Senior private bankers in Singapore can earn
nearly double the salary than their counterparts in Switzerland,
according to a study on wealth management compensation in Asia and
Europe from executive search firm EMA Partners International.

This reveals that senior private bankers in
Singapore can earn between $164,216 and $410,541 while the
comparative range in Switzerland is $152,736 to $209,396.

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Senior private bankers in Hong Kong can earn
within the range of $195,115 and $218,221, said the study.

 

New PB strategies cause salary
disparity

The study said the disparity in salaries is
driven mainly by the globalisation of Swiss private banks that have
to develop new strategies in order to obtain access to new high net
worth individuals (HNWIs) in China, India and the Middle East.

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With strong economic growth in countries, such
as China and India, the study notes that this has led to the rise
of HNWIs in markets, where until recently, few Swiss banks, with
the exception of a player, such as UBS, were present.

“The other Swiss Banks would like access to
these HNWIs and most of them view Singapore as the preferred
country to set up operations from a risk and accessibility point of
view. This has given rise to a huge demand for private bankers in
Singapore making the talent market very tight,” explained the
study.

Given this huge demand for private bankers in
Singapore, EMA Partners International said there is fierce
competition for talent which is driving salaries higher for the
experienced private bankers who bring immediate value to their
employers.