Fight on for frontline staff

As banks start to plan their business activities and recruitment needs for next year, they do not need a crystal ball to tell them the perennial search for top talent will continue to be a key issue.

Michael Murphy, general manager at Calibre Asset Management - National Australia Bank's (NAB) wholly-owned subsidiary and wealth management arm in Hong Kong - says that following NAB's acquisition of Calibre, the integration phase is now complete and the primary focus has shifted to growing headcount.

He says the firm is looking to start next year by hiring frontline financial planners and wealth-management advisers. Recruitment is also planned to support expansion of back-of-house roles in compliance and operations.

NAB now has almost 250 employees in Hong Kong - a 30 per cent increase in headcount for the year.

'One of our biggest challenges is finding wealth managers with the personal touch. We look for individuals who genuinely get a kick out of constructing personalised investment plans and not just adapting a formula for each new client. Recruitment is also necessary to support our expansion of back-of-house roles in compliance and operations,' Murphy says.

At present, two Calibre teams look after specific Hong Kong investment needs with portfolio management services and assist expatriates who spend most of their time in the city. 'Following the turbulence of recent years, it is the type of financial or banking service, not necessarily the product range, which is of greatest importance to Hong Kong investors,' Murphy says.