After news broke that DBS is merging its retail equity trading under DBS Vickers with the bank, four brokerages in Singapore jumped in to recruit affected remisiers. 

Brokers that are competing with DBS Vickers for business are hoping to recruit remisiers affected by the revamp at DBS Vickers. They include PhillipCapital, OCBC Securities, UOB Kay Hian, and CGS-CIMB Securities, according to local media reports. 

Last Friday, PhillipCapital put out a print advertisement just two days after the news broke, calling all remisiers and dealers to partner its brokerage house, saying it is still growing its sales force. «We are actively looking to partner these people and build up our sales force. Those who choose to partner with us can elect to focus on securities, or offer a wider range of services and products,» the advertisement said.

«They can be remisiers, financial advisors, portfolio managers or even own a franchise model,» said a PhilipCapital spokesperson, who was quoted in a Business Times report (behind paywall). 

Brokers Acted Quickly

UOB Kay Hian, the largest securities brokerage in Singapore, also did not miss a beat, inviting those with «a passion in trading to join our dynamic team as dealers or remisiers now.» The brokerage said it expects its professional equity sales dealers to manage their own portfolios of clients and assist them in equities dealings and investments in other financial products, as well as to build relationships, among other things.

OCBC Securities highlighted its remisier referral scheme ($1,000 per successful referral) in its regular e-mail notice whereas CGS-CIMB Securities Singapore's recruitment notice read: «You are valued more than you think. Continue doing what you love. Join a sales force which cares!»

Unaddressed Concerns

One remisier, who declined to be named, said he is thinking about exiting the industry due to potentially tedious onboarding processes, as his clients are based overseas. «We are in talks (with several brokers)…but I am feeling tired to port clients over.»  

Other remisiers are concerned they cannot do bonds and placements as they are under the purview of accredited investors, who do not come under the bank. Another said that there were no answers from DBS Vickers as to what would happen to the trading accounts that do not fall under the wealth platform.