Competition in Asia's wealth management sector is becoming increasingly fierce, and Singapore's banking sector and family offices are recruiting wealth management talent with unprecedented vigor, according to a new report in the Lianhe Zaobao.
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Singapore's wealth management industry is booming
The recent Private Wealth Migration Report 2024 released by Henley & Partners shows that Singapore has become the preferred migration destination for the wealthy, with an estimated 3,500 billionaires choosing to settle here this year.
For example, renowned tech investor and Sequoia China founder Shen Nanpeng, who has been granted permanent residency in Singapore.
Li Xiting, Chairman of Myriad Healthcare, Zhang Yong and his wife Zhang Yong, founders of Hai Di Lao, and Peng Lei, the “Queen” of Alipay, have also chosen Singapore as a new base for their lives and careers.
At the same time, as Asia's wealth management hub, Singapore, with its unique tax advantages, stable political environment and perfect financial services system, attracted many super-rich families to set up family offices here.
Singapore Prime Minister Wong Chor Chye revealed that as of the end of last year, about 1,400 single-family offices were enjoying tax benefits.
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Wealth managers become the “meat and potatoes”
With the continued influx of wealthy groups and family offices, wealth management talent has become the “meat and potatoes”, favored by banks and family offices.
According to the chief executive officer of a bank in Singapore, the number of bank customer service managers in the past year to achieve about 10% growth, and plans to continue to expand the scale of recruitment in the future.
At the same time, the world's top investment bank and financial management organization Goldman Sachs Group, is accelerating the layout of its asset and wealth management division in the Asian region, especially in Singapore.
Currently, Goldman Sachs in Singapore, the number of employees in the department has increased by 30% compared to three years ago, and plans to continue to expand manpower in accordance with the further growth of market demand.
As a result, this is a great time for wealth management professionals to take advantage of the opportunity to move to Singapore for a broader career and higher compensation.
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