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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published May 8, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>UBS to resume wealth management training programme
(Singapore)
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</TD></TR><TR><TD bgColor=#fffff1><TABLE border=0 cellSpacing=0 cellPadding=0 width=124 align=center><TBODY><TR><TD vAlign=top>'If we ... only go for the experienced ones, it wouldn't work out. We would just see people moving around; there would still be less advisers than there is wealth out there to be taken care of. If we don't offer people the opportunity to enter the industry, we would bleed out.'
</TD></TR><TR><TD vAlign=top>
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>UBS AG, Switzerland's biggest bank, is reviving an effort to recruit people without industry experience for its Asian private banking unit after a one-year hiatus, as competition for wealth managers heats up in the region.
The Zurich-based bank is taking out advertisements in Singapore, Hong Kong and Taiwan newspapers today to invite applications for the UBS Wealth Management Associate Program, said Curdin Duschletta, head of UBS Business University for Asia- Pacific. Admissions will be similar to previous years, when the course took in 25 to 50 people, he said.
'If we in the industry only go for the experienced ones, it wouldn't work out,' Mr Duschletta said. 'We would just see people moving around; there would still be less advisers than there is wealth out there to be taken care of. If we don't offer people the opportunity to enter the industry, we would bleed out.'
UBS, the biggest wealth manager in Asia with about 163 billion Swiss francs (S$204.6 billion) of assets as at Dec 31, is reaching outside the industry to aid a plan to expand its workforce of 1,000 private bankers in the region by about 40 per cent.
The approach contrasts with that of rivals such as Citigroup Inc, who have said they want experienced bankers.
'The breadth and sophistication of our full private banking service, as well as the client type we serve, require bankers who have had in excess of 10 years of finance industry experience, preferably across a variety of disciplines,' said Mark Morgan, global head of human resources at Citi Private Bank.
Citigroup's private bank serves clients with at least US$10 million of net assets. UBS typically requires one million francs to open a private-banking account.
The bank, together with rivals including Citigroup, Credit Suisse Group AG and Julius Baer Group Ltd, face a tightening labour market as they vie for an estimated US$7.4 trillion of private riches in Asia. The industry may need 900 additional wealth managers in the next five years to cope with growth, according to a September research note from UBS.
UBS started the Wealth Management Associate Program in 2006 and suspended it last year.
The course is 'part of our effort to continue to develop talent, particularly in Asia-Pacific where the industry is growing rapidly', said Kathryn Shih, the bank's head of wealth management in the region.
Applicants for the UBS course should have about five years of work experience, preferably in finance or banking, according to a copy of the ad that was obtained by Bloomberg News.
Since the course started in 2006, UBS has gotten 'thousands' of applications each year, according to Mr Duschletta. About 120 people have graduated from the programme since its inception, and most are now junior private bankers at UBS.
Although most applicants tend to be from the banking industry, UBS has trained a handful of private bankers who previously worked in industries ranging from music to real estate and media, Mr Duschletta said.
Asia-Pacific is forecast to surpass North America by 2013 as the world's largest private banking market, according to a Capgemini SA and Merrill Lynch report. Wealthy people in the region will outnumber those in the United States and Europe by the end of next year, consulting firm Booz & Co estimates. -- Bloomberg<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>UBS to resume wealth management training programme
(Singapore)
<TABLE border=0 cellSpacing=0 cellPadding=5 align=left><TBODY><TR><TD bgColor=#ffffff>[FONT=Geneva, Helvetica, Verdana, Arial, sans-serif]<!-- REPLACE EVERYTHING IN CAPITALS WITH YOUR OWN VALUES --><TABLE class=quoteBox border=0 cellSpacing=0 cellPadding=0 width=144 align=left><TBODY><TR><TD vAlign=bottom>
</TD></TR><TR><TD vAlign=top>
-- Mr Duschletta
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</TD></TR></TBODY></TABLE></TD></TR><TR><TD height=39>
The Zurich-based bank is taking out advertisements in Singapore, Hong Kong and Taiwan newspapers today to invite applications for the UBS Wealth Management Associate Program, said Curdin Duschletta, head of UBS Business University for Asia- Pacific. Admissions will be similar to previous years, when the course took in 25 to 50 people, he said.
'If we in the industry only go for the experienced ones, it wouldn't work out,' Mr Duschletta said. 'We would just see people moving around; there would still be less advisers than there is wealth out there to be taken care of. If we don't offer people the opportunity to enter the industry, we would bleed out.'
UBS, the biggest wealth manager in Asia with about 163 billion Swiss francs (S$204.6 billion) of assets as at Dec 31, is reaching outside the industry to aid a plan to expand its workforce of 1,000 private bankers in the region by about 40 per cent.
The approach contrasts with that of rivals such as Citigroup Inc, who have said they want experienced bankers.
'The breadth and sophistication of our full private banking service, as well as the client type we serve, require bankers who have had in excess of 10 years of finance industry experience, preferably across a variety of disciplines,' said Mark Morgan, global head of human resources at Citi Private Bank.
Citigroup's private bank serves clients with at least US$10 million of net assets. UBS typically requires one million francs to open a private-banking account.
The bank, together with rivals including Citigroup, Credit Suisse Group AG and Julius Baer Group Ltd, face a tightening labour market as they vie for an estimated US$7.4 trillion of private riches in Asia. The industry may need 900 additional wealth managers in the next five years to cope with growth, according to a September research note from UBS.
UBS started the Wealth Management Associate Program in 2006 and suspended it last year.
The course is 'part of our effort to continue to develop talent, particularly in Asia-Pacific where the industry is growing rapidly', said Kathryn Shih, the bank's head of wealth management in the region.
Applicants for the UBS course should have about five years of work experience, preferably in finance or banking, according to a copy of the ad that was obtained by Bloomberg News.
Since the course started in 2006, UBS has gotten 'thousands' of applications each year, according to Mr Duschletta. About 120 people have graduated from the programme since its inception, and most are now junior private bankers at UBS.
Although most applicants tend to be from the banking industry, UBS has trained a handful of private bankers who previously worked in industries ranging from music to real estate and media, Mr Duschletta said.
Asia-Pacific is forecast to surpass North America by 2013 as the world's largest private banking market, according to a Capgemini SA and Merrill Lynch report. Wealthy people in the region will outnumber those in the United States and Europe by the end of next year, consulting firm Booz & Co estimates. -- Bloomberg<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
'); } //--> </SCRIPT>
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