UBS sets up wealth management school

Swiss bank UBS is to solve the problem of how to recruit suitable new wealth management staff by setting up its own training campus in Singapore, according to reports.

Europe's second largest bank by market capitalization hopes to run a full training program at the campus, teaching new recruits how to become competent wealth managers.

The campus, which is accredited by the Singapore Institute of Banking & Finance, is expected to open in the first quarter of 2007, and it is expected that around 5,000 new wealth management staff will complete the training there in the next four to five years.

The move is a measure of both how competitive the major investment banks have become in the search for experienced and capable staff, and the growing importance of the emerging Asian markets, where specific expertise is required.

UBS said that they hoped to increase their number of client advisors by an annual rate of round 20 per cent to keep up with business growth.

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