Morgan Stanley, which has plans to hire 50 relationship managers in Singapore and Hong Kong over the next three years, is said to have begun its recruitment spree, with its first coup being Pradinan Arkarachinores, a former Julius Baer senior relationship manager based in Hong Kong, efinancialcareers reported.
According to efinancialcareers, one of the draws of Morgan Stanley for relationship managers that work with ultra-high net worth clients is its bonus arrangement. The firm is one of the few banks in Hong Kong and Singapore with a brokerage bonus model, which is based on a clearly defined formula derived from revenue generated.
This typically results in a compensation to revenue generated ratio that is two to three times higher than under a discretionary model, a former private banker told the publication.
New recruit Arkarachinores was an executive director and team head for the Thai market at Julius Baer, based in Hong Kong. She joined Julius Baer in September 2016 from Credit Suisse and was hired by her former Credit Suisse colleague Angela Bow, alongside two other from the Swiss bank, Agatha Chan and Tisha Mellado. Arkarachinores spent almost six years at Credit Suisse in Hong Kong, primarily working with UHNW clients. Prior to that, she worked for Deutsche Bank in Bangkok for a year.
Morgan Stanley has been on recruitment sprees in Asian wealth before. In 2017, its regional relationship managers headcount shot up by 51 to reach 298.