100,000 new jobs within Ten Years for the City's Financial Sector

According to Toscafund Asset Management, one of the City's best-known hedge funds, London's financial sector is set to be boosted by the economic growth of emerging market countries creating 100,000 jobs in ten years.

Tosca's predictions are in stark contrast to top industry commentators who believe that London's finance sector will be hit hard by the Governments latest drive to tax city slickers and put a stop to city bonuses. Some of the large funds such as BlueCrest Capital have already relocated staff to Switzerland amidst the 50% bonus taxation.

However, research carried out by Tosca suggests the city will attract new business from the growth of the 'Bric' (Brazil, Russia, India, China) nations because of London's existing financial infrastructure and expertise in areas such as insurance, accounting and law.

The report highlighted that the FTSE (Financial Times and the London Stock Exchange) already has the highest number of foreign companies listed in the world, stating that natural resource companies and huge commodity firms across Africa and Latin America had already opted for the London Stock exchange over the US.

Chief economist at Tosca, Savvas Savouri who predicts a rise of 100,000 new jobs in the City within ten years said that 'there are too many aspirational economies which don't have infrastructure of their own. London has an affinity with India, with the Gulf and even with China – via Hong Kong. These markets will want a western hub'.

Mr Savouri's forecast is partly based on the growth of the Japanese banking sector in London in the last 20 years. A similar per capita representation of emerging economies in the city would create 180,000 new jobs.

Job Centre Vacancies says: Tosca's view on the city's future seems to contradict the majority but seems highly plausible. New growth economies lack financial infrastructure and will look towards the west for security and expertise. If you are looking for a career in the city then look to gain experience in emerging markets to keep you a step ahead of competition.

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