Goldman Sachs hired a London BofA MD for Hong Kong
Financial services hiring is perking up everywhere, but in Hong Kong it's looking particularly sprightly. Bloomberg reported yesterday that professionals licensed with the Hong Kong Securities and Futures Commission (SFC) increased at the fastest rate ever in the past four months. One of those hires was at Goldman Sachs, which has just relocated a London-based MD from a rival bank who previously spent the bulk of his career in Hong Kong.
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Nicholas Paolucci has joined Goldman as a managing director (MD) in strategic client coverage in its APAC global markets team. He spent the last three and a half years in London at Bank of America, also as an MD, where he was head of sales for APAC equities in EMEA.
Before BofA, Paolucci spent 15 years working in Hong Kong, thirteen of which were at JPMorgan. He joined JPM as a VP in hedge fund sales in 2006, and made MD ten years later as co-head of sales for Asia Pacific Equities.
Goldman was the second most prolific bank for Hong Kong hiring between July and October 2024 according to Bloomberg. It added 16 SFC licensees, compared to SMBC's 20. Goldman and SMBC may be the outliers, though. HSBC and Morgan Stanley made cuts in the region in Spring, and headhunters in the space have beenhardly optimistic.
Rather than banks, Bloomberg said hedge funds Millennium and Verition as well as asset management firm Blackrock have been hiring the most proactively in Hong Kong. Bloomberg said Chinese brokerage firm Citic Securities has been hiring most of all: it added 115 SFC licensees in four months period.
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