Private banks in Singapore pivot their hiring in 2023
Move over relationship managers: private banks in Singapore will also want to recruit more investment advisors during the busy season for hiring after Chinese New year.
As wealthy Asian clients seek more in-depth investment advice during an uncertain economic environment, recruiters are expecting an increase in hiring demand for investment advisory roles across US, European and Asian private banks in Singapore.
These jobs, which are “revenue drivers rather than cost centres”, will help to “increase efficiency and service to the existing group of clients and maintain stronger relationships”, says Gavin Teo, director of Michael Page Singapore.
Banks will also be looking to hire investment advisors to help “meet increasingly sophisticated customer demands for alternative investments such as private equity, hedge funds and ESG”, says Lim Chai Leng, general manager of banking and financial services at Randstad in Singapore.
This is as opposed to investment advisory for conventional products like equities and bonds, she adds.
The demand for ESG investment expertise follows the launch last October of the Sustainable Private Banking and Wealth Management Guidelines from the Association of Banks in Singapore, which aims to develop sustainability best practices among private banks in Singapore.
Lim also envisions a ramp up in the hiring of client onboarding positions such as KYC, account-opening and periodic-review roles to support new clients, particularly in North Asia. As we’ve previously reported, Singapore is rapidly becoming a private banking hub for mainland Chinese clients.
As with relationship managers, however, finding experienced investment advisors isn’t easy – there are growing talent shortages in Singapore. Meanwhile, a recruiter from a bank in Singapore told a recent eFinancialCareers round table that graduates now have less interest in wealth management jobs, which has stifled the supply of young candidates.
Photo by Antonio Feregrino on Unsplash
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