Just a quick note on the market from 2016 and what we expect moving forward for this year. Across our three main lines, Insurance, Information Technology and Commerce (most our commercial clients are fast growing PE backed firms) we saw areas of decline and pockets of stability.
Technology continued to grow with increased emphasis from the Singapore government to help build a platform that allows Tech start ups to flourish. With increased incentives we are seeing more technical roles being situated in Singapore. This is helping build the demand across the board and the large technology and tech consulting firms have also been actively hiring. The key growth area we are seeing is the Big Data and Cloud, with salaries quickly increasing in this space.
Private Equity in 2016 was a slower area with proportionally less deals being closed, there are a myriad of potential factors from global political instability (Brexit & Trump in particular) as well as some speculation on regional economies having another correction from the GFC in 2008. Regardless of the reasons the confidence was not there for firms to close deals in multiple sectors, most of the businesses we worked with in this space were Tech firms taking on investment with most deal sizes being US$10mil to US$50mill.
Insurance firms continued to add headcount, albeit reduced from previous years, in particular industry critical hires or 'game changers' such as strategic leaders and revenue generators are in demand as organisation jostle for market share. As ever there is a steady need for industry specialists, we've seen continued demand for Underwriters, Actuaries and Claims professionals. In addition, and similar to the Technology space, MAS funding has seen an influx of Innovation Labs, particularly in Singapore, fuelling the need for experts from the Big Data and Analytics space, contributing to the current wave of innovative products now coming to market. As other financial services markets slow down there are more candidates trying to move into this space but we are seeing little need for candidates from outside the sector.
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