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Asian private banking sees hiring frenzy

Asian private banking sees hiring frenzy

(17 April 2007 – Hong Kong) ABN Amro has pinched seven private bankers from rival Societe Generale in Hong Kong. With the number of high net worth individuals in Asia numbering more than 2.5 million, the market has seen a frenzy of hiring and shoulder tapping activity.

Much of the talent poaching seems to be occurring in an "en bloc" scenario with Deutsche Bank reportedly recruiting 18 private bankers from rival Citigroup, and Goldman Sachs reportedly taking two of UBS’s private bankers in Singapore and two from JPMorgan.

UBS and Citigroup, in particular, appear to be leaking private banking staff.

ABN Amro regional head of private banking for North Asia, Hans Diederen, said the bank had grown its private banking employees in Hong Kong by more than 30 percent over the past year to 140 employees and expected growth to continue.

"We believe that the new team will be able to contribute significantly to our growth targets," he said.

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