AN ACUTE shortage of operations staff to support the fast-growing teams of private bankers has prompted employers to roll out new programmes to nurture and retain back-end talent.
Swiss bank UBS has set up a programme to train staff in middle-office, operations and information technology functions.
It claims to be the first bank to offer a dedicated talent management strategy for its support staff that will, for example, help employees chart their career paths.
It will also welcome new hires with comprehensive programmes that aim to help them get up to speed with the bank's business.
Much has been said about the talent crunch for advisers in the front line serving private banking clients.
The shortage of middle- and back-office talent, however, is even more acute, said Ms Patricia Enslow, who heads regional marketing, segment and sales management at UBS' wealth management arm.
Behind every successful client adviser are at least two wealth management support staff, which is why UBS attaches so much importance to recruiting and training top talent, she added.
The new talent management strategy is the result of UBS doubling its investment in training and development for the Asia-Pacific in the past year, said Ms Enslow.
The first part of the 90-day programme gives new hires an overview of the bank's business and vision. The second part is tailored to fit their needs in different functions.
UBS launched a training programme this month for its operations and IT staff in the Republic.
Singapore, UBS' regional hub for operations and IT, is the first place where the programme is being created and refined, said Dr Juerg Wicki, the regional chief operating officer for the bank's wealth management unit.
It will then be rolled out across other markets in the Asia-Pacific, starting with Hong Kong.
Other wealth management players in Singapore have also been devoting more resources to training support staff.
'With the increasing complexity of new products, risk monitoring and regulatory requirements in the financial services industry, middle- and back-office functions at Credit Suisse in Singapore have grown significantly in the last few years,' said Credit Suisse Asia-Pacific vice-chairman Jose Isidro Camacho.
Credit Suisse, which has about 2,500 support staff in total, launched its first seven-day private banking operations programme last month to give 18 new hires an in-depth understanding of its products and processes.
Citi Global Wealth Management has more than 300 middle- and back-office staff in Singapore to support the private banking business, which caters to clients with a net worth of over US$10 million (S$13.8 million).
Some of its staff attend a Citi Private Bank six-week wealth management associates programme to gain exposure to the broad range of functions in the business.
