Vontobel's private bank has the firepower to aggressively hire in Asia when it finds candidates who meet its choosy criteria, regional head Alex Fung tells finews.com-TV.
The Swiss private bank has a boutique presence in Hong Kong, from which it seeks to cater to China's burgeoning class of millionaires. Dwarfed by larger houses like UBS and Citi, Vontobel is seeking to employ more senior bankers, regional head Alex Fung told finews.com-TV in an interview.
«We have to find the fit culturally and capability-wise. We of course hire aggressively when we have identified such talent,» Fung said.
The former bond trader turned long-time Société Générale private banker was poached by Vontobel four years ago. Fung is betting that wealthy Asians are growing weary of simply trading and racking up transactions, and are increasingly receptive to an objective, advice-based private bank. Vontobel has elected to book Asian assets back in Zurich, allowing it to eke out a profit at a far lower level of spending than its rivals with extensive local infrastructure.
Click here to see what Fung has to say about the role Vontobel wants to play in the mergers-and-acquisitions boom in Asian private banking, as well as where he is looking to recruit adviser talent.
