Singapore  - Headhunters in five emerging markets worldwide predict that costly international staff will be replaced by locals, returning nationals and regional talent within the next decade, a study said on Wednesday.

Conducted by the Association of Executive Search Consultants (AESC), the study gathered responses last month from 62 executive search professionals from China, India, Brazil, Russia and the Middle East.

Ten years ago, 54 per cent of the respondents said that most senior executive roles were filled by international expatriates, said the findings in The Business Times. Only 8 per cent thought that this group would still be doing so in 2013.

The market for expatriates took off when major emerging economies began growing rapidly, the New York-based firm said. When the markets started to mature, so too did the pool of talent that could be hired locally.

"The global market for senior executives is not completely borderless," AESC president Peter Felix was quoted as saying. The fact is that 'cultural fit" continues to be a barrier, both for multinational companies hiring locals and for those returning to their home countries to work."

Private banks emerged as the most sought after in the financial services sector, the study said.

"In terms of positions, risk managers and sales/fundraisers have been the most sought after, and traders the least," it said.

The majority of respondents said initiative was the management quality most lacking in high-growth markets.

Other qualities mentioned were leadership, initiative and motivation. (dpa)