The good news for private bankers working in the Middle East is that a host of international firms are eyeing expansion in the region again. The bad news, however, is that hiring’s likely to be selective, internal transfers are on the cards and many wealth managers are chasing the same pool of talent.

This week HSBC unveiled a new head of global private banking for the MENA region in Mark Stadler, who is due to start at the end of this month.

Mohammad Al-Tuwaijri, regional head of global banking and markets and private banking at HSBC was quick to talk up the Middle East’s growth prospects, describing it as “absolutely key for private banking”.

Certainly, HSBC is not alone in building its regional team. JP Morgan, which has a team of 50 private bankers in the Gulf, has stated its intention to hire “selectively” and shift people to the region as it targets growth. RBS-owned Coutts also plans to grow its regional team from 16 to 60 over the next four years and Standard Chartered has told us of its plans to recruit relationship managers in the Gulf.

The Middle East, like other emerging markets, is viewed as a growth region by wealth managers eager to access the increasing population of high net worth individuals, whose numbers have swelled by 7.1% over the last year.

But while hiring sprees in Asia often amount to hundreds of new recruits, expansion in the Middle East has a decidedly more subdued feel to it.

“There’s more movement now, and a positive sentiment around wealth management recruitment, but most banks are still highly selective,” says Magdy El Zein, managing director of Boyden Middle East. “What’s more, the focus of the banks is largely similar – people with networks in Abu Dhabi, Qatar and Saudi Arabia.”

Obviously, this means that talent is relatively thin on the ground. One solution is to transfer people within the organisation who already have links to the MENA region, rather than recruiting externally.

HSBC’s Stadler, for example, is switching from his current role as co-head of financial institutions in global banking, but has developed strong relationships in the region through this position and his previous job at ABN Amro where he had responsibility for emerging markets.

Within the UAE, private banks are looking to set up representative offices in Abu Dhabi, suggests Estelle Heimann at recruiters AP Executive. One recent example of this was Swiss private bank Clariden Leu.

“Abu Dhabi is a tough nut to crack for wealth managers new to the emirate, and most are seeking people with previous experience there. This means most private banks are chasing the same limited pool of talent, and salaries are increasing,” she says.

Another growing area within the Middle East wealth management sector is for relationship managers who can services the non-resident Indian (NRI) population, suggest recruiters.