Dublin draws private bankers

Private bankers looking for an alternative to the spotless streets of Zürich or the smoky streets of London may be interested in the developing market in Dublin.

Last month, Deutsche Bank announced a joint venture with Key Capital, a Dublin investment firm, to provide private wealth management services to Ireland's high net worth investors. Conor Walsh, managing director of Key Capital Private, says the firm is now hiring, and the Irish market has plenty of potential.

"In the next year so, we are looking to employ a total of 15 to 18 private wealth managers in Ireland," says Walsh. "We're looking for applicants with over ten years' experience, with a background in international investment products and strong relationship management skills - although current client relationships in Ireland are not necessary."

The Irish private banking market is underdeveloped, says Walsh. "At the moment, it's a mixture of Irish stockbrokers, and tax advisors turned wealth managers. There's a strong focus on property and lending." Through the Deutsche tie-up, Walsh says Key will be introducing Ireland's wealthy individuals to the likes of private equity, derivatives, and hedge funds.

Sebastian Dovey, managing director of private banking consulting firm Scorpio Partnership, says other banks are also contemplating the expansion of their private banking activities in Ireland. "Within the last quarter I've spoken to a couple of European banks who've mentioned expanding into Ireland," he says. "Ireland's growth rates and the country's rich lists suggest it's a place of interest."

Harry Pilkington, a private banking specialist at London-based search firm Armstrong International, confirms the trend, but warns against overestimating the market's potential. "A number of teams at a number of banks are looking at Ireland, but it's more opportunistic than anything else. Demand isn't exactly huge."

Pay may also be something of a turn off. Recruiters say senior London-based private bankers can earn base salaries in excess of 140,000 with bonuses of 100%. Dublin-based recruiter Cox Fitzsimons & Wilkes is currently advertising a senior wealth management role with remuneration of €85,000 to €150,000.