[Article from eFinancialCareers Singapore, 3 June 2009]
The stereotype of the private banker in Asia is not the grey-headed Swiss-style industry veteran, but the attractive young charmer. Although banks have very recently been scrambling for senior relationship managers, their former hiring polices have created a largely youthful wealth-management workforce.
Just ask headhunters, many of whom say that in Singapore they have dealt with fully fledged private bankers in their late 20s or early 30s. These people would probably have been junior bankers if they were working in Europe.
“Private bankers do seem to be younger here than their counterparts in other parts of the world,” says Singapore-based Deborah Sawyer, managing partner of search firm Odgers Berndtson.
So why are private bankers so fresh faced? Despite the intense competition that graduates are under when applying for a private banking job in Singapore, recruiters estimate that banks there have made more than 300 entry-level hires in the past two to three years. And firms such as Credit Suisse run wealth management training programmes in the city state.
Another reason for the age differential is because large private banks like UBS took on lesser-experienced "privilege" bankers in an effort to boost their Asian headcounts during the 2005-2007 boom.
“They’re customer bankers or relationship managers at branches and they are promoted to handling premium customers and then they work their way up,” explains Annie Yap, founder of search firm AYP Associates.
Is having a young headcount such a bad thing? The policy has backfired on the likes of UBS which has had to cull those former privilege bankers who failed to make the grade. Now firms like Credit Suisse and Standard Chartered are demanding experienced professionals with bulging books of clients.
But private bankers defend their trade. Only top graduates are recruited into wealth management trainee programmes, so there is quality control.
"We do hire bright, young talent whom we train for various functions, including our three-year analyst programme. But we also have senior, highly experienced, battle-tested bankers who have seen the ups and downs of the market," says Morgan Stanley’s managing director of its private wealth management business in South-east Asia, Tan Su Shan.
The stereotype of the private banker in Asia is not the grey-headed Swiss-style industry veteran, but the attractive young charmer. Although banks have very recently been scrambling for senior relationship managers, their former hiring polices have created a largely youthful wealth-management workforce.
Just ask headhunters, many of whom say that in Singapore they have dealt with fully fledged private bankers in their late 20s or early 30s. These people would probably have been junior bankers if they were working in Europe.
“Private bankers do seem to be younger here than their counterparts in other parts of the world,” says Singapore-based Deborah Sawyer, managing partner of search firm Odgers Berndtson.
So why are private bankers so fresh faced? Despite the intense competition that graduates are under when applying for a private banking job in Singapore, recruiters estimate that banks there have made more than 300 entry-level hires in the past two to three years. And firms such as Credit Suisse run wealth management training programmes in the city state.
Another reason for the age differential is because large private banks like UBS took on lesser-experienced "privilege" bankers in an effort to boost their Asian headcounts during the 2005-2007 boom.
“They’re customer bankers or relationship managers at branches and they are promoted to handling premium customers and then they work their way up,” explains Annie Yap, founder of search firm AYP Associates.
Is having a young headcount such a bad thing? The policy has backfired on the likes of UBS which has had to cull those former privilege bankers who failed to make the grade. Now firms like Credit Suisse and Standard Chartered are demanding experienced professionals with bulging books of clients.
But private bankers defend their trade. Only top graduates are recruited into wealth management trainee programmes, so there is quality control.
"We do hire bright, young talent whom we train for various functions, including our three-year analyst programme. But we also have senior, highly experienced, battle-tested bankers who have seen the ups and downs of the market," says Morgan Stanley’s managing director of its private wealth management business in South-east Asia, Tan Su Shan.
