Bloomberg - These guys are getting increases of up to 30% to move jobs

Dollars Money

'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.

Hit the link below to access the complete Bloomberg News article:

Wealth Managers Are Getting 30% Pay Hikes to Defect in Asia

ING to Pay $900 Million to End Dutch Money Laundering Probe



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