The quality of relationship managers is critical as competition increases in the battle to recruit the best talent, says Enid Yip, chief executive for Asia at Bank Sarasin. 'We are again seeing the market heat up. We all keep hearing that 'Bank A' is going to hire 100 relationship managers and that 'Bank B' is going to hire 100. The question is, where are they all coming from?' she said. 'I've been in private banking for 20 years and I know that the only way to build a sustainable business is to take a steady approach to recruiting the best. My view is that we are always hiring - but only if we find the right people.' It is an apt approach given the apparent consolidation in the private banking industry over the past few months. In January, for example, Singaporean bank OCBC closed a deal to buy Netherlands-based ING Group's private banking unit in Asia for close to US$1.5 billion. It was the biggest deal in the private banking sector since before the global financial crisis. This highlights the increasing importance banks are placing on the potential of wealthy individuals in Asia, particularly North Asia including the mainland. It is the region in which Barclays Wealth is concentrating more resources, said Joanna Chu Yuen-yi, head of North Asia for Barclays Wealth. 'China, including Hong Kong, will be a golden area because there are more entrepreneurs and enterprises coming to Hong Kong to list or to find business partners. There are definite opportunities for us to serve these ultra-high and high-net-worth customers in Hong Kong, which is why we continue to look for relationship managers and build up our sales force,' she said. Wealth management in particular is a target growth area. Globally, Barclays Wealth has already made a commitment of GBP350 million (HK$4.18 billion) in addition to its budgeted year-on-year earmarked investment over the next few years. Two-thirds of this will be spent on platforms and the remainder to recruit experienced bankers for its expansion plans. 'Every private bank is expanding in Asia, and every bank is targeting the same senior and experienced bankers,' Chu said. 'It is a tough market just finding sufficient senior and experienced bankers. If a bank has sufficient senior bankers, then it is much easier for it to expand its customer base, and this would be the top priority of all banks now.' Critical to a relationship manager's success was an ability to win and inspire trust, Yip said. All the diplomas in the world meant nothing without trust, and trust was fostered through genuine listening. 'The key skill is the ability to listen and understand, which is easier said than done,' Yip said. 'Then you need to empathise with the client. You also need to appreciate how the client values their wealth from the perspective of the actual assets, but also the emotional value they attach to their achievements. 'It's important to have a broad horizon, to be able to share not just financial information, but to be able to talk about culture, about literature, art and music. Private banking is not about money - it's about aspirations. It's our job to understand those aspirations and help the client to achieve them.' Great private bankers were born, not made, Yip said. Insight, integrity and credibility were innate skills and could not be taught.