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Swiss banks take wealth management war to Asia

Rival Swiss banks with ambitions in the Asian wealth management market are battling to secure the best people for the job.

UBS is fighting a "war for talent" in the Asian wealth management market, says the bank's chief financial officer Clive Standish according to Finance Asia.

Chief executive F. Bernard Stalder of Credit Suisse's local private banking subsidiary, Clariden Leu, is matching UBS's ambitions. With plans to add an additional 10-15 relationship managers a year on the continent, Stalder says competition is "intense".

"Wealth management has been growing and the talent pool available is not that deep because the business doesn't have long roots in Asia," says Standish.

Undeterred, UBS has been expanding its financial advisor base in Asia aggressively by hiring and training people for a career in wealth management.

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