News Column

Singapore,Switzerland : SINGAPORE isn't making EUROPEAN bankers flock to jobs in the city state

August 18, 2014

Singapore has overtaken Switzerland as the world s fastest growing wealth management hub, but isn t making European private bankers flock to jobs in the city state.

Wealthy European clients aren t moving their money to be managed in Singapore, which makes it tough for European relationship managers to land private banking jobs in Singapore.

The European share of private banking assets has been stable, despite stories about funds being diverted to Asia.

Singapore was not the place to come to escape tough European rules on tax avoidance and money-laundering. There is a perception that standards in these areas are tightened in the EU, centres like Switzerland, Luxembourg, Singapore and Hong Kong are likely to gain.

Private banking headhunters still receive regular enquiries from relationship managers based in Europe, but far fewer of them are getting job interviews or even job offers.

European bankers will be able to move if they can bring assets from European clients to Singapore.

Private banks in Singapore are stepping up their hiring of relationship managers with Asian countries, especially Southeast Asian, clients.

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Source: TendersInfo (India)

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