BARCLAYS Wealth is set to hire 120 graduates for its 2010 Private Banking Graduate Programme, double its intake of graduates from the 2009 programme. "The wealth management industry faces a talent shortage and one of the ways in which we are looking to resolve this is from the bottom up," said Phil Smith, global head of human resources at Barclays Wealth.

The positions will be spread out across Asia, the Middle East, Europe and the Americas. Out of the 120 positions, more than 10 per cent are slated to be hired in the Singapore and Hong Kong offices.

Demand for the slots continues to outstrip available positions. The three-year programme, started in 2006, has seen a five-fold increase in applications since then.

Applications are expected to double again in 2010, according to Barclays Wealth.

"In Asia, there are not enough experienced private bankers, as the industry is growing very fast. We do not solely rely on a single source in hiring experienced bankers, but believe in also training our own home-grown talent and to build a strong pipeline of bankers," explained Didier von Daeniken, chief executive of Barclays Wealth Asia-Pacific.

Private banking, deemed the "sweet spot of the industry" by Tom Kalaris, global chief executive officer of Barclays' private banking arm during an interview with BT in June, is set to grow in Asia. According to Mr Kalaris, the British bank's private banking arm has plans for aggressive expansion in Singapore and the rest of Asia.

Barclays Wealth has doubled its headcount of bankers in Asia over the past 24 months, and continues to be bullish on the prospects for the region, according to Mr von Daeniken.

This article was first published in The Business Times.