APRIL 2014 M A R K E T U P DAT E P R I VAT E B A N K I N G - E U R O P E
INTRODUCTION As part of our commitment to provide our clients and candidates with regular, up to date, industry specific market intelligence, we are delighted to present Carlton Senior Appointmentâ€™s April Market Update for Private Banking within Europe.
SIGNIFIC ANT RECRUITMENT DEVELOPMENTS A lot of the large scale banks have either finished completing mergers or are pulling out of non-priority regions. The large major banks with a strong retail presence have begun to remove resources from the wealth management sector and focus almost solely on retail customers. Barclays, HSBC and Lloyds in particular, have gone through large scale restructuring which has been geared towards this. However, banks that have traditionally been seen as specialist institutes (eg Lombard Odier, Julius Baer, UBP) have grown fairly aggressively via acquisitions. This has meant that although hiring has picked up slightly over the past quarter, it has been offset by an amount of consolidation across the board.
HIGH GROWTH HIRING AREAS ACROSS MARKETS / PRODUCTS Bankers covering the African markets have been of particular interest recently, whereas (due to political instability) markets such
as Russia and CIS regions have fallen in popularity. There has been a vast increase in the total UHNWâ€™s in the African regions, with a lot of the Wealth Generation stemming from new entrepreneurs; and therefore providing better banking opportunities, with a greater chance of growth. The Middle East market has also begun to gain traction. This will be mainly due to the increase in stability within the region over the past 2 years, and also the up and coming World Expo in Dubai â€“ which has helped provide various investment opportunities.
GEOGRAPHIC AL HIRING TRENDS The UK has seen the highest amount of hiring compared to its international counterparts. This goes hand in hand with the upturn in the economic performance of the country as a whole. Hiring within the Swiss market has also risen, but at a much lower rate. This is most likely to be attributed to the constant changes in the Swiss regulatory framework.
HIGH DEMAND SKILL SETS/ EXPERIENCE Managers with a strong base with legal and tax backgrounds have become increasingly popular, as these managers are better equipped to deal with the changing face of the wealth management environment.
As usual, managers with a strong commercial
background and a track record of transferring clients will always be in demand.
ROLES IN HIGH DEMAND The bulk of the wealth management hiring remains continues to lean towards revenue generating roles â€“ but as the market begins to pick up, we will begin to see the popularity of support roles rising.
SENIORITY LEVELS IN HIGH DEMAND Director/Exec Director level roles have been in high demand, as banks continue to look towards senior bankers with a proven track record. More junior profiles are still seen as a risk in an environment where generating revenue as quickly as possible is key.
HIRING FOREC AST FOR THE MARKET IN Q2 2014 In Q2, Switzerland is expected to begin to catch up with the UK in terms of hiring; with growth continuing within banks that focus on the emerging markets. As mentioned earlier, banks will begin to hire more on the investment and wealth/tax planning side, to supplement the growth in clients and number of wealth managers. In terms of seniority, banks will stick to hiring those on the more senior end of the spectrum (bar the larger institutions like UBS), as the industry is still some way from being able to expand at the lower level.
JOB SEEKER ADVICE Candidates looking for a new role within the private banking sector should be open minded; the bigger banks are no longer the force that they once were, and bankers need to consider clients that have particular scope to grow within their own particular specialist area.
HIRING ADVICE Clients should have a clear defined strategy as to how they will be growing the segment. Bankers are now looking for banks that are able to offer a competitive advantage; so a “one size fits all” approach is becoming very unpopular.
NOTEWORTHY MARKET TRENDS One of the major trends that we have seen over the past few months – and will continue to be a major component within wealth management, is the advancement in the use of technology for private banking clients. This is an area that has seen a vast amount of investment, as HNWI have become more technologically savvy and demand more from their bankers. Institutes looking to grow within newer/ fresh markets must be able to provide a strong platform for clients in order to compete efficiently.
ABOUT C ARLTON SENIOR APPOINTMENTS Carlton Senior Appointments are market leading specialists within the Wealth Management and Trusts market. As a brand we believe our exclusive focus within this market place has enabled us to consistently deliver above our more generalist competitors.The team within Carlton Senior Appointments contains experienced consultants who work purely within these markets, developing an in depth understanding of their specific geographical segments. We offer both Contingent Recruitment and Executive Search, as well as Market Intelligence services.
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