| Private bankers, represented by the Private Wealth Management Association, are hoping to see a doubling in five years of assets under management. "What also needs to expand is the number of practitioners," said association chairwoman Amy Lo Choi-wan, who also heads UBS Hong Kong. Hong Kong now has more than 3,000 wealth management practitioners, Lo said. Although the annual turnover rate is the lowest in the banking sector, it still stands at a solid 12 to 15 percent. |  |
"We would like to see more young blood in the sector," said Lo, especially those who can take care of the second and third generation of the ultra high net worth individuals.
Lo hopes to see the number of practitioners rise to 6,000 over the next five years.
The Asian Private Banker said assets under management by Asia's private bankers hit US$1.47 trillion (HK$11.47 trillion) last year.
Lo urged local private bankers to tap opportunities in China. "A new billionaire is born in the mainland every week," she said.
Other private bankers believe that tightening regulations will be a new normal for banks.
"It is painful in the short term," said Steven Lo Wai-ming, Hong Kong global market manager at Citi Private Bank.
Lo hopes to see the number of practitioners rise to 6,000 over the next five years.
The Asian Private Banker said assets under management by Asia's private bankers hit US$1.47 trillion (HK$11.47 trillion) last year.
Lo urged local private bankers to tap opportunities in China. "A new billionaire is born in the mainland every week," she said.
Other private bankers believe that tightening regulations will be a new normal for banks.
"It is painful in the short term," said Steven Lo Wai-ming, Hong Kong global market manager at Citi Private Bank.
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