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Wealth managers are getting about 30% pay jumps to defect in Asia

Bloomberg Published on Tue, Sep 04, 2018 / 11:01 AM GMT+8

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(Sept 4): With great wealth comes great remuneration.

Competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to a rival are getting increases of 30% or more in Hong Kong and Singapore, according to private bankers and recruiters.

“It’s a crazy market,” said Derrick Tan, head of Greater China and North Asia at Bank of Singapore, the private bank of Oversea-Chinese Banking Corp., which aims to double the number of relationship managers it has in Hong Kong and Singapore within two years. “Every day we’re still discovering new high-net-worth clients.”