Private banking: hiring haven?

Wealth management continues to fly in the face of the pessimism surrounding financial services in Scotland, and is providing a steady stream of recruitment as firms vie for a bigger piece of the market.

Kleinwort Benson, the private banking arm of Dresdner Kleinwort which is now owned by Commerzbank, is the latest firm to expand north of the border.

It recruited Gordon Scott from Standard Life to head its Edinburgh office and expects to hire further private banking managers this year. It's even moved to a larger office in Charlotte Square in anticipation of the expansion.

"In spite of sharp declines in equities and property over the past 12 months, Scotland is still able to boast significant wealth held by individual investors, trusts and charities," says Scott.

Similarly, towards the tail end of last year, Brown Shipley said it has "ambitious plans to grow our Edinburgh office over the next 18 months", Barclays Wealth is looking for relationship managers and Adam & Co is recruiting for its administrative and operational functions.

Joanna Black, partner at headhunters Black Appointments, says she has "numerous senior roles within multiple organisations" within the private banking space.

"We've been doing very well out of it lately," she says. "Firms are viewing it as an important way to raise capital and are keen to bring in the best talent."

Pay is also on the up. According to the latest Joslin Rowe Scottish Financial Services Review, directors in private wealth management will see an average salary increase of 10-15% this year.

However, one headhunter was sceptical about how much actual recruitment will come from new entrants to Scotland.

"A satellite office run by a couple of people who were transferred internally doesn't equate to a great deal of hiring," he said.