Bloomberg News reports that the bank will add 25 relationship managers annually in Hong Kong and Singapore over the next five years, said Ravi Raju, Asia-Pacific head of wealth management, in a phone interview. The resulting additional 125 staff would boost total Asia-Pacific relationship manager headcount by more than 50% from the approximately 200 staff it had at the end of 2015.
“Wealth has been defined as a core business and in that context, Asia is a key market to us,” said Raju. He said the growth would be organic, and the bank isn’t looking to expand via acquisitions.
Other large banks, including UBS and Credit Suisse, are seeking to grow their wealth management businesses in Asia to cater for the expanding population of rich people in the region. Credit Suisse has announced plans to boost the number of its relationship managers in the Asia-Pacific region to about 800 by 2018, from 590 in 2015.
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