This month Credit Suisse will be on-boarding a new batch of 43 Private Banking «Analysts» into their Singapore and Hong Kong wealth management hubs, from local and foreign universities.
In both Hong Kong and Singapore from around 2005, the fight for talented private bankers and associated wealth professionals has been a torrid affair. Such was the desperation to snatch the rare resource of experienced wealth managers that banks and bankers ended up in court in an effort to stop the widespread poaching of each others star rainmakers.
Expensive Mediocrity
Somewhere in the middle of the hiring storm savvy banks realised they could not continue to plunder rivals and were also becoming sick of paying over the odds for what was average talent.
The long term solution to be able to manage the assets of high net worth clients, in the worlds fastest growing region for wealth creation, had to be to build your own human capital resource. Zurich headquartered Credit Suisse, who had been both a victim and beneficiary, of the talent grab, decided enough was enough and established their own supply chain.
Entrepreneurs Bank
The Swiss bank has a long term commitment to their «Grow Your Own» (GYO) program, which is a crucial platform for developing long term talent pipeline for the private bank and the industry.
Credit Suisse Asia Pacific’s ambition is to be seen as the «Entrepreneur’s Bank in Asia», they have also been increasing their focus on technology and digitisation. As such, the bank identifies and values these key traits among its new Private Banking GYO recruits, with a view that they can support this ambition and bring new ideas with them.
As wealth managers across Asia are keen to develop closer relationships with the current and next generation of clients who are entrepreneurs and technologically savvy, these traits are valued.
Back to the Future
For the new recruits a wealth management veteran with over 40 years of banking experience who has worked closely with Asia's wealthy will be on hand to guide them.
Credit Suisse Private Banking Asia Pacific’s GYO Ambassador and mentor is Jullie Kan, Vice Chairman Southeast Asia, (main picture) who is a private banking veteran with four decades of experience, Kan has also been conferred the designation of IBF Fellow for Wealth Management by The Institute of Banking and Finance Singapore since 2014.
