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.What are these senior brokers doing in a place still deemed a frontier market by MSCI Inc.? Vietnam is a world away from Asia’s more established financial markets, where commission fees are being eroded by the MiFID regulations and stiff competition. Top brokerages still make at least 15 basis points on stock transactions, three times as much as in developed markets such as Hong Kong, where leading securities companies struggle to earn 5 basis points on institutional-client trades.Adding to the lure of sweet commissions are strong animal spirits. The Vietnam Ho Chi Minh Stock Index was Asia’s best-performing benchmark last… Read full this story
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