Amid global economic uncertainties, bank restructurings, and hiring sprees in the ever evolving private banking landscape, Asian Private Banker’s Relationship Manager Compensation Report seeks to provide deeper insights into the financial compensation structures for private banking relationship managers based in Hong Kong and Singapore:
- Yearly base salary
- Expected bonus
- Average book size and the banks’ use of LTV
- Expected salary increment when moving to a new institution
- Key factors in making the move to a new institution
- Market outlook in 2025
Hong Kong-Singapore pay gap remains
While relationship managers in Hong Kong and Singapore expect similar bonuses when hitting their targets, the pay gap in base remuneration between the two remains.
Average base yearly salary by seniority (USD), Hong Kong vs Singapore
Pure play books remain largest
The average book size of relationship managers taking part in the survey boils down to factors such as seniority, client relationships, and their bank’s AUM. In general, books of relationship managers in pure plays are larger.
Book of business by bank type (USD millions)
Amid cutbacks, new RM hires rise
Due to consolidation and cutbacks in some private banks, leading to an influx of relationship managers (RM) seeking employment, private banks now have a plethora of options. Data shows increased hiring and varied outcomes in AUM per RM.
Bank reputation not the sole factor
When considering moving to a new institution, bank reputation is ranked the most important pull factor on average by relationship managers in Hong Kong and Singapore.
Pull factors in moving to a new institution
Mixed outlook, Hong Kong and Singapore disagree
Looking ahead to the next 12 months in the wealth management job market, relationship managers expressed mixed reactions, with relationship managers in Hong Kong and Singapore holding contrasting sentiments.
Outlook on the job market over the next 12 months
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