Overseas Indians drive Sarasin Asia growth

By Tony Munroe

HONG KONG (Reuters) - Swiss asset manager Bank Sarasin & Co (BSAN.S: Quote, Profile, Research, Stock Buzz) aims to expand staff in Asia by up to 20 percent over the next three years, driven partly by customer growth among Indians living abroad, its regional chief said on Tuesday.

While not ruling out acquisitions, Kenneth Sit, Asia chief executive officer at Sarasin Rabo Investment Management Ltd, said the company is focused on organic growth for now.

In Asia, the bank employs 200 and expects to grow that by between 20 and 40 people over the next three years, he said. It had nearly 1,200 staff globally at the end of the first half.

"A lot of it depends on the kind of quality people we can get from the market," said Sit, who has himself been a part of the rampant turnover seen in recent years in Asia's fiercely competitive wealth management sector, having joined Sarasin in December after 16 years at HSBC Holdings (HSBA.L: Quote, Profile, Research, Stock Buzz).

Globally, overseas Indians have an estimated US$1 trillion in assets, and wealth managers in Singapore, Dubai, Hong Kong and elsewhere have been stepping up efforts to help manage it.

Sarasin has had a team for 10 years in Hong Kong serving the non-resident Indian (NRI) community, and is building a similar group in Singapore, Sit told the Reuters Wealth Management Summit on Tuesday. Sarasin also manages NRI funds from Dubai.

"It's growing faster than the average," Sit said of the bank's NRI business.

Globally, Sarasin's assets under management totaled 84.4 billion Swiss francs (US$71.1 billion) at the end of the first half. It aims to manage 100 billion francs by the end of 2010.  Continued...