Haitong hires 500 wealth managers in expansion bid

Pedro Gonçalves
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Haitong hires 500 wealth managers in expansion bid

Haitong International is hiring 500 wealth managers as it plans to expand this segment offering for retail customers, high net worth individuals with at least $1m and UHNWIs with a minimum of $10m.

Haitong International Securities Group is the largest mainland-backed stockbroker in Hong Kong by net assets and has bought a brand new 12,000 square feet office in Wong Chuk Hang as part of its expansion plans, according to a senior executive, SCMP reports.

The first Chinese broker to receive a Nasdaq market-maker licence in October has seen its wealth business improve, making it one of the few Chinese companies to keep hiring despite the market downturn this year.

It currently employs 180 wealth managers.

"Despite the Hang Seng Index falling 13% this year and the ongoing trade war between China and the US, Haitong International remains positive about the economic growth of Hong Kong and mainland China, which will increase demand for wealth management services," managing director Duke Du Jinsong said in an interview with the South China Morning Post.

"We also consider this is as a social responsibility to provide job opportunities and training for the next generation of brokers in Hong Kong," he added.

Haitong wants to expand its wealth management services for three categories of customers - retail public, HNWIs with at least $1m and UHNWIs with over $10m.

"The classification will help us to offer tailor-made services and products for different clients' needs," Du said.

According to a PwC report, China's wealth management market was worth $20trn in 2017, a number that is expected to grow exponentially by 2020.