Private bankers face talent competition

By Sudip Kar-Gupta

GENEVA (Reuters) - Competition to hire the best wealth managers is driving up wages and forcing private bankers to recruit from outside conventional circles, with one bank looking to hotel managers to help bolster its ranks.

Boris Collardi, chief operating officer of Julius Baer's (BAER.VX: Quote, Profile, Research, Stock Buzz) private banking division, said the Swiss bank had targeted students at Lausanne's prestigious hotel management training academy, due to their smart appearance and customer service skills.

"We have people who are 23 and speak four languages," Collardi told the Reuters Wealth Management Summit in Geneva.

"Everyone has to wear a suit, men and ladies. They already have a different maturity."

Collardi also said Julius Baer had recently hired a top executive from luxury goods group Richemont (CFR.VX: Quote, Profile, Research, Stock Buzz).

"Eventually, I'm sure they will become bankers. These are highly talented people."

Analysts estimate the wealth management and private banking industries are the fastest-growing part of the world's financial services sector.

Delegates at the summit said this particular area of financial services generally had fewer appropriately qualified people, thereby putting a premium on their salaries which could run into several millions of dollars a year.  Continued...