Four things you must have to secure a wealth management role in the Middle East
The number of wealth managers looking to tap into the growing pool of investable assets in the Middle East is on an upward trajectory.
The likes of Barclays Wealth, Coutts, Jefferies, J.P. Morgan, Lombard Odier, Merrill Lynch and UBS have all been talking up MENA expansion plans currently, and a number of other firms have been hiring over the last 18 months.
However, you shouldn’t assume that it’s a cake walk to secure a role in the sector. Employers are still being incredibly selective and looking for very specific profiles. According to recruiters who focus on recruiting wealth managers in the Gulf, here are four essential attributes you must have to secure a new role currently.
1) Connections across the GCC
A lot of wealth managers in the GCC are country specific; they might have a good number of clients and close relationships in the UAE, for example, but would struggle if their remit was extended out to Qatar. In the current ‘more with less’ landscape, employers want to see experience across the Middle East.
“Very few wealth managers who cover the Middle East truly cover the region,” says Raed Sater, partner at headhunters EWK International. “In Saudi, for example, someone might have deep relationships in Riyadh, but little in Jeddah. Employers want someone who knows the landscape in the GCC and can demonstrate that.”
2) An understanding of the emotional and investment appetites of Middle East high-net-worths
On the one hand, private bankers need to know that Middle Eastern clients will be expected more than investment advice; they want to know that they can trust you as a person and will demand a lot. On the other, wealth managers have to understand what sort of products and investments high net worth individuals want right now. Finding that balance is tricky.
"Outside of the Middle East, relationships between client and wealth managers are more black and white,” says Sater. “Here, clients want to know about you as a person, to emotionally connect and feel that you are committed to their best interests. It’s not just about managing their assets.”
“Most high net worth individuals are willing to take a bit more risk currently,” adds Magdy El Zein, managing director of Boyden Middle East. “Right now, there’s an appetite for private equity or direct investments, for example, and employers want to see experience of this.”
3) Brand names on your CV
“A lot of Middle Eastern clients turn to an international bank because they want to invest internationally. From a brand perspective they want two things – a great international name like Coutts or Barclays, for instance, and a connections to the likes of Geneva, Monte Carlos or London,” says El Zein. “Wealth managers shouldn’t underestimate the lure of brands to Middle Eastern investors.”
4) Clients willing to move with you
This is an obvious one; any potential employer wants to know that you have a book of transferable assets you’ll be able to bring across from your previous role. However, with lock-ins increasingly prevalent, bringing client assets with you to a new job is not guaranteed.
“Essentially, this is a test of the strength of your relationships. Wealth managers want to know that new employees can help them gain a bigger slice of the pie,” says El Zein. “Sometimes this might be about moving assets, but often its more leveraging relationships and convincing previous clients to invest new money into your new employer.”
“The acid test in any interview is quizzing relationship managers about the people within the various family offices in the Middle East,” adds Sater. “Expect to be tested on the make-up of the family office, individuals’ interests and pronunciation of their name – if you get this wrong, don’t expect to be offered the job.”
