Females are playing an increasingly greater role in private banking, whether as employees or clients. In celebration of International Women’s Day, finews.asia spoke to leading industry players about their views on the topic and related initiatives underway.
When it comes to female representation, there is no shortage in Asia’s private banking industry especially amongst senior employees.
At Julius Baer, for example, 45 of its workforce in the region is female, including 35 percent of group heads as well as 41 percent of MDSA (managing director senior advisor) and above. 40.5 percent of employees who are managing directors or above at Bank of Singapore are females. At HSBC Global Private Banking, 47 percent of its senior leaders in the region are women. At Pictet, this figure exceeds 50 percent.
Why the Prominence?
But why are women so prominently featured in private banking? According to Edith Wong, head of ultra-high net worth segment, North Asia, global private banking at HSBC, this may be due to distinctive characteristics of the gender.
«Women bring unique strengths to this role, such as empathy, sensitivity to client needs, and strong communication skills, which are essential for building trust and fostering long-term relationships with clients,» Wong explained. «These attributes are especially valuable when working with female clients and the next generation, who are increasingly involved in wealth planning, legacy discussions, and philanthropy.»
Developing and Promoting Talent
In addition to celebrating current successes, private banks have also been actively developing various initiatives to further a pipeline of future leaders.
At Pictet, for example, it has established several partnerships with non-profit diversity associations that advocate for promoting career opportunities among under-represented talent. To address the cultural issue of hesitation among women in Asia to advertise their own potential, Julius Baer removed self-nomination from its promotion process leading to more women stepping into leadership roles.
«We believe that to eventually reach true gender equality across the organization we need to ensure that we continually identify and develop a pool of talented female professionals who will be the next generation of leaders,» said Ann Mirjam Levy Duvernay, CEO Hong Kong branch at Banque Pictet & Cie.
Female Networks
While overall support is necessary, there are often no better alternatives than firsthand experience. To this end, private banks have formed various networks to connect their female workers internally.
At Julius Baer, its Women@JB employee network provides a space to connect and share experiences via career workshops or informal meetings. In 2020, the Bank of Singapore Women’s Network was formed with close to 250 members globally dedicated to empowering and supporting female colleagues.
Working Mothers
One key topic for many women is the challenge of juggling their additional responsibilities as mothers. Private banks have also sought to provide related benefits and initiatives to cater to such family needs.
At DBS, there are flexible hours and hybrid work options under the 60:40 guidelines for working mothers, if the role allows. Aside from parental benefits, Julius Baer’s Parents4Parents Community also offers peer support, mentorship and guidance for working parents. In partnership with mental wellness solution provider Workplace Options, OCBC provides a program that offers online resources, webinars, workshops, life coaching, wellness coaching, counseling sessions and more to to employees as well as their spouses, children, parents and siblings.
«In many Asian cultures, there’s a saying: 'A mother’s arms are the first cradle, but her responsibilities stretch far beyond’,» said Ann S. Lee, head human resources Asia, Julius Baer. «As a working mother myself, I recognize the delicate balance between career and family responsibilities.»
Growing Client Segment
Women are also becoming increasingly prominent clients as they take over a growing share of assets globally. According to a BCG report, females hold around one-third of the world’s wealth. This requires a greater understanding of women as clients not only to capture market share but also because they have their own unique needs and preferences.
«Female clients prioritize long-term planning, sustainability, and investment impacts on future generations. They seek holistic advice that blends financial, family, and lifestyle goals. The industry must adapt to offer tailored services for this growing demographic,» noted Teresa Lee, chief executive Hong Kong and region head North Asia, UBP.
DEI Retreat
Elsewhere, there is a shrinking focus on diversity. Under President Donald Trump, there is a retreat of activities related to DEI (diversity, equity and inclusion) in the US in both the government and the private sector. However, momentum is expected to remain strong in Asia.
«When it comes to Asia, governments, organizations, and individuals are increasingly recognizing the importance of DEI. In recent years, there has been a growing commitment to DEI, with approaches and progress varying across different countries and regions,» said Adeline Ang, global head of human resources, Bank of Singapore .
«As we look to the future of women in finance across Asia, I encourage aspiring professionals to challenge prevailing societal norms,» added Carol Wu, head of private banking, North Asia, DBS Bank (Hong Kong). «It is crucial not to allow external expectations to limit your potential. When opportunities present themselves, embrace them with confidence, even when they seem intimidating.»
