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Shortage of wealth managers for Asia's rich in S'pore, HK

Cash-rich clients flock to 2 cities, but industry faces talent crunch

Published on Sep 20, 2012 6:00 AM
Singapore offers the region's wealthy a stable political environment, favourable tax policies and well-developed capital markets. -- ST PHOTO: ALPHONSUS CHERN

Rich people from across the region are flocking to Singapore and Hong Kong to have their cash managed, but experienced wealth managers are in short supply.

The talent squeeze is so serious that financial firms are having trouble dealing with the clients who come through the door.

The problem reflects the trend of Asia's emergence as a destination in itself for the wealthy.

While Switzerland is still the world's largest offshore wealth centre, Singapore and Hong Kong are gaining ground.

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