Chinese Banks Are Hiring People to Manage $930 Billion of Wealth
- Foreign and Chinese banks target different skills in Hong Kong
- China’s lenders add 79,000 private banking clients a year
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In the cutthroat market for Asian private bankers, you’re either a hunter or a farmer.
International banks such as UBS Group AG and Credit Suisse Group AG are battling to hire wealth managers with portfolios worth hundreds of millions of dollars to gain a bigger share of Asia’s rapidly expanding pool of millionaires. Those recruits are known as the hunters. Their Chinese counterparts don’t have such a challenge gaining rich customers -- they already have more than half a million wealthy clients in their home market. What they need are farmers who can grow offshore investments, helping rich Chinese investors navigate overseas markets.