APRIL 2014 M A R K E T U P DAT E P R I VAT E B A N K I N G - A S I A
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 Appointment’s April Market Update for Private Banking within Asia.
SIGNIFIC ANT RECRUITMENT DEVELOPMENTS The market is currently witnessing a lot of consolidation by banks and of M & A’s. Team movements seem to be the flavour of the season; with at least 5 already taken place this year. The talent pool is shrinking and the massive gap in demand and supply is ever increasing. There appears to be a shortage of high-quality bankers, and with the shift in the balance of weight in terms of the influx of cash into the East this could be a hinderance in the coming future. Organisations would have to look at offshore bankers to get onshore in Singapore in order to satiate this demand.
HIGH GROWTH HIRING AREAS ACROSS MARKETS / PRODUCTS The markets and roles which saw the highest amount of hiring were as follows: the NRI (Non-Resident Indian) Market, the UHNW Market, EAM relationship managers.
GEOGRAPHIC AL HIRING TRENDS SEA – Singapore saw the highest hiring in Q1, yet the Middle East is starting to pick up.The number of smaller boutique banks looking to hire/ expand in Asia is rapidly on the rise.This is a clear indication of the shift of wealth from west to the east.
HIGH DEMAND SKILL SETS/ EXPERIENCE Candidates with experience as Revenue Generators covering South East Asian markets were highly sought after in Q1. Moreover, Private bankers with the ability to move big books and teams have seen to be in the highest demand. Bankers who have good sized books and the ability to move these books quickly is of the utmost importance. Additionally, ensuring that the clientele that they are moving are based in countries where the bank they are moving to is not exiting these markets, or has also exited these markets. With the number of changes in regulations this is critical.
ROLES IN HIGH DEMAND The roles with the highest demand include; Client Advisors/ Revenue Generators, European Talent, and On-shore Chinese Talent.
SENIORITY LEVELS IN HIGH DEMAND Director/ Executive Director levels were preferred in Q1, but large scale hiring across all levels of seniority was apparent.
HIRING FOREC AST FOR THE MARKET IN Q2 2014 There is likely to be continued hiring for the rest of the year due to the shortage in talent in Asia, NRI, European, UHNW, Family Office, and EAM.
JOB SEEKER ADVICE In today’s market it would help candidates to be honest and sincere with their recruiter; he/she can make the difference between an ‘ok’ pay rise to an astounding one. Candidates should recognise that the recruiter is representing them and would like to do so in the best way possible. In private banking, trust is something which takes time to build, thus honesty is imperative.
HIRING ADVICE Organisations should open their outlook to the background of bankers; they should not turn away more retail focused bankers or investment advisors when both have shown ability in the past to become top producers. Furthermore, companies should be realistic in their demands and think out of the box when hiring. Before the decision is made whether or not to even interview a candidate on the basis of their CV, knowing the business area is imperative. It would be helpful for clients to meet their recruiters first, as an HR manager would introduce the recruiter to the line manager, in order to get to understand their needs better. When rejecting a candidate for whatever reason, have a valid reason and structured reply. After an interview, giving solid tangible feedback is also something that is important.
NOTEWORTHY MARKET TRENDS Candidates and clients should take note of the increased hiring in the NRI segment as Indian wealth has sky rocketed over the past year. European money is still landing in Asia, so demand in the European UHNW is still high as long as it is tax compliant. Mergers have shown that if the banks are not making big strides from the offset they will go under. It is important to consider new banks on the scene from mainland China and a few from Europe i.e. BIL.
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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