'It’s a crazy market'.
Bloomberg News reports that competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to a rival are getting increases of 30% or more in Hong Kong and Singapore, according to private bankers and recruiters.
“It’s a crazy market,” said Derrick Tan, head of Greater China and North Asia at Bank of Singapore, the private bank of Oversea-Chinese Banking Corp., which aims to double the number of relationship managers it has in Hong Kong and Singapore within two years. “Every day we’re still discovering new high-net-worth clients.”
The two cities, the region’s biggest private banking hubs, probably have fewer than 10,000 licensed relationship managers, according to Credit Suisse, the region’s third-largest private bank. Last year, almost 2,000 new millionaires were minted every day in the region, according to data from Capgemini SE.
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