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Macquarie and NAB on Asian recruitment spree

25 April 2008

Simon Mortlock

Forget the US bulge bracket – Australian private banks are the new kids on the block in Asia, and they’re hiring voraciously.

Macquarie Bank launched its Asian private wealth business in Singapore in March this year to target the booming regional market. National Australia Bank is also aggressively expanding in Asia, says Sicilia Lim, a senior consultant at recruiters Robert Walters.

Lim says the Australians and other new niche entrants – such as wealth managers LGT, Julius Baer and EFG Bank – are the big hirers in 2008. By comparison, major European and US banks are taking a “more cautious stance.”

Singapore’s appeal is clear. A recent Barclays Capital survey predicted Singapore’s private banking industry will grow more than 15% per annum over the next two years.

Joseph Poon, the new head of Macquarie Private Wealth Asia, said in a statement that Singapore is the perfect place to establish a private banking presence. “It’s the world’s fastest growing private banking and wealth management centre and in the future will be one of only two global private banking and wealth management hubs, the other being Switzerland.”

James Carss, a director at recruiters Hudson, says private banking salary levels in the city state are now only about 10% lower than Hong Kong. Base salaries at VP level average S$200k-$300k, adds Lim. “The most sought-after profile is the top producing banker – typically the senior individuals who can bring high net worth clients with them, and valuable business.”

Comments (3)

The Australian banks will take a long time before it can gain the recognition and branding those tops guns of Private Banking have already established, even though many are undergoing tough times now. But people don't really care. As long as it doesn't fold like Bear, many will still rather work for the big names than going for Australian banks.

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Comments (3)

  • if Australian banks would like to enter Asia , then they should really know its culture and market first...

    tyas07 01 May 2008

    RECOMMEND Recommended 0 times | Alert Moderator

  • same old story. everyone wants the best, most experienced, highest AUM bankers to join them, which is understandable. But that only pushes up their pay, inflating their actual worth because today's clients are not dumb  to simply follow blindly their bankers everywhere they go. If nobody gives newbies the chance, there will never be new, senior professional bankers down the line! Never fails to stupefy me how these banks are always the culprits, yet complaining there are not enough 'good' bankers in the market and that their pay and demands are too high. Time to have some serious thoughts banks!

    PCF 28 Apr 2008

    RECOMMEND Recommended 0 times | Alert Moderator

  • The Australian banks will take a long time before it can gain the recognition and branding those tops guns of Private Banking have already established, even though many are undergoing tough times now.

    But people don't really care.  As long as it doesn't fold like Bear, many will still rather work for the big names than going for Australian banks.

    Branding matters 28 Apr 2008

    RECOMMEND Recommended 0 times | Alert Moderator

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