An executive search firm notes that while there has been consolidation in the wealth management sector, there remains a shortage of skilled managers in the Asia region.

While banks in the Asia-Pacific region have witnessed consolidation, the pool of talent for private bankers able to cope with an increasingly sophisticated client base and more regulated marketplace is actually shrinking, an executive search firm says.

While M&A activity in global wealth management has been relatively busy in recent months – as demonstrated by Societe Generale’s sale of its Asia private bank to Singapore-headquartered DBS Group – there remains a shortage of wealth management professionals with the right skills, says Carlton Senior Appointments.

“The talent pool is shrinking and the massive gap in demand and supply is ever increasing. There appears to be a shortage of high-quality bankers, and with the shift in the balance of weight in terms of the influx of cash into the East, this could be a hindrance in the coming future,” the firm said in one of its regular updates on the state of the employment market.

“The market which saw the highest amount of hiring as follows: NRI (Non-Resident Indian) market, UHNW Market, EAM relationship managers,” it continued. “Singapore saw the highest hiring in Q1, yet the Middle East is starting to pick up. The number of smaller boutique banks looking to hire/ expand in Asia is rapidly on the rise,” it said.

The executive search firm urged candidates and clients to note what it sees as increased hiring in the NRI segment, because Indian wealth has “skyrocketed” over the past year.