Hong Kong’s wealth management industry is working actively to address a significant talent pool shortage in order to serve growing clientele from the Greater China region, Private Banker International (PBI) has found.
Hong Kong is a key private banking hub having $800bn of AuM in bookings according to the Hong Kong-based Private Wealth Management Association (PWMA).
However, a significant talent gap exists, threatening the market’s ability to serve a growing pool of clients.
Francis Liu, regional market manager for UHNW Greater China at UBS Global Wealth Management, told PBI in Hong Kong: “Talent is a key challenge. The industry is growing at a rapid pace but there is a very limited pool of talents.
Liu added: “This especially applies to expertise in this part of the world. The Chinese economy has only started growing since the late 80s.”
He continued: “But [the economy] is still relatively young and it is hard to find seasoned, experienced, young bankers.”
David Shick, head of private banking Greater China at Julius Baer bank, said: “We have a very limited talent pool in Hong Kong. The clients are growing faster than the number of practitioners in the market.”
Shick attributed the industry’s talent shortage to graduates having a choice of many other industries that are “equally attractive for employment to them.”
In order to bridge this shortage in talent PWMA launched an apprenticeship programme with Hong Kong’s monetary authority in 2017.
The programme is an eight-week programme which lasts two summers targeting students. If the apprentices perform well, they will be offered a job at the end of it.
In recognition of the Hong Kong and Greater China wealth management market, PBI will host the 10th annual Greater China Awards Luncheon in Hong Kong this Friday (1 June). Visit this link for more information http://www.arena-international.com/pbigreaterchina/?
You can read the full Hong Kong private banking and wealth management focus in the June subscriber issue of PBI, which will be available shortly.