If you’re thinking about changing jobs in the private banking sector in Asia, you’re probably wanting to move to a firm where both assets under management (AUM) and headcount are growing. If so, you may want to send your CV to DBS.
Although the Singaporean firm ranks behind UBS, Citi, Credit Suisse, HSBC, Deutsche Bank, J.P. Morgan and Julius Baer in total Asian AUM, its assets grew at the fastest rate (34%) of any private bank in the region between 2013 and 2014, according to a new ranking by Asian Private Banker.
During the same period the relationship-manager (RM) workforce at DBS went up by a higher percentage than at any major competitor – from 215 staff to 267, an increase of 24%. Much of the increase stems from DBS buying the Asian private banking business of Societe Generale in early 2014 and being able to retain most of the French bank’s RMs. Still, headhunters tip DBS to be one of the largest recruiters of RMs in Singaporean private banking this year under the charismatic leadership of Su Shan Tan, recently named the world’s best private banker. And has we reported last month, applications to DBS and other Singaporean banks are on the rise this year.
At the start of the decade, many RMs would dismiss DBS as not being a serious enough player in the wealth sector. “That’s now changed ,” one headhunter told us. “One of the strengths of DBS is that local clients are very loyal to the brand and that makes it easier to hire RMs and harder for them to leave.”
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