eFinancialCareers

Equity researchers are in for some good times as their demand soars in the UAE and Middle East.

Morgan Stanley has created a Dubai-based equity research team to bolster its Middle East operations. The team will be lead by Sean Gardiner and will be joined by three new hires: Mai Attia, Marwa el Sheikh and Tamman el Barbir.

Analysts at management consultancy company McKinsey said in a June report on the Gulf region's wholesale banking market that corporate and investment banking opportunities within the Gulf Cooperation Council's six states look increasingly attractive. They expect a wave of mergers and acquisitions in the region and say it is likely to lead to a "rippling" into other industries.

Gulf banks have been more willing to look at alliances with Western banks, and Citi, Deutsche Bank and HSBC have set up partnerships with established Gulf players, with equity researchers among the beneficiaries.

"There is demand for high-calibre asset management and sell-side equity research – particularly within hedge funds," says Russell Adam, managing director at search firm Akamai Financial Markets Executive Search (Dubai) Ltd.

"'There is increased demand for equity researchers in the UAE, a trend that we expect will continue over the next 18 to 24 months," confirms Barbara Van Meir, director of the financial services team at search firm WoodHamill Ingram

"Many of the international banks associated with the DIFC have recently made regional and international hires to equip research teams in Dubai. Typically, they have been small in size initially – from three to six people," said Will Hauxwell, associate director at Charterhouse Partnership.

Nevertheless, compensation has not yet reached the level equity researchers could expect in more established financial centres such as London, and this is accentuated at the senior levels. An equity researcher with one to three years' experience can expect a tax-free salary of US$50k to US$85k, plus housing allowance and bonus.