentiate itself in the recruitment landscape?

Loretta Chan: Amethyst Partners has a specific focus in industry sector.? We specialize in the Asset Management, Fund Services, Insurance, Trust and Fiduciary industries.? ?

Our consultants have many years of experience in the recruitment industry that allow us to provide market trends and updates to our clients as well.??        

In addition, we have presence in Singapore, Hong Kong, Malaysia and India, we are able to respond quickly to provide regional talent solutions to our clients.

Mike Sim: What values and principles guide your approach to recruitment at Amethyst Partners?

Loretta Chan: We believe in building long-term relationships with both our clients and candidates, so that we can have a win-win for both – the candidate gets a good opportunity for career growth, and our clients get the talents that they need. As each organization has its own business models and cultural dynamics, we strive to understand our clients’ profile and their hiring needs so that we can customize a talent-sourcing strategy for them.? ?

Sometimes clients may not know exactly what kind of candidates they need,

or the kind of talent that they are looking for may not be available in the market at the point in time, so we will share and explain to them the market situation and guide them through their various options.? Ultimately, we aim at providing talent solutions to clients that make a positive impact to their business.? At the same time, we aim to help candidates to find opportunities to build their career in the long run.

Mike Sim: How do you see the role of organizations like COPFA in supporting recruitment and talent management in the financial services sector?

Loretta Chan: COPFA connects Chinese fund managers, they support their professional development and facilitate their access to international market.? COPFA can provide them guidance and advice on how to set up overseas offices including talent requirements in different jurisdictions, and how the talent market different compared with the mainland China market.? All these would help the Chinese fund managers to have a better understanding of the international market practice that could help them attract and retain talent effectively.

Mike Sim: Can you discuss any collaborative efforts between Amethyst Partners and COPFA to promote best practices in talent acquisition?

Loretta Chan: Amethyst Partners and COPFA share the same vision that talent is important in the progress of the asset management industry.? We provide market intelligence and updates on the talent market situation to COPFA, so COPFA can in turn customise their education and training programmes to its Chinese fund manager members in line with the market situation.? When these fund managers go overseas, they will be in a better position to comprehend the local market situation and adopt the local talent market practice.

Challenges and Experience

Mike Sim: What are some of the biggest challenges you've faced in the recruitment industry, especially in the financial and asset management industry

Loretta Chan: Like all sectors, the financial and asset management industry has been evolving, due to economic trends, technology innovation and political situations etc.? ?

We have also seen the emergence of new jobs which did not exist in the past where new skills are needed.? It makes recruitment challenging as there are not many candidates who have such new skillsets / work experience.?         

For example, around 7-8 years ago we were working with an international proprietary trading firm that they were looking for an operations candidate with crypto / digital asset experience, and the candidate pool in Singapore was limited during that time.?

We had to brainstorm other search direction and expand our search to other countries to source for relevant candidates.

Similarly, the tight manpower situation can also apply to clients that are setting up new operations in another country or jurisdiction, where the local talent pool is not able to meet their needs at that time.? For example, recently there is a trend for asset management and fund services industry expanding their presence to Malaysia.?

The local talent pool with alternative asset class exposure such as private equity funds is currently limited especially for senior levels.?

Hence when we recruit for these clients, we have to brainstorm various recruitment strategies to cope with the hiring.

Another challenge would be finding candidates with the right mindset and culture fit as each client profile is different.? We have clients that they plan to start from a small office environment, they would usually prefer candidates that are all-rounded and have an entrepreneurial mindset as they may need to involve in different tasks when necessarily.? Some clients even prefer certain language skills as to communicate with the headquarters effectively.? Other clients could be international and institutional, they would prefer candidates with similar pedigree and overseas exposure etc.

Mike Sim: How do you adapt your recruitment strategies in response to changes in the economy or the job market?

Loretta Chan: We need to stay agile.? We keep track of the market trends that helps us to understand how these trends could potentially affect the economy and the recruitment direction.? We are constantly in touch with industry professionals in order to understand their business and their jobs, and monitor people movement closely.? This helps us to respond to the market quickly.

We also need to be creative and think out-of-the-box.? In this changing-economy, very often there are new jobs or new skillsets evolved.? When we look at candidates, we cannot simply “check the boxes” to determine a good fit, especially when candidates with new skillsets are limited.?

We will need to be flexible to assess their potential, whether or not they have transferrable skillsets and good attitude that can be applied for these emerging roles.? ?

At the same time, we will also need to educate our clients to be open-minded to consider ‘unconventional” candidates who they may not meet all criteria but they demonstrate potentials for the roles.

Mike Sim: What skills or qualities do you believe are essential for a successful headhunter in today's competitive environment?

Loretta Chan: A successful headhunter should have a positive learning attitude and be open to learn new things, especially in a fast-changing environment.? More than a decade ago we seldom heard of digital assets, ESG, python, family offices etc but they are very popular in recruitment scene now.? Hence, we need to constantly keep learning so to keep up the fast pace in the industry.??

To do so , an inquisitive mind is important. ?A good headhunter should be genuinely interested in understanding people and the business of organizations.?? For example, what are the strengths, career interests, cultural and working style of each candidate?? What is the business nature of each company, how do they differentiate from other competitors and what are their edge in attracting talents?? The inquisitive mind can help us to be detailed-minded and provide a personalized customer service to clients.

Motivation and persistence are also important.? It takes time to search for suitable candidates for clients, and it also takes a lot of effort in managing expectations between candidates and clients.? Sometimes we may need to restart the search as the client direction may have changed etc.? All these we need to have a positive mindset and be motivated to drive ourselves to get things done.?

Mike Sim: How has your experience in international recruitment shaped your perspective on talent acquisition in Asia?

Loretta Chan: My experience in international recruitment has equipped me with a broader and macro approach.? It puts me in a better position to explain the different talent market situations to clients and advise the appropriate talent search strategies for them.? For example, the talent profiles and skillsets vary across China, Hong Kong, Singapore and Malaysia.? The working style, salary expectations etc are different.? I find that clients value the market intelligence as it helps them to formulate talent strategies effectively.

My international exposure has also allowed me to better understand where our clients and candidates are coming from.?         

We work on many regional searches such as clients and candidates from China or Hong Kong to setting up operations in Singapore or moving to Singapore, or vice versa;.? And as I have moved from Hong Kong to Singapore, I can share with them the difference in living conditions, culture dynamics and work culture etc.? My experience helps me to resonate with clients and candidates.?

Advice and Insights

Mike Sim: What advice would you give to candidates looking to stand out in the competitive job market?

Loretta Chan: ?In this fast-evolving industry landscape, we should constantly review and identify our own strengths or competitive edge. ?We have to take ownership of our careers. ?We have to think about how we are positioned in the market, identify what we want to do and the skills needed, so we can build up our skillsets and portfolios, and showcase how we could add value to our current and future employers, in line with our own career goals.

Candidates also need to be forward-looking and open minded, depending on their circumstances. Many people had also talked about how the market landscape had changed to cater to candidates’ preferences for flexibility, but firms are also shifting their preferences for candidates who are highly adaptable and versatile, and yet are willing to support the company’s direction. For example, while there is a broad trend towards hybrid work arrangements, but we are also beginning to see some reversal to this trend, there are some firms requiring their staff to return to the office. Candidates need to weigh the trade-offs between flexible work arrangements against the company’s corporate contexts accordingly.

Just as important is to sharpen soft-skills such as communication skills, leadership skills, client servicing skills etc.? Technical knowledge sets a good foundation and it can be learned along the way, but when we move up the career ladder, soft-skills play a more important part as people management, interpersonal and communication skills are essential in our interactions with both clients and colleagues.

Regardless, having a good attitude, being humble, respectful, genuine, sincere and honest are universal virtues that would set you apart from others.

Mike Sim: How can companies better position themselves to attract top talent in the financial services sector?

Loretta Chan: Companies that can clearly articulate their vision, business direction and company culture tend to attract more talent.? It will give candidates a better picture of how their career development can be aligned and grown with the companies.

Talent also treasures open and transparent communication.? Their voice is heard by the senior management, and the management is also open to share the business situations.? It makes candidates more engaged in the company’s business and they will feel respected.

To a certain extent, candidates feel more appreciated when companies offer some kind of benefits that take care of their staff welfare. Companies who are willing to invest in training & development, having a consistent and transparent policy to enhance an inclusive and collaborative work environment, will be a preferred choice for candidates.

Mike Sim: What trends do you foresee impacting the recruitment landscape in the next few years?

Loretta Chan: The first is the impact of emerging new job roles and limited talent pool on hiring. Like what I shared earlier, we have seen emerging job roles, and it takes time to build up a talent pool. So what are companies going to do about it in the early stages? Identifying those that have baseline skills is essential, but more importantly, companies must be able to identify people with the potential, although they do not have the full skillsets yet, but they are adaptable to learn or pick up new skills/knowledge to cope with the ever-changing market in the future, and attract them to join to build up their business.

Related to the first challenge is the second challenge, which is applicable to all companies, is the challenge in identifying a right-fit talent. How do we know whether a talent is a right-fit, adaptable or resilient? We can look at their skillsets, their resume, their background, but we will never be fully sure. So we need to be able to find ways to assess whether they can fit the company culture, and even if they do not have full skills-fit but if we assess they have a good chance to be a fit for the company’s values and mission, do companies want to take the chance?

The third challenge is that the recruitment process will need to be faster. With competition for manpower, it would mean candidates would have several options, esp. for roles that are highly popular. Companies cannot wait too long to decide to hire, or they may lose the potential candidate to competition.

Mike Sim: How do you approach talent management to ensure candidates are aligned with a company’s long-term goals?

Loretta Chan: Firstly, it is essential to develop a good understanding of both clients and candidates. This is where recruiters like us come in, as we spend time with both candidates and clients beyond the interview room. ?Having open communication with them allows me to delve deeper into the ultimate goals both are looking to achieve. ?

Rather than simply relying on job descriptions from clients or resumes from candidates, we regularly check in and form continuous engagements.

Candidates’ priorities can shift as they enter different phases of lives, organization objectives can also change in response to market conditions. The constant communication and open conversations we engage in regularly helps to align long-term goals of both parties.

Future Outlook

Mike Sim: What opportunities do you anticipate in the financial and asset management industry over the next 3-5 years?

Loretta Chan: The market will continue to focus on alternative asset investment.? The market is volatile and investors look for diversification, alternative assets such as private equity, venture capital, private credit, real estate etc will continue to gain interests.

There will be growing interest in sustainable and impact investment such as renewable energy, decarbonization etc.

Technology innovation will continue. ?Digital platform, AI, blockchain, systematic trading etc will continue to be applied in the investment and risk management.

Mike Sim: How do you plan to scale your services at Amethyst ?Partners as the market evolves?

Loretta Chan: As we believe in industry specialization, we will continue to focus on our core strengths but we will expand our coverage from asset management to other industries such as trust and fiduciary, real estate, insurance etc, and we will also continue covering cross-border recruitment as well as local recruitment.

We will provide a comprehensive and holistic recruitment service to fit the company’s developmental stage, from new start-ups to established business models.? For example, we understand that when clients start their business, they will first need administrative or personal assistant type of positions to help set up the office.? After that they will then gradually build other functional teams, and we can support them throughout their journey.?

Thank you Loretta for taking time to share your valuable insights and experiences.

Mike Sim

I am one of the billions of LinkedIn members online that post on a regular basis, I interview CEOs, entrepreneurs and talks about entrepreneurship in fund management, follow me and comment so we can have more conversation.

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