In the past few years, investment banking has been on a roller coaster of ups and downs that reveal its volatility. By contrast, the private banking business has proved itself to be a stable revenue generator for global finance firms.
The private banker's profile has been raised significantly in the past few years and the job has become more challenging as well as strategic to deal with an increasingly sophisticated clientele.
'The private banking business has been doing consistently well; it is now one of the core businesses within a global bank rather than a niche business as before,' says Alan Furlong, director of financial markets for Alexander Mann Asia Pacific, an executive search firm. 'Luckily, we are quite busy. In 2003, there was much hiring and the hiring has not slowed down.'
Specialising in private banking and wealth management, Mr Furlong has been ranked one of the best individual headhunters in private banking in Asia.
Besides the independent financial advisers that are continuously expanding, European and United States powerhouses are increasing their headcounts. In traditional private-banking businesses, target clients are ultra-high or high net-worth individuals.
'Their product range is broad and comprehensive, from trusts, family-type products, real-estate planning and tax management to [advising on investments in] fine art,' he says.
Mr Furlong says the private banker talent pool in Hong Kong is limited.