What a pleasure to be invited by RTHK to talk about recruitment industry https://www.rthk.hk/radio/radio1/programme/Free_as_the_wind/episode/679008/autoplay/archive/0
With the continued growth of the External Asset Management sector, we are seeing more roles open up for experienced Relationship Managers from traditional private banks. But hiring and retaining the right talent for firms is harder to achieve than some expect. Through our experience managing both sides of a placement, we’ve identified the top 5 obstacles EAM platforms must overcome to attract top talent.
1. Clients may not follow their Relationship Manager immediately. When an RM transitions from private banking to independent asset management, the expectation is that clients will follow. However, high-net-worth clients may hesitate to leave established private banks for new EAM platforms. Transferring their investments to a new platform, even if the firm is established, may take time....
The Asia Pacific region’s increase in wealth and maturity has led to the demand for External Asset Managers (EAMs) and the creation of over 70 asset management firms in Hong Kong alone. At the end of 2017, EAMs were collectively managing US$91.5bn of private wealth – representing around 3%-6% of total client assets across Asia. Strong indicators that the sector is rapidly expanding to support this figure reaching 10%, reflects clients’ growing preference for the model of utilising independent advisors to manage their wealth and investment portfolios.
In light of these trends, we expect to see EAM roles become more mainstream and exciting career opportunities open up for experienced Relationship Managers from traditional private banks. But what exactly differentiates the EAM role from t...
