Ireland's army of female private bankers

The traditionally male-dominated world of private banking is showing its feminine side across the Irish Sea.

Earlier this month, Bank of Ireland told Reuters that its private banking team of 250 comprised 40% women. The numbers of female bankers across the board are growing in order to cope with the staggering growth of wealth, and dwindling supply of talent in the industry.

Ireland in particular has seen a swell in the number of wealthy individuals. It was ranked second in the top eight wealthiest OECD countries in a recent report, ahead of both the UK and the US. Net wealth has grown by 350% in the last 10 years, and millionaires now number 30,000.

Kevin Quinn, director of private banking at Bank of Ireland, says it's all down to a rash of new rich: "The nature of the wealth in Ireland is very first generational. This has meant we have had to evolve and grow more quickly, so our team has become a reflection of the broader workforce than has traditionally been the case in this industry."

Indeed, the supply of private bankers has not met demand, forcing some wealth managers to tap the likes of ex-footballers to man their private banking ranks. However, over the past year, Bank of Ireland has initiated a graduate training programme with Trinity College Ireland, which takes on eight to 12 trainees a year.

"We have invested heavily in our internal academy, which is a fast-track designed to equip people with the technical and relationship skills required by this industry," says Quinn. "Many of the individuals taken on were female - not by design, it was just that they were the best candidates."

Reuters Wealth Management Summit in Geneva and Boston suggested that women were taking more of an interest in the financial affairs of wealthy families.

Quinn agrees: "Primary relations are still mostly with men in terms of principal decision-making, but increasingly the female in the partnership is paying a key role, and in some instances the principal role." Further female private bankers are likely to be required in future.