WEALTH MANAGEMENT | Jerrie Abella, Hong Kong

StanChart to hire 500 in HK for wealth management

Standard Chartered Plc. said it is planning to hire 500 more employees this year for its wealth management business in Hong Kong in time for Asia's wealth surge.

A Bloomberg report said majority of the new hires will be “frontline” staff, quoting Standard Chartered spokeswoman Chamila Hewapathirana based on an e-mail interview.

The hiring plan came out in Hong Kong's Oriental Daily on Monday, citing general manager Cindy Fu of the bank's wealth management unit in Hong Kong.

Standard Chartered and HSBC Holdings Plc. are among firms adding private bankers in Hong Kong, as banks position themselves for an expected wealth surge in Asia.

HSBC, which transferred its chief executive officer to Hong Kong this month, said in August it planned to hire at least 100 sales staff for its wealth management unit in the Chinese territory.

The hiring plan came as unemployment in Hong Kong fell to an 11-month low of 4.9 percent in the three months to Dec. 31, according to a Jan. 19 government statement.

Banks in the city, which cut jobs during the global financial crisis, began adding positions last year as equity markets revived.

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