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Singapore embracing junior private bankers

12 March 2007

As Asia’s legions of high net worth individuals multiply, demand for junior private bankers is increasing exponentially in Singapore.

It’s good news if you want to move into the sector. “Private banking is not hard to get into at a junior level,” says Nicholas Hughes, principal banking consultant at Charterhouse Partnership in Singapore.

How do you know if you’re private banking material? Suitable candidates are personable, highly educated (to at least graduate level) with local knowledge and language skills. A junior relationship manager with less than two years' experience can expect to earn a relatively meagre base salary of between S$50k (US$32k) to S$80k a year.

Singapore has positioned itself as a hub for private banking in Asia, tapping into the region’s 2.4m high net worth individuals (people worth $1 million plus) owning assets totalling $7.6 trillion. Both figures are set to rise substantially over the next few years, particularly on the back of growth in China and India.

However, the real demand is apparently for experienced relationship managers with an existing portfolio and extensive contacts. “At some point the hiring bank will want the relationship manager to bring across the assets under management generated at their previous employer,” explains Hughes.

While base salaries vary, relationship managers really earn their salary from bonuses. A successful relationship manger can expect to earn – inclusive of bonus – in the region of S$500k in a good year, Hughes adds.

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Comments (8)

  • I think the banking services in Singapore is not as good as Hong Kong, since there are insufficient bank branches located in residential area (and there are not enough personal customer services officer to help at branches), e.g. Yishun district. Moreover, people will often need to queue up for long in order to be served by the banks. More electronic devices or improved internet banking facilities should be provided in order to increase the reputation of those banks in Singapore and provide convenient services to individuals with high net worth.

    mei 21 Mar 2007

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  • Singapore still lags far behind hong kong in PB service.


    I made a trip to one Swiss bank in Singapore and the junior banking officer seriously can't answer very simple questions about their bank services.


    This was in stark contrast to the one i visited in Hong Kong where the bank interns can educate you anything from China politics to how the EU will not let singapore keep their tax evaders' $$$ when the EU-Asian summit commences.


    I seriously do not believe the private banking craze in Singapore can last long. If the swiss relented in the face of EU pressure, I dont see how Singapore can survive an EU embargo. the same tatic won't work for Hong Kong, because Beijing has never been a pushover.

    Zack 26 Mar 2007

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  • In my view, the market will only get better for Private Banking in Singapore and in the times to come-the new Singapore will create  revolution in Private Banking

    Neha Diwan 18 Apr 2007

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  • Mei, don't get confused between retail banking and private banking.

    Con 28 May 2007

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  • What are the oppurtunities avaiable to a Management grad with about 1-2 years experience in corporate sales as a sales executive?



    Should one with such a profile apply to local banks or any particualr foreign banks?

    SSS 21 Jun 2007

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  • Mei, what you are refering to is Retail Banking of General Mass Markets. Sometimes the banks in Singapore like to call it Consumer Banking. retail banking is typical mass-market banking where individual customers use local branches of larger commercial banks. Services offered include: savings and checking accounts, mortgages, personal loans, debit cards, credit cards, and so forth.

    Matthew Phua 09 Jul 2007

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  • One interesting and funny thing that I remember Nick saying at the start of my phone call with him is that "It will be easier for a person with experience in private banking to get offered a junior private banking role" in response to my statement that it was really hard for me to get into this field.

    It is not difficult to see the irony of the statement "It will be easier for a person with experience in private banking to get offered a junior private banking role".

    "I have been an insurance agent for the past few years, let me go apply for a trainee insurance agent job at XXX company"
    3 days later... "Yippee I got the job as a trainee insurance agent. It was not hard to get into a junior insurance agent position!"

    Kevin 03 Sep 2007

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  • I have been trying to find out more about the jobscope and what an assistant private banker does everyday. Kevin, it sounds like you are already a PB. Could you (and anyone who is already a PB) share with me on how operationally extensive is the day-to-day work and if you need to be a maths whizz, or be very numerate in order to shine in this job? hope anyone can share with me the real dirt and pros of this job.. many thanks!

    jasx 21 Apr 2008

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