Brokers, Miffed by MiFID? Try Vietnam
The frontier market’s securities boom is luring overseas professionals.
New construction in Ho Chi Minh City. Vietnam offers fat brokerage commissions and no shortage of animal spirits.
Photographer: quangpraha/iStockphoto/Getty Images
Brokers tired of dwindling bonuses may find riches await them in Vietnam.
Local securities companies have been making some high-profile hires in recent months. Mike Lynch, formerly a managing director at CIMB Group Holdings Bhd. in New York, moved to Ho Chi Minh City just over a year ago to head institutional equity sales at Saigon Securities Inc., the biggest local brokerage. Joining Lynch half a year later was Lawrence Heavey, who has a decade of Asian equities experience at CLSA Ltd. Other houses aren’t far behind. Ho Chi Minh City Securities Corp., one of Vietnam’s big three brokerages, in January brought on board Stephen McKeever, who led Asia ex-Japan’s equity sales at Mizuho Securities Co. in Hong Kong.