eFinancialCareers

Private banks in the Gulf are eager to stock up with private bankers, but only if they come equipped with a raft of high net worth clients.

“Demand for private bankers has been increasing in the past 18 months…. There is greater opportunity to put money here. The money from the oil boom is staying here,” says James Mackenzie, managing director of recruitment firm Mackenzie Executive Search.

“The banks want people who can bring relationships…. Typically, they want someone who can bring with them five to eight clients worth around US$75m,” Mackenzie adds.

Last year’s high oil prices brought an unexpected windfall to many Gulf economies, increasing the demand for private banking talent to manage the new-found wealth.

Recruiters say demand for private bankers with experience and high net worth clients has been growing for over a year, as regional economies develop more investment opportunities and the region’s reputation as a business hub grows.

A report from the IMF last year said Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, the Sultanate of Oman and the Republic of Yemen together account for one of the world’s largest pools of private wealth – a massive US$1.5 trillion.

Emma Hackforth, founder of headhunters Matchsticks, says US banks that were previously reluctant to come to the Gulf are being lured by the cash floating around the region. They need private bankers to staff their operations.

Lombard Odier Darier Hentsch recently opened a representative office in Dubai. Julius Baer, Merrill Lynch, Société Générale and many others are already represented in the Gulf.

Private bankers who deliver the requisite number of wealthy friends can expect to be handsomely rewarded: recruiters say the right candidate can expect to command around $500k.