Ireland's wealth a magnet for private bankers

Barclays Capital popped up last year, Swiss firm Helvetia Wealth has already opened a Dublin office this year, Merrill Lynch has expanded, and Goldman Sachs is in talks to set up in Ireland - the US behemoth could create 500 jobs over three years through private banking, wholesale banking and capital markets functions.

Conor Walsh, managing director of Key Private Capital (a joint venture with Deutsche Bank), says: "Investors are looking for products geared towards the international market, which makes it harder to recruit relationship managers. You have people who have the client relationships, which is fine, but if they don't have experience of international markets, it's hard to convert across."

Key expanded from 14 in 2006 to 22 in 2007. How was it able to attract staff in a tight market? "We don't have the perks of bigger players, admittedly," says Walsh. "But we have a culture of paying well, and we also offer a share of equity. Our association with Deutsche Bank helps attract talent, but we're also a small operation and can offer exposure to a diverse range of asset classes."

Bank of Ireland employs around 250 in its private banking division, and is looking to grow. Kevin Quinn, director of the private banking division, says: "We're expanding in the middle office as well as the front line. We're recruiting for an investment strategist, people with experience in property acquisition, and extensively for senior recruitment specialists."

It's a well known fact that attracting staff with the right skill-set and client base to the private banking arena is difficult. It's no surprise, therefore, that Quinn says Bank of Ireland taps all sources: locals, expats with international experience, and foreign talent.

He adds: "It's a particularly young market in Ireland and so experience is at a premium."

Marcus Kelly, managing director of FK International, adds: "There simply isn't a large enough pool to fish from, and we've had to look abroad or to people looking to make the shift from corporate banking."

Experienced private bankers can take home between €90k and €150k. Bonuses for senior private bankers/wealth managers are coming in at around 100% of salary.